Envoy encourages Canadian investment in Nepal

 Kathmandu, Dec. 17

Canadian Ambassador to Nepal, Cameron Dean MacKay, indicated to a possibility to bring in the finance to Nepal from the Canadian Pension Plan to invest in various projects here.

In a courtesy meeting with the Minister for Industry, Commerce and Supplies, Ramesh Rijal, on Sunday at the latter’s office in Singhadurbar, the non-resident ambassador of Canada to Nepal said that there was a great potential to mobilise the funds in the Canadian Pension Plan through the public-private partnership to expand and promote Canadian investment in Nepal.

According to the Ministry, various issues of bilateral relations between Nepal and Canada were discussed between them in the meeting. MacKay is Canada's non-resident ambassador to Nepal and is based in New Delhi, India.

Likewise, Ambassador MacKay said that it was important to continue the concessional market access that Nepal was currently receiving for a few more years even after upgrading from the Least Developed Country (LDC) to a developing one.

He also suggested keeping this issue as the main agenda of the next meeting of the bilateral consultation mechanism between Nepal and Canada.

Minister Rijal mentioned in the meeting that, despite the concessional market access given to Nepal, the exports to Canada have not witnessed significant growth.

"In order to increase the capacity of Nepali producers and exporters, and to identify and resolve the obstacles in trade between the two countries, cooperation among the governments and private sectors of the two countries is vital," he said.

Reminding that Canada is Nepal's major trade partner, Minister Rijal noted that Canada has been providing concessional market access facilities to the developing and least developed countries, including Nepal, through the Generalised System of Preferences (GSP). He said that Nepal expected Canada to extend the period of the facility to help the former in transitioning to the 'developing' country as well as increase Canadian development aid to Nepal.

He also sought support from the Canadian government in expanding Canadian investment in Nepal.

Minister Rijal stated that bilateral diplomatic relations between the two nations have been cordial for the last five decades.

Stating that there are ample investment opportunities and possibilities for Canadian investors in Nepal in the areas such as information technology, hydropower, and agriculture-based industries, Minister Rijal informed that an investment conference will also be held in Nepal in April next year. 

Published in The Rising Nepal daily on 18 December 2023.