‘UAE ready to invest in Nepal’

Kathmandu, June 25: The United Arab Emirates (UAE) has said that it is ready to invest in areas of comparative advantage in Nepal.

"We want to invest in the areas of comparative advantage, and Nepal needs to initiate the process to sign a Double Taxation Avoidance Agreement (DTAA) and Investment Promotion and Protection Agreement (IPPA) with the UAE," Under Secretary at the Ministry of Foreign Trade of the UAE Abdulla Ahmed al Saleh said during a meeting with Minister for Industry, Commerce and Supplies Matrika Prasad Yadav at the latter’s office at Singha Durbar on Monday.

Saleh is on a two-day official visit to Nepal at the invitation of the Ministry of Industry, Commerce and Supplies to discuss the potential areas of government and private sector cooperation and investment.

He is leading a 26-member delegation comprising UAE government officials and private sector businessmen.

Expressing sincere interest in investing in large infrastructure projects like hydroelectricity and railways in Nepal, Saleh said that the Gulf nation wanted to be a strategic partner in Nepal's development.

"The UAE will send an invitation to Nepal to participate in the Investment Forum conference next year," he said. The conference is an annual event of the UAE government.

He also stated that the UAE would facilitate Nepal in creating a market for its products in the Gulf nation.

According to him, although the UAE is a small country, it has immense economic power, which has attracted huge Foreign Direct Investment (FDI), and is a leading exporter in the region.

On the occasion, minister Yadav urged the UAE to invest in skill development centres in Nepal.

"The country urgently needs to provide technical skills to the youth who are leaving the country in search of employment abroad. They should be provided with the opportunities for skill development and enhancement," he said.

He also urged the UAE business community to provide easy entry to Nepali goods and to invest in hydroelectricity, tourism and manufacturing.

He updated the UAE delegation about the recent political developments and government efforts being made at economic development.

"Although Nepal seems to be economically poor for the time being, it will be on the path of economic progress by utilising the natural resources available in abundance across the country," he said.

Industry Secretary Yam Kumari Khatiwada and Commerce Secretary Chandra Kumar Ghimire were also present on the occasion.

Published in The Rising Nepal daily on 26 June 2018.