KATHMANDU, May 6: Nepal-Canada Business Executive Committee (NCBEC) was formed here on Monday aiming to further strengthen bilateral trade and investment.
The committee was launched in the presence of high-level government officials, Ambassador of Canada to Nepal Stewart Beck and business people from both the countries.[break]
"This forum will help us to attract investment from Canada," Suraj Vaidya, president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said after the launch of NCBEC.
Gyanendra Lal Pradhan, executive member and chairperson of energy committee at the FNCCI; Om Bahadur Rajbhandari, executive member and coordinator of urban development forum at the FNCCI; Chandra Prasad Dhakal, executive member and coordinator of investment promotion forum at the FNCCI; and Ritu Vaidya of Vaidya´s Organization of Industries and Trading House are the members in the committee from Nepali side. Similarly, members from Canada in the committee are Pramod Radhakrishnan of IRD, Pradeep Kumar of Lea Associates, and Alisa Kreynes of Manitoba Hydro.
"I am quite hopeful that this forum will take forward trade and investment relationship between the two countries,” Ambassador Beck said.
Beck, who is leading the Canadian delegation in Nepal, expressed optimism that Nepal´s investment climate will get better in course of time.
The delegation is looking for investment avenues in sectors like infrastructure, waste management and hydropower.
The delegation comprises representatives from eight Canadian firms -- Arcop Associates, Bombardier, Indo-Canadian Business Chamber, IRD Inc, Lea Associates, Manitoba Hydro International, Premiertech Aqua, Ballard Power Systems.
Meanwhile, Radhes Pant, CEO of Investment Board Nepal (IBN), briefed the delegation on country´s economic outlook and potential areas that are in need of foreign investment. “We are doing series of policy reforms to welcome foreign investment," Pant said, highlighting the government´s move to attract FDI in the country.
According to the Department of Industry (DoI), Canadian firms have invested Rs 5.08 billion (approximately US$ 57 million) in 25 Nepali enterprises as of fiscal year 2010/11. These firms have created 1,926 jobs.