KATHMANDU, April 30: The two-day Nepal Investment Summit 2024 concluded on Monday exploring extensive areas for investment in the country.
According to the Investment Board Nepal (IBN), the government showcased 154 projects, 19 projects for EOI, nine for market sounding and other projects in different sectors which are in ideation stage. The summit witnessed the signing of more than a dozen memorandum of understanding (MoU) including MoU between World association of PPP (WAPPP) and National Association of PPP professionals and practitioners for advancing PPP in Nepal.
Chief Executive Office of IBN Sushil Bhatta said they received overwhelming interest from business entrepreneurs and investors on projects that they showcased from around the world. According to him, over 2,500 guests, including more than 800 international guests, participated in the mega event.
Investment summit ends with 15 MoUs, announcements by investors
The summit featured 12 parallel sessions which highlighted different potential investment sectors from renewable energy to ICT providing attendees with a comprehensive understanding of Nepal’s sectoral opportunities. Each sector was thoroughly scrutinized, every potential avenue explored, all with a singular objective: to unlock the immense potential of our nation and foster a conducive investment environment.
An important session on leveraging PPP for infrastructure and service sector development has been addressed by PPP professionals from WAPPP, WAIPA, Nepalese high-level government officials, and national PPP practitioners. More than 30 foreign delegations held separate meetings with ministers of different line ministries.
The summit witnessed the event “Meet the PM” where over a dozen meetings took place with Prime Minister Pushpa Kamal Dahal. Delegations from China, India, Kuwait, the UAE, the UK, and the USA, along with the World Bank Group discussed areas of cooperation and expressed their interest in exploring investment opportunities in Nepal, acknowledging Nepal as an attractive investment destination and expressed their commitment to support Nepal’s sustainable development initiatives.
According to the IBN, a MoU was signed between Shakha Group of Nepal and BOAR Group of Hong Kong to invest 100 million Chinese Yuan in a wellness hotel project in Gorusinghe, Kapilvastu. Likewise, Nepal-India Chamber of Commerce and Industry unveiled a handbook of Indian investors investing in Nepal during the two day event.
The government has launched an automated online system to register and approve the foreign direct investment (FDI).
On the second day of the Nepal Investment Summit 2024, the government brought into operation the automatic route system to facilitate the foreign firms to start their business in Nepal. The system has been operationalized as per the provision maintained in the Foreign Investment and Technology Transfer Regulation.
Under the system, any foreign firms can submit their application and necessary documents through online means, while they can receive approval through email. The ceiling for FDI to use this system is Rs 500 million to receive approval via online platform, while the ones in the IT segment will not have to abide by this threshold of capital.
