February 27, 2017 12:50 AM NPT
AIIB President, Indian Finance Minister keynote speakers
KATHMANDU, Feb 27: The government is organizing a two-day 'Nepal Investment Summit' aiming to establish Nepal as a lucrative destination for investment.
The summit, which is being organized jointly by the Ministry of Industry and the Investment Board of Nepal (IBN), will kick off in Kathmandu on Thursday.
Speaking at a press meet on Sunday, Minister for Industry Nabindra Raj Joshi said that the summit will bring together nearly 300 foreign delegates, including investors, to discuss about investment opportunities and challenges in Nepal.
According to government officials, the government will showcase eight projects from its project bank that could be of interest for investors. The projects that the government is showcasing in the summit are Chemical Fertilizer Plant, Kathmandu-Pokhara Railway, Kathmandu-Kulekhani-Hetauda Tunnel Highway, 650-MW Tamakoshi III Hydropower Project and Second International Airport. East-West Electric Railway Project, East-West Electricity Railway Link to India Project, Kathmandu Valley Metro Project and Kathmandu-Pokhara Railway Project are other projects that the IBN has included in the project bank.
To encourage delegates from making investment in Nepal, the government is also planning to offer income tax waiver for up to five years. While the government has been providing the income tax waiver to industries established in special economic zones, Industry Minister Joshi said that they were also planning to provide income tax waiver on foreign direct investment by including the incentive in the new Foreign Investment and Technology Transfer Bill.
According to organizers, 235 delegates from 23 countries have already signed up to participate in the summit where discussions and deliberations will be held on nine different thematic issues ranging from energy to agriculture issues.
Jin Liqun, president of Asian Infrastructure Investment Bank, and Indian Finance Minister Arun Jaitley are the keynote speakers of the summit. The summit will also seek the commitment from the leaders of major political parties for promoting investment climate as well as provide platform for policymakers to discuss on the constraints for investment.
Industry Minister Joshi said that the summit will send a message that a series of recent policy and institutional reforms in Nepal have played a catalyst in attracting private sector investments in Nepal. He also said that Nepal is now a lucrative destination for investment after promulgation of the new constitution which has paved the way for peace and prosperity in the country.