KATHMANDU: In a key initiative to promote Nepal as an ideal investment destination, the Government of Nepal (GoN) is organizing the Nepal Investment Summit (NIS) on March 29-30, 2019 in Kathmandu. The summit will be jointly organized by the Investment Board; Ministry of Finance; Ministry of Industry, Commerce and Supplies; and Ministry of Foreign Affairs in collaboration with Nepal’s private sector.
The first edition of the summit was held in 2017 bringing together more than 250 international investors. A total of more than 500 domestic investors, policymakers, experts, representatives from development partners, and diplomatic agencies had also participated in the summit. The earlier summit was also successful in securing Letters of Intent (LoIs) worth NPR 13.74 billion from various foreign investors.
Themed ‘A Promising Investment Destination’, NIS 2019 will be inaugurated by the Right Honorable Prime Minister Mr K.P Sharma Oli. The main objective of the upcoming summit is to present Nepal as a favourable investment destination by showcasing opportunities for investment. The summit will be a platform for investors to understand the investment environment and opportunities in Nepal through prominent national and international speakers, dignitaries, sector-specific experts, and high- ranking government representatives.
The two-day event will focus on sharing policy reforms undertaken by the government, showcasing potential projects for study as well as for development, providing a networking platform for business leaders, and encouraging public-private partnerships in project implementation. The event will bring together investors (foreign, Non-Resident Nepalis, and domestic), development partners, diplomatic missions, government representatives, media, experts, and other relevant stakeholders.
The event will also offer opportunities for to investors to get sector specific one-stop-shop information as well as business-to-business and business-to-government meetings among other engagement opportunities. Similarly, the summit will also be an ideal platform to sign MoUs for various business ventures, launch an international bidding process for key PPP projects, and conduct feasibility studies for some crucial projects.
The summit is expected to lead to higher investment inflow after familiarizing investors about the legal provisions and procedures to investing in Nepal. The government has intensified preparations for the summit. To organize the summit in a successful manner, a steering committee led by the Honorable Minister for Finance and IBN’s Vice-chair Dr Yubaraj Khatiwada has been constituted. The committee also comprises representatives from the Office of the Prime Minister and Council of Ministers, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Industry, Commerce and Supplies, Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, Nepal Chamber of Commerce, and OIBN as its members.
Nepal has embarked on a new journey towards economic prosperity with the establishment of a stable government after the end of a long political transition. Acknowledging that the motto of ‘Prosperous Nepal, Happy Nepali’ can be achieved by attracting domestic and international investment, the government has taken a host of initiatives to develop an investment-friendly environment in the country. To achieve this goal, the proper utilization of resources and application of newly promoted technology is highly necessary.
The government has pushed legal reforms by moving ahead of the process of introducing new laws and amending existing laws that are expected to promote investment through a better business climate. Similarly, the government has also constituted a project selection committee headed by the Finance Secretary to choose appropriate projects to showcase at the summit.
At the summit, thematic sessions will be held on hydropower development over 10 years, creating a digital economy through Information and Communication Technology (ICT), the development of recreational and pilgrimage tourism, the construction of sustainable transport infrastructure, investments in agro and forest products, the experience of international investors in Nepal, and the sharing international experience of global investors.
Cooperation from development partners, diplomatic missions, NRNA, and the private sector will be instrumental in making the summit a grand success and establishing Nepal as an ideal investment destination.