Nepal Investment Summit-2017 kicks off; Nepal suitable for investment, Indian Finance Minister Jaitley

Kathmandu / March 2: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has said it is inevitable to bring in foreign direct investment for the country’s economic development and all were unequivocal on this.

Inaugurating the Nepal Investment Summit-2017 in the capital today, he asserted that the government was putting in every possible effort for creating environment conducive to foreign investment.

The Prime Minister said that peace and prosperity complemented each other and that the Summit has been organised to promote Nepal as a foreign investment destination.

“The private sector would get a suitable opportunity only when there is political stability and harmony among the political parties,” he said and expressed the commitment to bring appropriate policies and laws and make the environment suitable.

The Summit is jointly organised by the Ministry of Industry and the Investment Board Nepal in association with the National Planning Commission and the private sector.

Nepali Congress president Sher Bahadur Deuba on the occasion urged the international investors to invest in Nepal, expressing the belief that the potential areas of the country could be developed in collaboration with the foreign investors believing in open economy.

Deuba also spoke of the need to promote tourism working together with the two big neighbouring countries of Nepal and called on the government to take initiatives for the same. “Nepal offers the appropriate opportunity for foreign investment and the Summit will help create a tide of investment in Nepal,” he added.

President Deuba opined for prioritizing the private sector by forwarding the second phase economic transformation along with securing the investment capital.

Similarly, CPN (UML) chair and former Prime Minister K P Sharma Oli committed to create investment friendly environment from the side of main opposition leader in the parliament. He further urged all to create investment friendly environment in the country.

Deputy Prime Minister and Minister for Finance Krishna Bahadur Mahara urged to invest in various sectors as different areas were appropriate for the same. He assured to manage energy and reform the policy level. Minister Mahara added that the government has set up the project bank to increase the investment sharing that the government was ready to facilitating in each sector for the same.

Likewise, Minister for Industry Nabindra Raj Joshi shared that the Summit will help create suitable environment for foreign investment which will promote youth employment.

He urged the investors to invest in agriculture, tourism and other sectors as well. According to Joshi, government will create an environment to set up the industries even permitting the investors to take profit from their businesses and industries in the invested currency.

Former Finance Minister Dr Ram Sharan Mahat said Nepal has adopted economic liberalization with the restoration of democracy and all sectors here witnessed transformation with the establishment of liberal political system.

The restoration of democracy here promoted the increase of investment in education, health, social and infrastructure development sectors. “Poverty alleviation programmes have been implemented and such programmes have helped improve livelihood of the people and increased economic activities,” he added.

Asian Infrastructure Investment Bank (AIIB) President Jin Liqun said the infrastructure building programmes were introduced to accelerate the development endeavors and have the regional coordination in such efforts bearing in mind the trend of globalization.

The AIIB that was committed to implementing the development works as per the interests of the people would increase the investments in socio-economic sector.

Chief Executive Officer of Investment Board Nepal, Mahaprasad Adhikari said presently Nepal offered a good opportunity for foreign investment.

Over 250 investors (individual and from organisational level) from India, China, Bangladesh, Sri Lanka, Singapore, Hong Kong, Malaysia, America, Russia and Canada are taking part in the Summit.

Prior to this, the then government led by Prime Minister Girija Prasad Koirala for the first time in 1992 held an international summit to bring in foreign investment.

Nepal suitable for investment, Indian Finance Minister Jaitley

Meanwhile, Indian Finance Minister Arun Jaitley has said that Nepal is a lucrative destination for investment given its immense economic possibilities.

Addressing the two-day-long ‘Nepal Investment Summit’ organized by Ministry of Industry and Investment Board of Nepal in the capital city on Thursday, the Indian Finance Minister said that India wishes to see an economically strong Nepal.

Saying that Nepal can be developed through proper utilization of natural resources, Jaitley added there are investment opportunities in Nepal’s energy, agriculture, tourism and irrigation sectors. He also said there are chances of investment in culture and religious tourism as well.

“The investors of Nepal and India can move ahead through coordination for the investments in educational, medicine and engineering sectors,” he added.

Jaitley also stressed the need for policy reforms for the investment as well as infrastructure development adding that the State should adopt a durable tax policy for expanding investments. RSS