FNCCI President urges OPEC Fund for more investment

By A Staff Reporter,Kathmandu, June 27: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has emphasised the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to increase its investments in the country. 

During a meeting with the President of the OPEC Fund Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, President Dhakal said that Nepal could become a new and significant investment destination for the OPEC Fund. 

He said that Nepal's strategic location between two emerging economic giants, China and India, allowed Nepal to benefit from their markets, tourism, and development. 

He said that the investment environment in Nepal was becoming increasingly conducive. 

FNCCI President Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.

Referring to the long-term power trade agreement between the government of Nepal and the government of India, Dhakal said it opened up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. 

Similarly, he said that the power trade agreement with another neighboring country, Bangladesh, was in its final stages. 

Stating that Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, he suggested that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits. 

Stating that the recent amendments to some old laws that were considered obstacles to investment, Dhakal said that the Nepal government, in cooperation with FNCCI, was committed to creating an investment-friendly environment in the country. 

He said that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, had been approved by the Council of Ministers. 

This framework is expected to help ensure the security of foreign investments and create a conducive investment environment. 

Dhakal said that the FNCCI had been continuously working to attract investments and improve the investment climate in Nepal. 

Recently, FNCCI organised business summits in New Delhi, Beijing, and Dubai. 

He assured that FNCCI was ready to facilitate any investor in Nepal and that Nepali investors are willing to partner with foreign investments in any sector. 

OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-size enterprises. 

On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.