IBN assures Nepal’s readiness to welcome US investment

By A Staff Reporter

Kathmandu, Nov. 2: Chief Executive Officer of the Investment Board of Nepal (IBN) Sushil Bhatta has assured the investors in the New York of the United States of America about Nepal’s readiness to facilitate investment in large business and infrastructure projects. 

Speaking at a programme organised by the Consulate General of Nepal in New York on Saturday, he assured the US investors on IBN’s readiness to facilitate investment in the projects that cost above around US$50 million or energy projects of 200 MW or above, informed the Consulate General. 

Bhatta also assured that the Department of Industry would facilitate in other identified projects. Bhatta had informed the invitees on the liberal and open foreign direct investment policies of the Government of Nepal, business climate, legal and institutional framework and existing facilities offered to foreign investors. 

“The CEO also spoke on the growing US investment in Nepal, business confidence and major and profitable areas of investment in Nepal,” read a statement issued by the Consulate General.

Bhatta also presented information about some mega projects listed in the IBN project bank and other sectors. Nepal has recently lowered the FDI threshold to Rs. 20 million from the earlier Rs. 50 million. 

The Consulate General had organised a business interaction programme on ‘Investment opportunities in Nepal’ on Saturday where Bhatta, had a discussion with the prospective investors there. 

According to the Consulate General, the programme aimed at sharing information with the prospective investors in New York on business opportunities in Nepal and promote business interaction between Nepal and the USA. The invitees were also briefed about the legal framework, procedure of investment and the steps involved in approving foreign investment projects in Nepal. 

Acting Consul General of Nepal in New York Bishnu Gautam stressed on the collaborative support from the business communities to enhance business connectivity between Nepal and New York and maintained that the consulate had been putting efforts for the same. 

The participants included representatives from Greater New York Chamber of Commerce, Non-Resident Nepali Association – USA, Great Nepali Diaspora, US-Nepal Chamber of Commerce, Dunbarton Investments, and Karaden Finance. 

Later, on Monday, the IBN team participated in Public-Private Partnership (PPP) Consultation Programme hosted by the CLDP, the U.S. Department of Commerce in Washington, D.C., and meetings with the U.S. Department of Transportation and the World Bank Group, where discussions were held on sharing global practices on PPP.

CEO Bhatta had delivered opening remarks in the #PPP Consultation Program. Delegates from the PPP nodal agencies of Nepal, Bangladesh and the Maldives had participated in the consultation, the IBN said in a tweet on Tuesday.