Visit helpful to promote US investment in Nepal: Saud

By A Staff Reporter,Kathmandu, Nov. 6: Minister for Foreign Affairs NP Saud has said that his visit to the United States of America will help promote American investment in the field of information technology in Nepal in the days to come. 

Upon his arrival at the Tribhuvan International Airport on Sunday evening after concluding a week-long US visit, the Foreign Minister expressed his belief that the visit would contribute to the enhancement of mutual friendship, understanding and cooperation between Nepal and the United States and raising the bilateral relations to a higher level.

FM Saud had left Kathmandu for the official US visit at the invitation of his US counterpart Antony J. Blinken on October 29.

“I held virtual and in-person discussions with Nepali American IT professionals and business owners employed in various companies in the United States and other countries. I updated them about the progress of the IT sector in Nepal and the contributions of Nepali-American business owners in its development,” he said. 

“The Minister underscored the political stability in Nepal and the government’s unwavering commitment to fostering the growth of IT solutions, attracting investments from IT companies to contribute significantly to creation of rewarding jobs and the overall economic development of the nation,” 

the Embassy of Nepal in Washington DC had informed in a statement on Thursday, November 2. 

In the meeting with US Secretary of State Blinken on October 30, FM Saud sought enhanced level of support from the United States in the areas of trade and investment, market access for Nepali goods, food security and information technology sector.

He requested the United States for reauthorisation and expansion of Nepal Trade Preference Programme (NTPP) and General System of Preference (GSP) facilities by adding new exportable items of interest for Nepal, informed the Embassy of Nepal in Washington DC in a statement.

The two ministers deliberated on the issues including the Millennium Challenge Corporation – Nepal Compact, Peace Corps Volunteers’ Service in Nepal and development finance cooperation including US$ 125 million loan to a Nepali bank to mobilise it to the small and medium enterprises (SMEs). 

They also stressed the importance of timely implementation of the projects under the MCC - Nepal Compact.

“I have highlighted Nepal’s development priorities and requested the US government to increase its support in areas such as information technology development, food security, agricultural development, market access, investment and trade,” said FM Saud. 

According to him, he requested for the extension and re-permission of GSP facility and Nepal Trade Preference Programme (NTPP) by adding exportable garments, footwears and pharmaceutical items for Nepal. 

He also invited his US counterpart Blinken for the official visit to Nepal. Minister Saud was accompanied by Ambassador Sridhar Khatri and other senior officials from the Ministry and the Embassy during the meeting with Blinken.

According to FM Saud, he held meetings with Administrator of the USAID, Samantha Power, CEO of US International Development Finance Corporation (DFC), Scott Nathan, CEO of MCC, Alice Albright, Senator Chris Van Hollen, Under Secretary for Civilian Security, Democracy, and Human Rights at the Department of State Uzra Zeya and Senior Director at the National Security Council Rear Admiral Eileen Laubacher. 

FM Saud also interacted with the Nepali American business community at the Embassy in Washington. During the interaction, he emphasised the government’s initiatives to promote investments in Nepal. The Minister responded to a wide array of questions and concerns raised by the participants regarding the investment climate and opportunities in Nepal.

The Minister also attended a meeting at the US Chamber of Commerce headquarters in Washington DC where he witnessed the presentation of the Accreditation of the American Chamber of Commerce in Nepal (AmCham) by the US Chamber of Commerce.

“I emphasised the need for increased engagement between the private sectors of the two countries and invited US businesses to explore investment opportunities in Nepal, including in energy, IT, tourism and other priority sectors,” he said.