Kathmandu, Nov. 26
The Government of Nepal is planning for a new edition of
investment summit on 21-22 April, 2024 in Kathmandu.
Finance Minister Dr. Prakash Sharan Mahat on Sunday
announced plans to host an investment summit to attract investment from native
investors, Non-Resident Nepalis, and foreign investors. He is also the
coordinator of the Steering Committee of the event organisation.
Speaking at a press conference organised at the Ministry of
Finance to announce the event, he informed that the new investment summit would
make a significant departure from past formalities, "This time, the
conference is geared towards engaging genuine investors."
The government has also planned to hold bilateral meetings
with potential investors before the summit.
"Our strategy is to focus on quality over quantity,
aiming to involve potential investors rather than a broad audience," said
FM Dr. Mahat while emphasizing the government's commitment to safeguarding
foreign investment through the implementation of the Bilateral Investment
Promotion and Protection Agreement (BIPPA).
According to him, the planned conference is not a mere
formality; its purpose is to present proposals to capable investors, secure
their investments, and monitor and actualise investment commitments.
Preparations for the conference are underway, with a
comprehensive approach that includes not only foreign but also Nepali and Non-Resident
Nepali investors.
Dr. Mahat highlighted the involvement of foreign embassies
in mobilising support for the investment summit. Operational aspects, legal
reforms, and communication with investors will be managed by the implementation
and technical committees.
In the first meeting of the steering committee, Minister for
Culture, Tourism and Civil Aviation, Sudan Kirati said that legal and
procedural obstacles have hindered the promotion and realisation of investment.
He emphasized the impact of geopolitical interests in investments, suggesting a
focus on Middle Eastern countries.
Dr. Ram Kumar Phuyal, a Member of the National Planning
Commission (NPC), called for a critical review of past investment summits,
urging a needs-based approach rather than a country-centric focus.
Governor of Nepal Rastra Bank (NRB), Maha Prasad Adhikari, suggested
that a tight timeframe should be designed for the preparations of the summit, and
feasibility study should be conducted in multiple projects particularly in
sectors beyond energy.
Commerce Secretary Narayan Duwadi stressed the need for
thorough preparations for government facilities to promote investment. He said
that since the facilities announced by the law have not been able to win the
confidence of potential investors, so the country needs to adopt a
research-based approach to convince investors.
Former Chairman of the Board of Investment, Radhesh Pant,
advocated for a results-oriented conference, proposing the implementation of
hedging and credit rating. He urged immediate resolution of 10 identified
problems, strengthening the Investment Board, and securing permanent staff for
sustained project finance.
Chandra Prasad Dhakal, President of the Federation of Nepalese
Chambers of Commerce and Industry (FNCCI), recommended a preliminary conference
and encouraged foreign investors to express interest in the Bilateral
Investment Promotion and Protection Agreement (BIPPA) in Nepal.
Former President of the Confederation of Nepalese Industries
(CNI), Hari Bhakt Sharma, expressed disappointment over unfulfilled promises
from previous conferences, and highlighted the urgency of addressing
land-related challenges.
Sharma proposed extensive coordination through the
investment board, engaging a reputable consultant to create a globally
recognized report within the short four-month preparation period.
Earlier, Nepal had organised two investment summits in 2019
and 2017.
The summit in 2019 had secured pledges for investment in 17
large-scale projects while the one in 2017 had witnessed the pledges of US$ 14
billion investment.
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