Nepal seeks more investment from Asian neighbours

Government officials have urged foreign investors to increase trade and investment cooperation in Nepal.

Nepal has put high priority on attracting foreign investment in crucial sectors such as hydropower, tourism, road transport and agriculture for the past few years.

Speaking at an interaction organized in Kolkata on Thursday, Chandra Kumar Ghimire, Nepali Consul General in Kolkata, said investors would benefit greatly by putting their money in Nepal which is strategically located between two Asian economic giants — India and China.

“I want to urge foreign investors, specially prominent Indian investors, to invest in Nepal which enjoys duty free access to Indian and Chinese markets for large numbers of products,” Ghimire said at a conclave on “Bilateral Trade: Opportunities and Challenges” organized by Bharat Chamber of Commerce Kolkata Chapter.

The program also saw participation of consul generals of other neighboring countries like China, Bangladesh and Myanmar.

At the conclave, participants from different countries exchanged their views on increasing trade and investment relation between India and their respective countries.

India, which has already emerged as the Asia´s third largest economy after China and Japan, is heading toward becoming one of the world´s economic superpower.

On the occasion, Ghimire informed the participants about the progress that Nepal has made in different sectors like education, telecommunication, infrastructure and media, despite prolonged political instability.

He also said Nepal has been offering different incentives to lure big investment in hydropower, agro-processing, tourism, carpet, garment, cement, herbal processing, tea, coffee, medical, engineering, education and Information Technology, among others.

Nepal has allowed foreign investment of up to 80 percent in telecom, 90 percent in aviation, 51 percent in consultancy services and 100 percent in industries other than cottage firms, travel and tour agencies and some restricted business.

“Nepal is one of the liberal and appropriate destinations for investments in South Asia,” claimed Ghimire.  Other participants stressed the need to remove tariff as well as non-tariff barriers and enhance transport connectivity between partner countries to boost bilateral trade.