FNCCI President Dhakal urges NRNs to bring knowledge, skills and capital acquired abroad to Nepal

Published On: June 17, 2024 04:35 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, June 17: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has called upon the Non-Resident Nepalis in Australia to invest in Nepal, arguing that Nepal is developing a conducive environment for investment.

Addressing a program jointly organized by Nepal Rastra Bank (NRB), FNCCI and Non-Resident Nepali Association (NRNA), Australia in Melbourne on Sunday, Dhakal mentioned that it is necessary to bring the knowledge, skills and capital acquired by Nepalis outside the country into Nepal.

Dhakal said that Nepal has immense potential for investment and the investment environment is also improving.

"Nepal has a lot of potential for hydropower, tourism, information technology, mining, agriculture and industries," he said.

Stating that the government has allocated a budget for the establishment of an investment company under the leadership of FNCCI with a capital of Rs 10 billion, Dhakal said that the company will invest in various potential projects in Nepal.

He urged the NRNs in Australia to join hands in the development and prosperity of Nepal by investing shares in this company.

FNCCI President Dhakal said that a separate FDI desk has been established in the FNCCI for the promotion of foreign investment. He added that the FNCCI is always ready to provide necessary support and facilitation to bring in both domestic and foreign investments in the country.

On the occasion, Deputy Governor of NRB Bam Bahadur Mishra insisted on using formal banking channels when sending remittances to Nepal.

He mentioned that there is no problem for any foreigner and non-resident Nepalis to take their profits out of the country when they invest in Nepal and also said that the NRB will facilitate this.

Ratna Raj Bajracharya, Chief Executive Officer of Global IME Bank Limited, said that Nepali banks are becoming capable even for large investments.

Stating that Nepali banks are under the regulation of NRB, he also mentioned that deposits in Nepali banks are safe and they provide relatively higher interest rates.

He said that Global IME Bank will provide various banking services to NRNs to send money to Nepal through the banking system or to Nepalis who come to Australia for study, visit and other purposes.

More than 200 non-resident Nepalis participated in the program.