Kathmandu,
Mar. 28:
The Nepal
Investment Summit 2019 will be inaugurated by Prime Minister KP Sharma Oli on
Friday in the capital.
To tell the
world that Nepal is the best investment destinations and promote its
investment-friendly policies in various sectors with an aim of attracting
investment in large infrastructure and business projects, the Investment Board
of Nepal (IBN) is organising the summit with the support from the concerned
ministries and private sector.
The IBN will
showcase 77 projects, ranging from Rs 640 million to Rs. 350 billion, of seven
different sectors for investment. The government has given priority to physical
infrastructure, energy, tourism, agriculture, information technology, industry,
health and education sectors. The Private sector is proposing 27 of the
projects at the summit
More than 600
investors from 40 countries will attend the mega-event that aims at obtaining
the investment commitment of about Rs. 3 trillion, an amount equal to the
country’s Gross Domestic Product (GDP). The highest number of delegates, 265
investors and other representatives, will come from China.
The country
desperately needs massive investment in infrastructure projects in order to
meet the high growth trajectory needed to be a middle-income nation by 2030. It
needs about Rs. 900 billion infrastructure investment everywhere while its
annual infrastructure budget is below Rs. 400 billion.
Similarly, the
country will welcome 120 business delegates from India, 21 from Japan, 19 from
Myanmar, 17 from South Korea, 13 from Omann, 12 each from United Arab Emirates
and Malaysia, 10 each from Canada, Sri Lanka and the United States of America,
nine each from Germany and the United Kingdom and 79 from other countries.
Likewise,
high-level government officials, representatives of Kathmandu-based diplomatic
missions, development partners, Nepali private sector and Non-Resident Nepalis
will participate in the two-day conference.
According to
IBN Chief Executive Officer Maha Prasad Adhikari, this summit would be
different from those held in the past as it will try to not only offer the projects
but also offer insights in the country’s plans, initiatives for long-term
development and policy reforms made to enhance the doing business environment.
With an aim of
strengthening investment climate and attract more foreign and domestic
investment, the government has enacted Public Private Partnership and
Investment Act, Foreign Investment and Transfer of Technology Act, Labour Act,
Company Act, Industrial Enterprise Act, Special Economic Zone Act and amended
many other laws related to business, infrastructure development, Environment
Impact Assessment and business registration.
The IBN has
said that it had received many positive responses from the foreign investors.
Meanwhile, the
World Bank Group has said that its investment risk insurance arm – Multilateral
Investment Guarantee Agency (MIGA) was actively seeking opportunities to
support foreign private sector investment into Nepal.
The WB
currently supports 25 active projects in the country with 2.6 billion US$.
“Nepal has been a rising star in
South Asia with foreign direct investment flows reaching a record high in 2017,
and likely to remain an important investment destination in the region. This
confirms Nepal’s efforts to improve its investment climate and become a
competitive investment destination for multinational companies that want to
have an impact,” said Keiko Honda, Executive Vice-President and CEO of
MIGA.
Along with Honda, Vice-President
of WB South Asia Hartwig Schafer and VP of International Finance Corporation Hans
Peter Lankesh will attend the summit and will discuss bank’s support for Npeal
with PM Oli and Finance Minister Dr. Yuba Raj Khatiwada.
Likewise, Union Minister for Investment and Foreign Economic Relations of
Myanmar U Thaung Tun, Vice President of
Asian Development Bank Shixin Chen,
Vice-president of Asian Infrastructure Investment Bank Dong Lee and high level
representatives of the world renowned companies are attending the summit.
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