Investments In Automobiles

With Hyundai, a South Korean corporation, foraying into assembling automobiles in Nepal, the country industrial sector will receive a new fillip at a time when it passing through economic trouble. The assembly plant has been set up in Nawalparasi in collaboration with Laxmi Motor Corporation, which is the authorised distributor of Hyundai vehicles in Nepal. The government has supported this industry by offering substantial tax breaks on the assembly of vehicles, including reductions in customs duties, excise taxes, and income tax for assembled cars. International car manufacturers bringing advanced manufacturing technologies and expertise to a country like ours, facilitating knowledge transfer and skill development among locals, is a positive development, and boosts regional economy and enhance export potential.