Major parties assures of investment climate

Kathmandu, Mar. 2:

Nepal is committed to ensuring an environment conducive to investment, both domestic and foreign, by establishing industrial peace and ensuring law and order, said Prime Minister Pushpa Kamal Dahal Prachanda while inaugurating Nepal Investment Summit 2017.

The two-day summit kicked off in the capital on Thursday.

“To meet our investment needs, we have financial gaps as our resource base is narrow. To plug such gaps, the importance of foreign investment is paramount. Therefore, it is the private sector that is a key partner to enhancing investment and lead the economic development,” said the PM.

He said that to spur economic growth, the government was committed to playing the role of a facilitator.

According to PM Prachanda, creating an enabling environment for business and attracting investment were the top priority of the government, and the policies and procedures were being rationalised in order to make them simple for business to establish and grow.

While urging the foreign investors, the PM said that they were allowed 100 per cent ownership of a company in almost all sectors and repatriation of capital and profits was also allowed.

“Our tax regime is very transparent, predictable and investor-friendly. Our commitment to further consolidate reforms ensures one thing – the business climate in Nepal will be more investment friendly,” said PM Prachanda.

The PM listed the benefits of investing in Nepal, such as abundance of natural resources, a large number of low cost workers, growing domestic demand, location between two of the world’s largest markets, liberal policies, laws, institutions and commitment to the rule of law.

Minister for Industry Nabindra Raj Joshi used the forum to say that there were business opportunities in Nepal, in which global capital could be deployed to unlock the market and spread prosperity.

“Nepal wants funds, know-how and collaboration, and in return, Nepal is prepared to give you opportunities in tourism, infrastructure and mining as well as in public services, such transport, health care and education,” said Joshi, who is also the chairman of the Summit Organising Committee.

He informed the international community that there was a broad agreement among the political forces that the phase of transitional political changes was over, and the current focus was on economic transformation.

“I can safely say that whatever we do for promoting investment is backed by the commitment of the political leaders, Government of Nepal and will of the people of the nation at large,” said the Industry Minister.

He urged the foreign investors to invest in high yield and competitive advantage areas like water and energy, infrastructure, high value low volume agriculture-related activities, tourism, including destination development and promotion, health and education, and mines and minerals.

Chairman of the CPN-UML, the main opposition party, KP Sharma Oli assured the investors on behalf of the opposition parties, of every possible cooperation to them.

“I would like to assure you that in terms of investment, be that domestic or foreign, the government and opposition are always together,” he said.

According to Oli, Nepalese were eager and ready to contribute to their part for the sake of economic growth, development and prosperity to sustain and consolidate the hard fought political gains.

“With a view to improving and facilitating trade and investment, Nepal has reduced tariffs, simplified the tax regime and focused on the development and operation or trade-related infrastructure,” he said.

Chief Executive Officer of the Investment Board of Nepal (IBN) Maha Prasad Adhikari said that the government was facilitating investment through various policy reforms, and urged the investors to investment in large infrastructure projects like hydropower.

Chairman of the Nepali Congress Sher Bahadur Deuba urged the investors to invest in smart energy.

National Planning Commission vice-chairman Min Bahadur Shrestha said that the central planning body was drafting a long-term development vision to ensure increased opportunities for investment in Nepal.

The Summit is being organised by the government and IBN with support from private sector organisations.