Office of the Investment Board, Nepal, an investment promotion agency and national public-private partnership (PPP) agency, along with collaborative partner KPMG in India, organized a workshop on ‘Unlocking Nepal’s Investment Potential: Collaborative Strategies for Economic Growth, in Kathmandu today. This workshop was held as the pre-event of the Nepal Investment Summit (NIS) 2024, which is proposed to be held on April 28–29 this year.
The workshop had delved into enhancing the investment climate in Nepal through legal, procedural, and regulatory reforms as well as innovative approaches to facilitate private investments, including foreign direct investment (FDI), to unleash the country’s full potential among policymakers, the private sector, development partners, and experts.
Addressing the workshop, Hon’ble Finance Minister and the Vice Chairperson of Investment Board Nepal, Dr. Prakash Sharan Mahat, said that the country is pursuing fresh investments in every sector of the economy as the country’s potential is largely untapped and underutilized.
“As green investment has become a buzzword in recent days, there is not any better investment destination except Nepal, as we emit insignificant emissions and carry the potential to serve clean and renewable energy to other countries in the region to minimize emissions in line with their targets,” the Hon’ble Finance Minister further said. “Similar potentials are long awaiting to be unlocked in the sectors of tourism, agribusiness, and ICT.”
The Hon’ble Vice Chairperson of the National Planning Commission, Dr. Min Bahadur Shrestha, highlighted that private investments are crucial for the sustainable and inclusive growth trajectory for the irreversible graduation of Nepal to the league of developing countries by 2026.
Further, the Chief Secretary of the Government of Nepal, Dr. Baikuntha Aryal, underlined that a prompt response based on the feedback of foreign investors investing in Nepal as well as the private sector is crucial to spreading the message among potential investors that their investments in Nepal won’t be a loss.
On the occasion, Investment Board Nepal Chief Executive Officer, Mr. Sushil Bhatta, highlighted that NIS 2024 will provide a platform to onboard serious, potential, and capable investors in our investment landscape. “With its serious efforts, the government has been reviewing the various policies and laws to provide a favorable and better investment climate for unleashing Nepal’s full potential in various sectors, including the development of strategic infrastructure in different sectors such as clean transport, road, tourism, ICT, manufacturing, and mining, among others,” CEO Mr. Bhatta said in his welcome remarks.
Similarly, Nepal Rastra Bank Acting Governor, Dr. Neelam Dhungana Timsina, shared information regarding the provisions of recently amended FDI and Foreign Loan Bylaws, which removed the provisions of pre-approval of the Central Bank to bring in FDI.
Moreover, Mr. Yezdi Nagporewalla, CEO of KPMG in India, underscored in his welcome remarks that the success of this joint effort between IBN and KPMG delivered a commitment to fostering strategic partnerships and driving sustainable growth for Nepal. “The forthcoming Investor Summit is poised to provide potential investors with a comprehensive understanding of Nepal’s potential, empowering them to actively participate in the nation’s developmental goals. Having been involved in the successful implementation of many similar engagements across geographies, we appreciate the opportunity to collaborate with the Government of Nepal. We look forward to leveraging our extensive expertise and playing a pivotal role in the journey towards prosperity,” stated Mr. Nagporewalla.
Ahead of the Investment Summit, subsequent pre-events are in the pipeline for promoting Nepal as an attractive investment destination, including project marketing, roadshows, and policy dialogues, among others, which will be continued with a series of post-events and follow-ups with investors following the NIS 2024.