NICCI seeks IBN’s support to organize Nepal-India partnership summit

Published On: December 20, 2020 01:49 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Dec 20: The Nepal India Chamber of Commerce and Industry (NICCI) has sought Investment Board Nepal’s support to organize Nepal-India partnership summit targeting Indian investors.

In the meeting with IBN CEO Sushil Bhatta, it drew the Investment Board’s attention toward a trend of slowdown on Indian investment in Nepal in recent months.

Sunil KC, vice president of NICCI, said that one of the few programs planned by the Association for attracting investment from India in the coming days is to organize bilateral 'Nepal-India Partnership Summit' in Nepal and India every year targeting Indian investors. He also proposed that the IBN should be a major partner.

He informed that there is another plan to set up a ‘Nepal Innovation Center’ in Delhi to facilitate Indian investors who want to invest in Nepal. Stating that the involvement of IBN is necessary, he requested the board for support. “Attracting Indian foreign investment to Nepal is of interest to both NICCI and IBN, so we request the board's support to move forward with our plan effectively by including Indian Embassy in Nepal,” he said.

Similarly, Saibal Ghosh, another vice president at NICCI said addressing problems of foreign-investment industries in Nepal is very important. “It is an important aspect to attract foreign investment in Nepal,” he said adding problems in intellectual property rights, brand register, delay in test marketing permit and contract manufacturing should be solved.

He drew attention to the need to facilitate payment of larger sums through the approval of Nepal Rastra Bank as the services related to software and machinery maintenance do not come under the perimeter of Rs 100,000. “If concerned bodies create the environment, it would be easier for foreign investors to invest in Nepal.” He added.

IBN CEO Bhatta said that the IBN is positive towards the proposition made by the NICCI. He said the board is also discussing the scope of Indian investment in Nepal.