Japan interested to invest in herbal industry in Nepal

Kathmandu, Feb. 24:

Japan has shown interest in investing in the herbal industry and in an environment-friendly industrial zone in Nepal, the Ministry of Industry (MoI) said Friday.

In separate meetings with the Minister for Industry Nabindra Raj Joshi on Thursday in Tokyo, Japanese State Minister of Environment Ito Tadahiko and ruling Liberal Democratic Party's secretary-general Nikai Toshihiro had expressed their commitment to support Nepal in its industrialisation initiative.

Minister Joshi is on a week-long visit of Japan. He was scheduled to return to Kathmandu Friday evening.

The Japanese leaders said that they were ready to extend support to Nepal through the Japanese think-tank Aria.

"We are interested to make investment in waste management and herbal industry and industrial zones," the statement quoted the leaders as saying.

They also pledged to provide additional assistance for post-quake reconstruction.

Saying that Nepal was ready to facilitate the investors at every front with favourable policies and a simple process, minister Joshi urged the Japanese leaders to invest in the country to exploit the market potential of two of the worlds' largest markets – India and China – through Nepal.

In response, the Japanese leaders expressed commitment to participate in the Investment Summit being organised on May 2 and 3.

The government is organising the Investment Summit with the aim of luring foreign investors by promoting various business and investment opportunities in the country.

Investment sectors with high-yield potential, such as energy and infrastructure, information and communication technology, tourism, financial sector, mines and minerals, and agro-processing industry will be the topics of discussion at the summit.

Meanwhile, the MoI and Non-Resident Nepalese Association (NRNA) Japan signed a Memorandum of Understanding (MoU) to promote Nepalese products in Japan and other countries.

Minister Joshi and president of NRNA Japan Sudan Thapa signed the agreement.

Deputy governor of Nepal Rastra Bank Chintamani Siwakoti, charge d'affairs at the Embassy of Nepal, Tokyo Krishna Chandra Aryal, NRNA vice-president Bhaban Bhatta, NRNA Asia-Pacific coordinator Kiran Bikram Thapa were present on the occasion.

According to the statement issued by the ministry, the NRNA will work to enhance the market of Nepalese products and promote them in various countries while the government will extend the necessary support.

"If the Nepalese diaspora used Nepal-made goods rather than foreign products, it would contribute in the industrial development and employment generation in the country. It may inspire the youth seeking employment abroad to return to the country as well," said minister Joshi.

Addressing an interaction on 'Nepal's industrial development and the role of Non-Resident Nepalese in promoting products' in Tokyo, he said that the government was committed to attracting both domestic and foreign direct investment, and underlined that various policy reforms had been initiated so as to create an investment and doing business environment.

He said that preparations to register businesses and provide license online were in the final stage.

Deputy governor Siwakoti expressed concerns towards the increasing gap between export and import and urged the NRNs to invest in the country.

NRNA vice-president Bhatta said that as the Nepalese could promote Nepal-made goods effectively, NRNs across the globe should be united in this campaign.