Finance Minister Yubaraj Khatiwada addressing a press conference at the Finance Ministry on the upcoming Nepal Investment Summit. Photo: Dipesh Shrestha/Republica
KATHMANDU, March 27: The government said on Wednesday that it has made all preparations to host the Nepal Investment Summit in Kathmandu later this week.
At a press conference at the Finance Ministry, Finance Minister Yubaraj Khatiwada said that all preparations have been completed to host the summit.
Finance Minister Khatiwada hoped that the investment summit will be instrumental to steer country towards the path of development. "The summit is our common effort to bring foreign investment. The government and private sector have joined hands to make it a success. We hope it will be helpful to showcase our development potentials," he said.
The finance minister stressed the need to create an enabling environment to invite foreign investment in the country.
"If we fail to make a good environment to bring foreign investment, the country will always remain dependent on the others. We can generate employment opportunities inside the country if we bring foreign investment. Otherwise, the country will remain poor and backward," Khatiwada said.
This is the first time Nepal is going to host the investment summit since Oli-led administration came to power in February last year.
According to a media release circulated during the press conference, over 600 foreign investors including high-level delegates from 40 countries will take part in the summit to be held on Friday and Saturday.
During the summit, Nepal Investment Board will be presenting a list of 50 projects on behalf of the government and 22 projects on behalf of the private sector to attract foreign investment in various sectors including agriculture, tourism, hydropower, industry, transportation and infrastructure.
Altogether 12 Memorandum of Understandings (MoUs) will be signed during the summit, according to the release.
"We hope that the summit will be an opportunity for the Nepal government to inform the investors around the world regarding recently-introduced policies and legal measures to promote the foreign investment in Nepal. The main objective of the summit is to give a message that Nepal is the best destination for foreign investment," read the release. The summit is also expected to be helpful to achieve the national goal of "Prosperous Nepal Happy Nepali".
A high-level committee has been formed under the leadership of Finance Minister Khatiwada to make the summit grand success. Amid a function in the capital, Prime Minister KP Sharma Oli will be inaugurating the two-day summit.