Prime Minister Oli, who is presently on a state visit to India, said this while addressing Monday an interaction programme with the Business Community in New Delhi.
In a globalized world, strength of economy can ensure dignity of a nation and its people. Nepal is fully aware of this reality and has accordingly identified economic development as its priority. To develop, economy must grow and to grow, we need businesses, investment, industries and employment, the Prime Minister added.
The Prime Minister said when it comes to foreign investment in Nepal, Indian investors have natural advantage, as the two countries and peoples are close and the private sectors and business communities of the two countries are well known to each other. "Nepalese entrepreneurs thus are reliable business partners for India".
Noting that Nepalis are pursuing a liberal economic policy, Prime Minister Oli said investors are key actors, innovators, entrepreneurs and leaders, and over the years, Nepal has taken steps to improve and facilitate trade and investment environment. "We have reduced tariffs, simplified tax regimes and focused on the development and operation of trade related infrastructure", he added.
He also emphasized that commerce and connectivity between the two countries must not be affected by consideration other than economic development. "Non-discrimination between Nepalese and Indian investors is our firm policy. We have planned to set up Special Economic Zones and Industrial Estates in major business hubs of the country, with most of them in the plains next to Nepal-India border", he added. Investing within SEZ has multiple benefits that include flexible and investment friendly labour law.
Stating that the rate of return is high in Nepal, Prime Minister Oli referred to success stories of manufacturing companies like Dabur Nepal and Unilever as well as telecom operators, banks and insurance companies about the good profit they are making.
Most of Nepal's products enjoy zero tariff in developed countries. In WTO, Members -- both developed and developing -- have committed to further expand duty free coverage to products from LDCs like Nepal. WTO Members have also pledged to offer preferential treatment to services and service suppliers from LDCs. As a result, to invest and produce in Nepal means to be able to benefit from these global, regional and bilateral preferential schemes, which are nonreciprocal, Prime Minister Oli said.
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