PM urges Cambodian investors to invest in Nepal

Kathmandu, May 14: Prime Minister KP Sharma Oli has said that the stable government in Nepal had created policy stability, a fundamental prerequisite for foreign investment, and urged the Cambodian private sector to invest here.

"With the formation of strong government with over two-thirds majority in the parliament, we have achieved political stability which has helped create consistency in policy," he said while addressing Nepal-Cambodia Business Forum in Phnom Penh, the capital of Cambodia, on Tuesday.

Stating that there was a strong and sound regulatory framework, the Prime Minister stated that the Foreign Investment and Technology Transfer Act was thoroughly revised to make it consistent with the requirements of the changed context with substantial protection measures for investors.

According to him, the reform process will continue and the next cycle of reform will involve issues related to intellectual property rights, among others.

PM Oli said that the process and procedures were simplified to facilitate the investors and the one-stop service centre would come into operation from Wednesday.

"This will bring all relevant agencies in one place to facilitate the proposals for investment in a time-bound manner," he said.

"Visa rules are simplified for the investors and their dependents. Laws and rules pertaining to land acquisition, company registration, environment assessment and infrastructure development have been simplified and relaxed."

He also emphasised the importance of the availability of the two large markets – China and India, where Nepal enjoys preferential access.

"Our domestic market is also expanding with increased purchasing power of the people. In addition, Nepal is an active member of two regional organisations, South Asian Association for Regional Cooperation (SAARC) and Bay of Bengal Initiatives for Multi-Sectoral Technical and Economic Cooperation(BIMSTEC) where the Least Developed Countries (LDCs) like Nepal has certain advantages in terms of regional market access," he said.

"Beyond this, Nepal, by virtue of its status as an LDC, enjoys preferential access in EU and other developed countries," added the PM.

He said that he was committed to forging strongpartnership with Cambodia in advancing Nepal's economic ties for the mutual benefit of the people of the two countries.

"We need support, cooperation and solidarity of the friendly countries like Cambodia in our development initiative," said PM Oli.

He also urged the business community of the two countries to jointly explore business opportunities in Nepal. The chambers of the two countries had signed Memorandum of Understandings (MoUs) to enhance economic and trade partnership between Nepal and Cambodia.

He said that Nepal would soon start consultation with relevant authorities to host International Day of Vesak in Lumbini.

Speaking on the occasion, Cambodian Prime Minister Hun Sen encouraged the Cambodian business community to give Nepal priority for business and investment.

Meanwhile, PM Oli paid a courtesy call onthe Presidentof Senate and acting Head of State,Samdech Vibol Sena Pheakdey Say Chhum on Tuesday.

During the meeting, both leaders highlighted the traditional ties of friendship, cultural commonalities, and many other similarities between Nepal and Cambodia, and stressed the need for further promoting economic and commercial cooperation.

Earlier, he met Samdech Akka Moha Ponhea Chakrei Heng Samarin, President of the National Assembly of Cambodia, at the latter's office.He also visited the National Museum of Phnom Penhwhich was built in 1920 and treasures rich cultural heritage of Cambodia, including original stone statues of Hindu and Buddhist Gods and Goddesses.

Published in The Rising Nepal daily on 15 May 2019.