PM Prachanda urges investors to invest in Nepal

By TRN Online, Kathmandu, Sept 8: Prime Minister Pushpa Kamal Dahal 'Prachanda' today urged investors to invest in Nepal. 

Addressing the 12 Years of Investment Board Nepal ceremony on Friday PM Prachanda urged all valued potential investors to invest in Nepal. 

"Nepal is an attractive investment destination and has a favourable investment climate. The opportunities for investment in areas of comparative and competitive advantages are vast. On this very day, I would like to urge all valued potential investors to invest in Nepal." He said. 

"The government is committed to effective handholding of your investment during the entire business life cycle. We value every investment, large or small, and we are committed to de-risking those investments. I assure all the investors and stakeholders of this ecosystem that the Investment Board Nepal along with other concerned government instrumentalities shall offer you the best services." PM added. 

PM's speech in full text 

Hon’ble Ministers,

Members of the Investment Board,

Secretaries of the Government of Nepal,

CEO of Investment Board,

Excellency Ambassadors,

Heads and Representatives of Development Partners,

Heads of Private Sector Organizations,

Investors,

Media persons,

Ladies and Gentlemen.

Today we are gathered here to celebrate the 12th anniversary of IBN. The last 11 years have been a wonderful period in terms of achievement made by IBN. Now we have entered into the 12th year with a new spirit and commitment. I am optimistic that the new next year will be more fruitful and productive in terms of PPP project developments, FDI attraction along with effective handholding and facilitation to the developers.

Ladies and Gentlemen!

 I have asked Suhsil Jee, CEO of IBN to organize this program to commemorate the anniversary of IBN. I wanted to talk to you, listen to you and hear your concerns regarding facilitation efforts undertaken by the Government of Nepal and its instrumentalities at the local level. It is my top priority to improve the investment climate in Nepal. We will continuously work to increase private investment including FDI, for the economic development of our country in an inclusive and sustainable manner.

While going through the testimonials of developers, investors, and partners, I am happy that IBN has been able to facilitate effectively despite limited human and technical resources. Some of the achievements IBN has realized are remarkable. I congratulate all who have been part of this institution.

On this occasion, I would especially like to honour our valued investors for showing the utmost level of trust in us and disseminating clear a message across the globe that Nepal is an attractive investment destination. It has boosted our confidence and I am confident that it will help us get more investments in the future.

Ladies and Gentlemen!

 Today, I must say, that the establishment of such a high-powered agency 12 years back in 2011 is a testament to Nepal’s commitment to efficient facilitation of large-scale investments. It is an earnest effort laid by the government to attract foreign and domestic private investments in infrastructure projects.

The Public Private Partnership and Investment Act (PPPIA), 2019 has envisioned the IBN as the nodal agency for investment promotion and a resource centre for the Public Private Partnership. With the experiences gathered during this period in terms of facilitating and mobilizing large-scale infrastructure projects, the government is committed to strengthening this institution. I firmly believe that this will further mobilize private investment in the development, construction and management of large infrastructure projects and efficient facilitation of PPP projects.

Nepal has aspired to become a middle-income country by 2030 and achieve the Sustainable Development Goals by 2030. However due to the pandemic, global conflict and climate change, the realization of our aspirations within the stipulated timeframe will continue to be a key challenge.

The current 15th five-year plan has envisioned getting more than half of total investment from the private sector and we are in the last year of its implementation. While we are drafting the 16th periodic plan, the government of Nepal firmly believes that resource mobilization from the private sector-- domestic and foreign-- is crucial for national development.

Since the adoption of a liberal market economy in 1990, the government has been partnering with the private sector. 

The government is always committed to continuous improvement of policy, legal, regulatory, procedural, and institutional arrangements to strengthen the business and investment environment. In line with the spirit of the constitution, coordination, and cooperation among all tiers of government is indispensable for creating an investment-friendly environment. We have been developing various tools and mechanisms to build and strengthen coherence within and among different levels of government.

Ladies and Gentlemen!

Hydropower, tourism, agriculture, and ICT are our areas of comparative advantage, among many others. We have been practising Build-Own-Operate-Transfer (BOOT) modality in a few sectors. However, we also need to develop transformative projects through other new forms of PPP. In this regard, I had instructed the IBN CEO to take the initiative towards this direction.

Nepal is an attractive investment destination and has a favourable investment climate. The opportunities for investment in areas of comparative and competitive advantages are vast. On this very day, I would like to urge all valued potential investors to invest in Nepal.

The government is committed to effective handholding of your investment during the entire business life cycle. We value every investment, large or small, and we are committed to de-risking those investments. I assure all the investors and stakeholders of this ecosystem that the Investment Board Nepal along with other concerned government instrumentalities shall offer you the best services.

Before concluding I would very clearly put my remarks on two/ three points:

First, the present Government is committed to policy improvement in terms of FDI and to effective handholding of the projects that are in the various stages of development, particularly in the PPP model. I have directed all government instrumentalities to provide prompt responses to the developers. We must show our continued commitment to action. If there are any grievances of the developers, I have asked the CEO of IBN to report to me and provide information. I will intervene. The Chief Secretary is there to respond immediately to take the required action to solve the problems. Please let him know.

Second, the Government is seriously thinking of IBN as a fast-track agency with the required skill set and human resources. We want IBN to be strengthened in terms of resources, capacities, and service delivery to valued investors. We have already mandated the CEO to come up with concrete areas for improvement.

Third, I highly value development partners Multilateral Banks, and relevant partners for their support and contribution towards our development effort. In this regard, I would like to urge them to work with IBN closely to develop the PPP sector in Nepal for increased private sector participation in nation-building.

Thank you!