KATHMANDU, Nov 1: Finance Minister Dr Prakash Sharan Mahat has said Nepal requires sufficient financial resources for its economic development and transformation. He said that foreign investment is essential for a country like Nepal where internal resources cannot solely address the issue.

In his address to a high-level investment conference organized by the Nepali embassy in London, the capital of UK, on Tuesday, Minister Mahat insisted on the inevitability of foreign investment in Nepal, according to his secretariat and the embassy.

The event organized at the Mansion House based in the city of London marks the completion of a centenary of the signing of the friendship treaty between Nepal and the United Kingdom in 1923.

On the occasion, Finance Minister Mahat said that the Government of Nepal has ensured necessary revisions to laws and acts and institutional provisions for creating an investment-friendly atmosphere in the country. Likewise, the budget for the current fiscal has introduced various initiatives for reforms and to facilitate investors.

"Necessary legal infrastructure has been readied for capital mobilization through the international financial market," he said, expressing his hope that the UK’s investment in Nepal would further grow in the days to come.

Also speaking on the occasion, Nepal's Ambassador to the UK, Gyan Chandra Acharya, said "Nepal has already signed a bilateral agreement with India for power trade and is preparing for making power supplies to Bangladesh as well." 

He added that electricity promotion in Nepal would help realize the climate change goals not only in Nepal but also in South Asia.

City of London's Alderman and Sheriff, Bronec Masojada pledged to support Nepal in achieving sustainable development.

UK’s Foreign and Commonwealth Director Ben Mellor said the investment through the British International Investment to various areas in Nepal has been increasing in recent years and the UK has been supporting Nepal to upgrade it to the status of a developing country from the category of least developed country.

Birendra Sharma, the president of UK-Nepal Parliamentary Group in the UK Parliament talked about the historic relation of Nepal and the UK, citing abundant potential for investment in various sectors of Nepal.

UK Expert Finance Chief Executive Officer Tim Reid announced their readiness to invest up to 1.5 billion pounds in Nepal.

The conference was focussed on bringing investment into Nepal particularly in the renewable energy, information technology and education sectors.

Separate panel discussions on these themes were held and Rajan Kandel, chair of the British College, presented a paper on available opportunities in Nepal in the education sector.

Nepal Rastra Bank (NRB)’s Deputy Governor Bam Bahadur Mishra assured the investors that the NRB was committed to simplify the profit repatriation process of foreign companies investing in Nepal.

Joint Secretary of the Investment Board Nepal, Amrit Lamsal made a presentation on the investment opportunities in various sectors of Nepal, stressing that the Board is committed to facilitating the investors throughout the period from the approval of FDI to the implementation of the project.

Joint Secretary at the Ministry of Energy, Water Resources and Irrigation, Sandeep Dev talked on the energy sector in Nepal, especially in the hydroelectricity projects under implementation, the agreements on power development and trade agreement reached with India and China and the forthcoming plans of the Government of Nepal on the development of hydropower sector. He pointed out the need for huge capital for these projects and said investors have huge opportunities for investing in these areas. 

Independent Power Producers' Association, Nepal (IPPAN)’s president Ganesh Karki provided information on the opportunities for investment in the hydropower and other renewable energy projects in Nepal, and called on the investors to invest in Nepal as the role of the government is positive to that end.

Managing Director of British International Investment, Colin Berkley and founder and chief executive officer of Dolma Impact Fund, Tim Gochar said that the investments they have made in Nepal are all fruitful and Nepal is an appropriate country for responsible investment.

Speaking on behalf of the financial institutions investing in Nepal, Chief Executive Officer of Invest for Impact Nepal, Bibek Shrestha, made a presentation on investment of development financing organizations.

Also on the occasion, a memorandum of understanding on facilitating development finance institutions in Nepal was reached between the Government of Nepal, Ministry of Finance and six development financing institutions – the British International Investment, UK; FMO, the Netherlands; BIO, Belgium; Finnfund, Finland; Proparco, France and Saipem, Switzerland.

On the occasion, Finance Minister Dr Mahat held a discussion with the chairman of Hinduja Group of Industries, GP Hinduja, on investing in Nepal.

Around 100 people, including British bankers, private investors, insurance companies, representatives of development financing institutions and trade ministries of various European countries, including Britain, the Nepali diaspora and the British companies investing in Nepal, attended the conference.

 (RSS)

 
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