Kathmandu, Sept. 12
Prime Minister KP Sharma Oli has said that Nepal needed
private investment to improve the economy. "Our policies and practices are
perfectly aligned to welcoming private investments in Nepal. The government is
always ready to provide handholding services to investors, whether they are
national or international," he said while addressing the Nepal
Infrastructure Summit 2024, jointly organised by the Confederation of Nepalese
Industries (CNI) and the Ministry of Physical Infrastructure and Transport
(MoPIT) in the Capital on Thursday.
According to him, the government is always ready to
collaborate with the private sector for infrastructure growth. We can together
build better transmission lines, better roads, better and livable cities, he
maintained.
"The government and the private sector should be able
to work together in building infrastructure in Nepal. I think we need to
explore different alternatives in financing a number of infrastructure
projects. For instance, we need to find out ways in harnessing financing
instruments to build our infrastructures through private sector
participation," said PM Oli.
According to him, infrastructure is the spine of the
country's economy and the foundation upon which the future is built.
"It is not merely the physical framework upon which our
cities and communities stand, it is also clean energy and industry
infrastructure which promote sustainable development," he said. "For
too long, our roads, bridges, and public transit systems have been neglected.
We have seen the consequences of this neglect: increased traffic congestion,
delayed goods and services, and a growing divide between those who have access
to reliable infrastructure and those who do not," PM Oli said.
He also mentioned that clean energy, IT and urban
infrastructure have also been neglected for quite a long time which has
hindered Nepal's growth process.
"Creating infrastructure is about creating jobs.
Infrastructure also strengthens our communities, enabling businesses to thrive,
and ensuring that every Nepali can access opportunities, no matter where they
live," he said.
"We know that we need good roads, strong power
transmission infrastructures, well-organized and sustainable cities, and better
aviation infrastructure. These are my government's priority," he added.
Stating that these infrastructures should be environmentally
sustainable, Prime Minister Oli said that though the infrastructure development
is a top priority, the government alone cannot fulfill such huge infrastructure
needs. "The private sector needs to walk hand in hand with the government
for materializing this shared vision toward Prosperous Nepal and Happy Nepali,"
he said.
Dr. Bindu Lohani, former Vice President of the Asian
Development Bank and infrastructure expert, said that Nepal needs
infrastructure equity fund for the development of mega projects in this sector.
Currently, the country lacks the financial capability to make investment in
large infrastructure projects and a consortium of multiple banks and financial
institutions is needed even to finance a 100 megawatt hydroelectricity project,
he said.
Raekwon Chung, Nobel Laureate and Board Member of the Ban
Ki-moon Foundation for a Better Future, said that right policy and active
leadership is more important than the money. "If you have a right policy,
money and technology will come to you."
Speaking at a session on 'regional connectivity' at the
summit earlier, Minister for Physical Infrastructure and Transport, Devendra
Dahal, said that Nepal is for proceeding ahead with the BBIN Motor Vehicle
Agreement, and priority is accorded to promote inter-country trade and economic
growth. According to Minister Dahal, 57 projects are being developed with
foreign aid while private investment is given top priority in infrastructure
development.
Likewise, former ambassador of Nepal to India, Dr. Shankar
Sharma, said that although the South Asian region is a large area in terms of
geography and population, it is the least connected and integrated region in
terms of infrastructure development. He stated that without greater transport
connectivity, regional trade wouldn't grow. For it, the countries should give
priority to the development of rail and water transport, integrated check posts
and digital connectivity.
Speaking at the inaugural session of the two-day summit,
President of the CNI, Rajesh Agrawal, said that Nepal needs to accelerate its
efforts in its drive toward infrastructure financing to fulfill its Sustainable
Development Goals by 2030.
"We need huge investment in our critical
infrastructures such as in energy, transport, and urban infrastructure. This
year’s summit provides us with a renewed opportunity to explore innovative
strategies, discuss cutting-edge technologies, and chart out a roadmap that
will lead us toward green, resilient and sustainable infrastructure
ecosystem," he said.
According to him, the summit will explore the importance of
sustainable infrastructure practices, emphasizing the need for projects that
are not only environmentally friendly but also socially and economically viable
over the long term.
Likewise, the sessions on Friday will address the challenges
and opportunities within the country’s particular sectors, be it transport,
construction, waste management and others. One of the sessions will also focus
on the role of provincial and local governments in infrastructure development,
stressing the need for better coordination between the national and local
levels to improve service delivery and project execution.
Published in The Rising Nepal daily on 13 September 2024.
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