Nepal wants to build close partnership with Japanese private sector: President

By A Staff Reporter,Kathmandu, Feb. 3: President Ramchandra Paudel has called upon the Japanese business community to explore business opportunities in Nepal. 

According to a statement issued by the President's secretariat on Monday, he expressed confidence that the government of Nepal is fully committed to providing all possible support to the Japanese business community for investment and trade in Nepal.

President Paudel made the call while addressing an interaction programme with members of the Japanese business community organised in Tokyo Monday on the occasion of the 70th anniversary of the establishment of diplomatic relations between Nepal and Japan. 

He said that Nepal wishes to build close partnerships with the Japanese private sector. "We have created a stable macroeconomic environment with attractive returns on investment, along with easy procedures for profit and capital repatriation. The government of Nepal is committed to providing full support, seamless facilitation, and security for foreign investment,” President Paudel said. 

He said that as Nepal and Japan celebrate the 70th anniversary of diplomatic relations, this is also an opportune moment to advance intensive cooperation in areas of mutual benefit between our two sides.

Referring to the inspiration drawn from the philosophy of Gautam Buddha and the ancient cultural ties between Nepal and Japan, President Paudel said, quoting Buddha, “The victory of peace is one in which no one is defeated.”

He called for investment and business in Nepal with confidence, urging investment in sectors like agriculture, water resources and tourism to make Nepal rich and Japan to benefit as well. 

He remarked, “Investing in Nepal brings both wealth and virtue.”

“Nepal and Japan have long enjoyed an excellent relationship based on goodwill, friendship, and cooperation. I believe the enthusiastic participation of today’s business community will prove fruitful in establishing stronger trade and investment linkages between Nepal and Japan,” President Paudel said. 

In the context of the historic 70th anniversary of diplomatic relations between the two countries this year and the relations deepening not only at the governmental but also at the people-to-people level, he highly appreciated Japan’s support for decades as a reliable development partner in Nepal’s socio-economic development efforts.

He said that along with political stability, Nepal’s efforts are focused on achieving social justice, good governance and prosperity for the people. 

He also said that Nepal will be upgraded from a least developed country status by the end of this year and become a middle-income country by 2030, which will be another important achievement for us.

"Such campaigns require substantial resources. Among other things, we are focusing on attracting large-scale foreign investment in national priority sectors, increasing trade, diversifying connectivity, promoting tourism, and acquiring advanced technologies,” President Paudel said.

He expressed the view that in today’s world, no country can achieve prosperity without cooperation between the government and the private sector domestically, and partnerships with other countries externally.

He further said that by adhering to liberal economic policies, Nepal has opened almost all sectors, including manufacturing, hydropower, tourism, services, information technology, mining, and agriculture-based industries to foreign investment. He added that Nepal has undertaken extensive legal, procedural, and institutional reforms to facilitate trade, attract foreign investment, and promote innovation.

“The Investment Board Nepal provides a one-stop service to large investors, and the International Monetary Fund, the World Bank and major international rating agencies have confirmed through independent assessments that Nepal offers one of the most favourable business environments in South Asia”, said President Paudel.

He expressed his belief that Nepal’s location between the world’s two emerging economies, India and China, would provide greater benefits to potential investors.

On the occasion, Nepal's Acting Ambassador to Japan Harihar Kanta Poudel welcomed the gathering, while Secretary of the Ministry of Foreign Affairs Amrit Rai and Joint Secretary Bhrigu Dhungana made a presentation on the potential of investment in Nepal. 

At the event, several members of the Japanese business community expressed their happiness to know that there are so many investment opportunities in Nepal and that this would contribute to opening the doors of investment.