Prez urges NRNs to invest in their motherland

Kathmandu, Oct. 15

President Bidya Devi Bhandari on Tuesday urged the Non-Resident Nepalis (NRN's) to invest in their motherland confidently as the political stability has given further impetus to more favourable investment climate.


Addressing the 9^th NRN Global Conference and NRNA International General Assembly that kicked off in the capital today, she said that the government was committed to making economic progress and called on the Nepalis across the world to participate in national development as well.


She also appealed to the NRN Association to support the country in making the Visit Nepal Year 2020 a success.


Minister for Foreign Affairs Pradeep Kumar Gyawali said that if there were any problems in making investment and conducting business in Nepal, the NRNs could approach the Ministry of Foreign Affairs for the timely address of the issues.


The ministry has an NRN unit to deal with their issues.


"This is the time Nepalis abroad should bring their knowledge, capital and investment here and help in promoting made in Nepal goods in the international markets," said Gyawali.


President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Bhawani Rana said that the NRNs should help in promoting tourism, attracting investment to Nepal.

She said that all the NRNs scattered over the globe were the goodwill ambassadors of Nepal and could play an instrumental role in promoting the VNY 2020.


"The expansion of NRN movement is the matter of happiness for FNCCI and the country. Now the country should also get your support in the economic development," she said.


President of NRNA Bhaban Bhatta appealed to the members to forge cooperation and collaboration with the government and private sector in Nepal.


He said that the NRNs should help the Investment Board of Nepal (IBN) find investors for the large projects.


According to him, the government should immediately sign instruments like Double Taxation Avoidance Agreement (DTAA), Bilateral Investment Promotion and Protection Agreement (BIPPA) and Economic Partnership Agreement (EPA) with the 33 countries where Nepal has established diplomatic missions. He said that the NRNA would support the government in materialising these agreements.


He also pointed towards the need for enhancing the reputation of Nepali passport.


Bhatta said that the NRNA had signed an agreement with the government to make investment in the country through a Rs. 10 billion mutual fund. The project was announced during the Nepal Investment Summit earlier this year.


However, he maintained that most of the NRN's investment in Nepal is more emotional than profitable. "We have more to do in the areas of bringing in more Foreign Direct Investment (FDI) and making the foreign employment safer and more respectful," he said.


Immediate Past President of NRNA Shesh Ghale urged the government to provide Non-Resident Citizenship to the NRNs at the earliest.


"It won't hurt anyone but benefit the country and Nepalis," he said.


The NRNA had supported in reconstructing the Laprak settlement in Gorkha which was damaged in the 2015 earthquake. It has developed the Shankhamul Park, established e-library at the office of the Federation of Nepali Journalists, participated in the eighth National Sports Competition and established Sports Academy.


Similarly, it had established Nepal Policy Institute (NPI) launched 'Athiti Debo Bhaba:' (respect guests as gods) campaign this year to support the VNY 2020 and completed the master plan for the beautification of Janaki Temple in Janakpurdham.


The three-day conference will also elect a new leadership of the NRNA.

Published in The Rising Nepal daily on 16 October 2019.