Foreign Minister Saud urges US business community to invest in Nepal

WASHINGTON: Foreign Minister NP Saud, who is presently on an official visit to the United States of America, has urged the US business community to invest in Nepal, citing that Nepal offers better investment opportunities.

He said that Nepal has created an investment-friendly environment, including constitutional provisions that allow foreign investors to take back profits and capital to their home countries. Minister Saud assured the US investors that the Nepal government is dedicated to further promoting an investment-friendly atmosphere and making Nepal an attractive destination for investment.

During an interaction with the members of the US Chamber of Commerce in Washington DC on Wednesday, he urged the US business community to consider expanding investment in Nepal. He talked about the high potential for exporting electricity generated in Nepal to neighboring countries when there is a growing need to promote the use of clean energy to reduce carbon emissions. In this situation, the US investors are likely to make good profits by investing in Nepal, according to the Minister.

Describing information technology as another promising area for the US investment in Nepal, he said,’ I am confident that IT will be a game changer in Nepal’s economic transformations.’

He informed the Chamber representatives that the government has already introduced a new policy allowing the establishment of an IT company with an investment of as low as Rs 100, while other sectors require a minimum investment of Rs 20 million. “Nepal has ensured that investments of up to Rs 100 million do not require prior permission as per an automated system for foreign investment.”

On the occasion, the US Chamber of Commerce endorsed the establishment of the American Chamber of Commerce in Nepal.

John G. Murphy, Senior Vice President for International Policy, US Chamber of Commerce and another Chamber Vice President Atul Kashyap said the concerns of US investors regarding Nepal were growing.

The US Ambassador to Nepal Dean R Thompson, Nepal’s Ambassador to the US Sridhar Khatri, officials from the Nepali Embassy in Washington DC and the Foreign Ministry employees were also present in the event.

In recent years, Nepal has accorded top priority to the economic diplomacy and mobilized its diplomatic missions abroad to promote foreign investment and tourism back to home.