IBN showcasing some mega projects for potential investors
KATHMANDU, Feb 1: Investment Board of Nepal (IBN) has prepared a project bank, including some 30 to 35 mega projects, to showcase at the Nepal Investment Summit to be held in Kathmandu on March 2-3.
With an ambitious target to attract over $1 billion of foreign direct investment (FDI) from the summit, the board, in association with the Ministry of Industry (MoI), has included Chemical Fertilizer Plant, Kathmandu-Pokhara Railway, Kathmandu-Kulekhani-Hetauda Tunnel Highway, 650-MW Tamakoshi III Hydropower Project, Second International Airport, East-West Electric Railway Project, East-West Electricity Railway Link to India Project, Kathmandu Valley Metro Project and Kathmandu-Pokhara Railway Project in the project bank.
"We are expecting at least 300 international visitors, including foreign diplomatic missions in Nepal, foreign investors, potential foreign and domestic Investors, national and foreign media, Non-Resident Nepalis (NRNs), development partners, experts, private sector organization representatives and government representatives,” said Minister for Industry Nabindra Raj Joshi.
Apart from over $1 billion FDI commitment, at least 20 large-scale investors are expected to apply for at least three Intents of Investment, Joshi said, adding that the ministry was also planning to sign Bilateral Investment Promotion and Protection Agreement (BIPPA) with at least one country. "The summit is also showcasing transport, infrastructure, manufacturing, energy, ICT and mining sectors as potential investment avenues in Nepal," he added.
The Chemical Fertilizer Plant, with capacity of at least 500,000 tons per year, is expected to attract investment of nearly $1.4 billion. The project, which is already in the feasibility study phase, is also expected to enhance agricultural productivity apart from import substitution of around 230,000 tons a year worth approximately Rs 11.61 billion.
Apart from Tamakoshi III (650 MW), there are few other hydropower projects including Upper Marsyangdi (600 MW) that could be of interest to the investors, according to the board.
The IBN has claimed that the main objective of the summit is to promote Nepal as the investment destination for the next decade. It will be used as a platform to showcase Nepal's investment opportunities especially to large scale investors looking to explore opportunities in new destination, it added.