KATHMANDU
Prime Minister, Mr. Pushpa Kamal Dahal ‘Prachanda’, held a consultation meeting regarding the upcoming Third Nepal Investment Summit 2024, scheduled for April 28–29, in Kathmandu, with the heads of the diplomatic missions, development partners (DPs), and UN agencies based in Nepal.
The Rt. Hon’ble Prime Minister informed us that the Government of Nepal has initiated the process to amend the laws that have been obstructing investments. He also mentioned that procedural reforms are underway and that the government has prepared the projects to be showcased during the summit. The Prime Minister urged representatives of diplomatic missions and development partners for needful support to ensure the remarkable participation of potential foreign investors.
“The Government of Nepal is expecting the diplomatic community and development partners to disseminate an appropriate message as the Investment Summit will be a platform for showcasing, market sounding, and solicitation of the projects. I believe this will be an opportunity for foreign investments,” the Rt. Hon’ble Prime Minister stated, adding, “The government is committed to protecting investments and will promptly resolve issues being faced by the investors and provide them with effective handholding for the entire business cycle.”
Underscoring that the success of the Investment Summit will depend on the realization of investment commitments, the Rt. Hon’ble Prime Minister remarked that foreign investments are streamlined through the Office of the Investment Board, Nepal, and the Department of Industry. “The government is making earnest efforts to position Nepal as a preferred investment destination based on the feedback obtained from investors, diplomatic missions, and DPs, among other relevant stakeholders.
In the consultation meeting, Chief Secretary Dr. Baikuntha Aryal informed the diplomatic missions and DPs that the Cabinet had already endorsed the Bilateral Investment Agreement (BIA) framework. He further said that details of the projects to be showcased will be shared with the diplomatic missions, DPs, and UN agencies in the next couple of days.
In the beginning of the meeting, Investment Board Nepal Chief Executive Officer, Mr. Sushil Bhatta, delivered a brief presentation focusing on the preparations for the upcoming Nepal Investment Summit, the laws to be amended, and the list of projects to be showcased. He said that the summit will bring policymakers, the private sector, investors, DPs, development finance institutions (DFIs), banks and financial institutions (BFIs), experts, and think-tanks, among others, together and serve as a platform for networking, exploring investment opportunities, forging partnerships for investment with local businesses, signing agreements, and memoranda of understanding. He also sought support from bilateral and multilateral development partners to structure PPP projects, strengthen the capacity of agencies, and approve and facilitate investment.
In the consultation meeting, ambassadors and DPs expressed concerns about the details of proposed amendments to various laws related to investment, the details of projects to be showcased, and the bilateral investment agreement. They hailed the government’s initiative to create a conducive investment climate and highlighted the contributions to be made by them for the successful convening of the summit and enhancing a conducive investment climate.
The Hon’ble Deputy Prime Minister and Minister for Foreign Affairs; the Hon’ble Minister for Finance; the Hon’ble Minister for Energy, Water Resources, and Irrigation; secretaries of the Government of Nepal; and high-ranking officials were present in the meeting.
