Investment Board collaborates with KPMG to promote investment potential in Nepal

Published On: January 26, 2024 05:52 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Jan 26: In a collaborative effort to promote Nepal's investment, the Investment Board Nepal (IBN), together with KPMG India, on Friday organized a workshop in Kathmandu titled 'Unlocking Nepal's Investment Potential: Collaborative Strategies for Economic Growth.' This workshop was held as a tune-up for the Nepal Investment Summit (NIS) 2024 which is scheduled to be held from April 28 to April 29 later this year.

The statement released by the board says that the workshop delved into enhancing the investment climate in Nepal through legal, procedural, and regulatory reforms as well as innovative approaches to facilitate private sector investments including Foreign Direct Investment (FDI) to unleash the country's full potential.

Addressing the workshop, Finance Minister Dr Prakash Sharan Mahat, who is also the vice chairperson of the Investment Board Nepal, said that the country is pursuing fresh investments in every sector of the economy as the country’s potential is largely untapped and underutilized.

Vice Chairperson of the National Planning Commission, Dr Min Bahadur Shrestha highlighted that the private sector investments are crucial for the sustainable and inclusive growth trajectory for the graduation of Nepal into a developing country by 2026.

Chief Secretary of the Government of Nepal, Baikuntha Aryal underlined the need for prompt response to the feedback of the foreign investors investing in Nepal as well as the private sector as it is crucial to spread the message among the potential investors that their investments in Nepal won’t be a loss.

Looking ahead to the Nepal Investment Summit 2024, Sushil Bhatta, Chief Executive Officer of the Investment Board Nepal, said that NIS 2024 will provide a platform to potential investors in our investment landscape.

Providing insights into recent regulatory changes, Neelam Dhungana Timsina, acting governor of Nepal Rastra Bank, shed light on the provisions of recently amended FDI and Foreign Loan Bylaws, which removed the provisions of pre-approval of the central bank to bring in FDI.

Yezdi Nagporewalla, CEO of KPMG India, shared the significance of strategic partnerships in driving sustainable growth for Nepal.