More than 100 foreign delegates to take part in investment summit
- Post Report, Kathmandu
Feb 19, 2017- More than 100 foreign delegates from all over the world have confirmed their participation in the upcoming Nepal Investment Summit 2017 slated to be held from March 2-3. One of the high-profile participants is Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, who attend the two-day event jointly organised by Investment Board Nepal (IBN) and Industry Ministry as special guest. Other participants include Asfaw Dingamo Kame, Ethiopian Ambassador to Nepal; Chen Wen, managing director of Sinohydro-Sagarmatha Power; Harvindar Manocha, chief operating officer of GMR Energy; Michelle Simmons, general manager of Microsoft for Southeast Asia New Markets; Suyash Chauhan, managing director of Unilever Nepal; and Joseph Sylvanus, CEO of Standard Chartered Bank Nepal.
According to IBN, the participants will be briefed about improved investment climate in Nepal following the endorsement of a number of new laws. The government recently passed Industrial Enterprises Act and Special Economic Zone Act. And, it is working to introduce Foreign Investment and Technology Transfer Act (FITTA), Intellectual Property Rights Act and Company Act. During a recently held meeting with members of the diplomatic community, Industry Minister Nabindra Raj Joshi has assured them of endorsing FITTA before the summit kicks off. The summit participants will observe some key infrastructure projects. IBN will be showcasing eight large infrastructure projects—including four railway projects, a hydropower project, a tunnel highway, an international airport and a chemical fertiliser plant—as possible investment opportunities.
The event is being organised with an aim of promoting foreign investment and fostering linkages between domestic and foreign investors. Apart from promoting Nepal as a safe destination for investors, the summit will provide information about different sectors that have investment potential in Nepal. IBN is also considering forming a high-level mechanism to take stock of the summit’s achievements. “The mechanism will include representatives from IBN, Industry Ministry, Finance Ministry, National Planning Commission and other government agencies,” said a reliable IBN source. “This mechanism will continuously track achievements of the summit so that it doesn’t become just a two-day event.” The mechanism will follow up with investors committing investment during the summit as well as help them to kick start their ventures in Nepal, the source added.