'Nepal better investment destination for green economy'

Kathmandu, Jan 26: Finance Minister and Vice Chairperson of Investment Board Nepal (IBN), Dr Prakash Sharan Mahat, has argued that Nepal is a better investment destination for green economy.     

Minister Mahat said it during a workshop organized by IBN in collaboration with partner KPMG in India on ‘Unlocking Nepal's Investment Potential: Collaborative Strategies for Economic Growth', in Kathmandu on Friday.     

“At a time when green investment has become a buzzword in recent days, there are not any better investment destination except Nepal as we emit insignificant and carry potential to serve clean and renewable energy to other countries of the region,” he asserted, adding that similar potentials are long awaiting to be unlocked in the sector of tourism, agri-business and ICT.     

Moreover, the Minister shared that Nepal is pursuing fresh investments in every sector of the economy in view of untapped and underutilized potentials.     

The investment promotion agency conducted the workshop as a pre-event of Nepal Investment Summit (NIS)-2024 which is proposed to be held on April 28-29 this year.     

On the occasion, Vice Chairperson of the National Planning Commission, Dr Min Bahadur Shrestha, viewed the private investments are crucial for the sustainable and inclusive growth trajectory for the irreversible graduation of Nepal to the league of developing countries by 2026.     

Chief Secretary Dr Baikuntha Aryal underlined the prompt response based on feedback of the foreign investors investing in Nepal. The private sector is crucial to spreading the message among the potential investors that their investments in Nepal won’t be a loss, he reminded.     

IBN's Chief Executive Officer Sushil Bhatta mentioned that NIS 2024 would provide platform to onboard serious, potential and capable investors in our investment landscape. “With its serious efforts, the government has been reviewing various policies and laws to provide favourable and better investment climate for unleashing Nepal's full potential in various sectors including development of strategic infrastructure in different sectors as clean transport, road, tourism, ICT, manufacturing and mining among others,” Bhatta explained.     

Similarly, Nepal Rastra Bank's Acting Governor Dr Neelam Dhungana Timsina shared information regarding the provisions of recently amended FDI and Foreign Loan Bylaws, which removed the provisions of pre-approval of the Central Bank to bring in FDI.     

Chief Executive Officer of KPMG in India, Yezdi Nagporewalla, underscored that the success of this joint effort between IBN and KPMG delivered a commitment to fostering strategic partnerships and driving sustainable growth for Nepal. “The forthcoming Investor Summit is poised to provide potential investors with a comprehensive understanding of Nepal's potential, empowering them to actively participate in the nation's developmental goals."     

Moreover, he viewed KPMG, having been involved in successful implementation of many similar engagements across geographies, appreciates the opportunity to collaborate with Nepal govenrment. "We look forward to leveraging our extensive expertise and playing a pivotal role in the journey towards prosperity,” stated Nagporewalla.     

The workshop delved into enhancing investment climate in Nepal through legal, procedural and regulatory reforms as well as the innovative approaches to facilitate private investments including Foreign Direct Investment (FDI) to unleash the country's full potential among the policy makers, private sector, development partners and experts.(RSS)