Boost NRNA Investment

Non-Resident Nepalis (NRN), scattered all over the world, are the goodwill ambassadors of Nepal. While promoting Nepal's culture, tradition, language, art and literature, their association (NRNA) has been working to connect the Nepali diaspora, protect their interest and contribute to Nepal's development through investments in various sectors. By investing in hydropower, tourism, hotels, real estate, manufacturing companies, and Information Technology (IT), NRNs have played an important role in creating jobs in Nepal. The remittance they send to their motherland contributes to our GDP and strengthens the foreign currency reserves. At the same time, they promote Nepali products in the international markets, helping boost exports. 

Established in 2003, the NRNA has been embroiled in dispute since January 15, 2022. The dispute negatively affected the country's image and created hurdles in bringing in the desired amount of investments. With a document formalising the comprehensive unification between the group led by Dr. Badri KC, who was elected Executive Committee Chair through the NRNA 11th General Convention, and the group led by Mahesh Shrestha, elected Chair by the Unity General Convention, being signed on Sunday, two factions within NRNA have patched up.  

This reconciliation is good for the country and the Nepali diaspora community. Both groups inked a 10-point agreement that includes a commitment to holding the 12th General Convention within the next four months. For the long-term solidarity in NRNA, it should be free from any partisan interest and should work for the betterment of its members through common goals and agendas. This reunion has given a message of unity and solidarity for eight million Nepalis scattered worldwide.  

Time and again, Prime Minister Sushila Karki has assured that the government is committed to protecting the investment and investors of the private sector, including NRNA. After the widespread vandalism and arson of public properties and businesses on September 9, the NRNA community seems hesitant to invest. Their concerns for investment security are valid.  This changed national scenario has posed both challenges and opportunities for them because it is the time the country needs more investments in sectors like tourism, infrastructure development, agriculture, and manufacturing. In a way, it is a favourable time to invest because the government formed on the mandate of the Gen Z movement has pledged to promote good governance and maintain zero tolerance for corruption.

At the same time, the government should clear legal hurdles that discourage NRNAs from investing. The rules of taxation, property and money transfer should be easy enough to build investors' confidence. The country should create policies and infrastructures that are welcoming for NRNA investments. A common forum of Nepali living abroad, NRNA has utilised its knowledge, skill, capital and technology for the development of the motherland. 

Their contribution during the time of the 2015 earthquake and the COVID-19 pandemic was praiseworthy. It is the time the country needs more investment from the NRNA to rebuild the nation. The government should strengthen transparency, reduce bureaucratic hassles and bring forward investor-friendly policies, ensure property rights, and facilitate easy profit repatriation to encourage NRNA investment confidence. With the unity between the divided NRNA, Nepali diaspora must have been encouraged to put their money into the economic development of Nepal.