‘Nepal virgin land of investment opportunities,’ FNCCI Prez reminds world business leaders

KATHMANDU: President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), Chandra Dhakal, has requested world business leaders to connect with Nepal’s virgin land of opportunities.

He urged the world businesspersons to invest specifically in Nepal’s hydro power, tourism, agriculture and production.

Addressing the World Governments Summit-2024 organized in Dubai, UAE, President Dhakal informed the global business leaders that Nepal is a country with immense potential for economic growth and development. Located between the two largest markets of the world- India and China, Nepal has duty free market access to India, China and other developed countries. This means world investors can produce in Nepal and sell to the world, he made them aware.

In his address on behalf of Nepal’s private sector, President Dhakal said, “Our government has been making efforts to improve the business environment by implementing reforms to simplify business procedures, reduce regulatory burden and enhance transparency. We are organizing the Investment Summit 2024 on April 28 and 29 this year.”

He also shared that as part of the preparations for the Summit, the private sector has proposed amendments in 12 laws and regulations.

Similarly, the Nepal government has finalised the framework agreement of bilateral investment agreement, which will soon be materialized with potential partner countries.

“We have also been investing in infrastructure development to improve connectivity, reduce transportation costs and promote economic growth. Nepal has a lot of untapped potential in sectors, such as hydropower, tourism, agriculture and manufacturing,” he reiterated, adding that the government has relaxed a few provisions on investment in tourism infrastructure, such as hotels, resorts, theme parks and cable cars.

The FNCCI President also shared that he had developed three cable cars in three different provinces and saw a huge potential in developing cable cars in hill stations close to the Indian border.

He argued that it could be a rewarding investment sector for foreign investors. “I would like to welcome you all to grab this investment opportunity. We believe that these sectors can play a vital role in driving economic growth and creating employment opportunities,” Dhakal underlined.

He also committed to creating an environment conducive for businesses to thrive in Nepal. Nepal is also pursuing a liberal trade policy to promote exports and attract foreign investments. Dhakal expressed confidence that they would be excited to consume organic agro products produced on the lap of Himalayas and fresh water of high mountains. Nepal is well connected to the Middle East, according to him.

He mentioned that Nepal is looking for technical support from the UAE government and business community to produce and export here. Similarly, Nepal is working to improve trade relations with other countries and create a level playing field for businesses.

“In the last seven months we organised business summits in India, China and the UAE too. I would like to thank the government of the UAE and also Dubai Chambers for partnering with us to organize the event. We are now connected with Dubai Chambers to further explore possibilities to work together,” he mentioned during the address.

The business leader of Nepal informed that FNCCI would also be holding its AGM on April 10, for which he extended an invitation to the world businesspersons.

FNCCI is the apex body of Nepali private sectors with around 600,000 direct and indirect members.

The World Governments Summit is held under the theme of ‘Shaping Future Governments’ on February 12-14.