Utilize NRNs network to bring in investment: Pvt sector

KATHMANDU, Oct 13: Private sector on Thursday requested non-resident Nepalis (NRNs) to utilize their network across the globe as an effective investment network to bring in foreign capital and technology to Nepal.



On the second day of the fifth NRN Global Conference, businessmen praised NRNs for forming one of the largest diasporas network in the world, but also expressed dissatisfaction saying NRN movement has not utilized its network for country´s development.[break]



NRN movement that started nine years ago has presently expanded to 57 countries bringing together more than three million Nepalis within its network.



“This is a great achievement, but we can term the movement successful only when it brings about adequate investment to Nepal -- be it from them or from the people of the nations where they [NRNs] reside,” said Om Rajbhandari, executive member of Federation of Nepalese Chambers of Commerce and Industry.



On the day, local industrialists asked NRNs to invest in sectors like hydropower and real estate, among other things. They informed the NRNs that the government has taken steps to study the possibility for producing 16,000 MW of electricity and it was the right time for NRNs to invest in the sector.



Mentioning that per capita electricity consumption in the country remains too low, FNCCI officials said investment in the sector will not only generate handsome returns but also establish that NRNs are making meaningful contribution in the country´s development.



“The government has already announced attractive incentives for investors in hydro projects up to the capacity of 100 MW. But, sadly we have not seen significant investment from NRNs so far,” said Dr Suwarna Shrestha, the president of Independent Power Producers Association Nepal (IPPAN).



Likewise, housing and real estate developers asked NRNs to put in their money in the development of the realty sector.



Referring to the latest government announcement, which allows foreigners to purchase apartment up to US$ 200,000, they appealed to the NRNs to invest in the sector and also encourage foreign investors to invest in the sector in Nepal.



“NRNs can develop international projects targeting foreign customers,” said Rajbhandari. NRN Association officials, meanwhile, informed that they have so far invested more than Rs 25 billion in Nepal in various projects including hydropower, banks, restaurants and media, among others.

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