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Investments worth more than NRs 9 billion have been approved for four projects in Nepal as a key investment summit, which witnessed the participation of hundreds of investors from various countries, including India, concluded here on Monday.
Prime Minister Pushpa Kamal Dahal 'Prachanda' Sunday inaugurated the third edition of the Nepal Investment Summit 2024 with the theme 'Emerging Nepal'.
"The third investment summit attracted 2,500 guests, including 800 potential international investors, Sushil Bhatta, CEO of the Investment Board Nepal (IBN), said at the closing ceremony here on Monday.
Altogether, 152 projects were showcased and good responses were shown by the investors, Bhatta said.
Investments worth more than NRs 9 billion have been approved for four projects in Nepal, officials said.
Some 12 foreign investors, including those from India, China, the US and the UK, directly met with Prime Minister Prachanda during the two-day summit. Thirty delegates held meetings with top officials of different ministries, including the Ministry for Industry and Commerce and Finance, according to IBN.
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Inaugurating the summit, Prachanda said Nepal is a suitable destination for investment and there are immense opportunities in the country.
Prachanda, who is leading a government dominated by left parties, said that Nepal is fully committed to a liberal economic policy, providing full protection to investors.
He urged investors from across the globe to seize the opportunity and benefit from it.
The summit witnessed the inking of about 12 MoUs between Nepal and its development partners and foreign investors. The summit attracted investors from around four dozen countries, including, India, China, Japan, the UK, the US, the UAE and Germany.
Nepal's BLC (Bhuramal Lunkarandas Conglomerate) belonging to Chaudhary Group and India's Yotta Data Services Pvt. Ltd. Signed an agreement for the establishment and operation of a Data Centre in Nepal.
On the sidelines of the summit, Finance Minister Barsha Man Pun on Monday released a handbook for Indian investors keen on exploring more business opportunities in Nepal.
Published by the Nepal India Chamber of Commerce and Industries, the handbook consists of insights into rules, regulations, taxation, investment climate, intellectual property rights, and investment procedures for prospective investors looking to engage with Nepal's market.
Speaking at a plenary session on the second day of the summit, Deputy Prime Minister and Home Minister Ravi Lamichhane called foreign investors to invest in Nepal in different sectors. He assured them of a safe and conducive investment climate in the country.
Addressing the closing ceremony, former prime minister and CPN-UML chairman K P Sharma Oli said Nepal is emerging as a new investment destination. He assured support from all the political parties to the foreign investors and said that foreign investment will help Nepal attain rapid economic growth and social transformation.
Former prime minister and Nepali Congress president Sher Bahadur Deuba extended his party's full support to investors. He said that his party had paved the way for the entry of foreign investment by pursuing a liberal economic policy and reforms in the 1990s.
In 2017, Nepal hosted the first investment summit, drawing investment commitments worth USD 13.5 billion from different countries.
Similarly, the second investment summit held in 2019 secured nearly USD 12 billion for 50 projects.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
