Nepal and the UAE established diplomatic relations in 1977. The bilateral cooperation between the two countries has since increased manifolds. While the UAE is the fourth largest trading partner of Nepal, this Middle Eastern nation is also one of the popular destinations of Nepali migrant workers. The two countries also share common views on significant global issues ranging from renewable energy, climate change to world peace and fight against terrorism both as a member of the United Nations and the Non-Aligned Movement at the multilateral level. Against this context, Republica's Kosh Raj Koirala talked to UAE Ambassador to Nepal, Saeed Hamdan Al Naqbi, to understand the current state of bilateral relations between Nepal and the UAE, potential areas of cooperation and ways to further promote bilateral relations between the two countries. Excerpts:
FDI needs to be viewed as a means to achieve SDGs and not an end in itself. This means that all FDI potential projects should be viewed from the lenses of environment, labor and human rights, SMEs, health, inclusion and diversity.
KATHMANDU, June 27: Nepal received commitments for foreign direct investment (FDI) worth Rs 51.56 billion in the first 11 months of the current fiscal year, which was around Rs 13 billion more than the commitment made during the same period last year.
KATHMANDU, April 29: At a time when the country’s foreign reserves are declining, the commitment for foreign direct investment (FDI) has increased, according to the Department of Industry. In the past nine months of the current fiscal year, more than Rs 33 billion of FDI has been approved.
New York, Jan 14: Fusemachines, an AI talent and education platform and service provider, has announced $1 million USD in foreign direct investment (FDI) from Business Oxygen Private Limited (BO2), a Nepal-based private equity fund bringing foreign investments to help local companies grow on Wednesday.
KATHMANDU, Dec 9: Foreign Direct Investment (FDI) inflows have increased this year after the transmission of COVID-19 declined. According to the Department of Industry (DoI), foreigners have taken permission to invest around Rs 30 billion in Nepal in the first four and a half months of the current fiscal year.
KATHMANDU, Dec 8: The government is introducing provisions for issuing infrastructure bonds and blended financing, claiming that the move is aimed at attracting more foreign direct investment (FDI) in mega projects.
KATHMANDU, September 20: Foreign investors are found increasingly attracted to run hotels in Nepal with such companies proposing to invest in around two dozen hotels in the first two months of the current fiscal year.
KATHMANDU, July 19: Lack of clarity on the policy of foreign direct investment (FDI) and procedural flaws existing at the bureaucratic and political fronts has appeared as a major hindrance to attract foreign capital, said experts.
KATHMANDU, June 8: Nepal Rastra Bank (NRB), in a bid to shorten the process for licensing of the foreign direct investment (FDI)-based companies, has scrapped the provision that required foreign investors to take permission from the central bank to bring in the foreign capital inside Nepal.
KATHMANDU, April 23: Nepal’s realization of foreign direct investment (FDI) is far lower than the amount pledged by the foreign investors, shows a report unveiled by Nepal Rastra Bank (NRB) on Wednesday.
FDI flow in agriculture will increase competition and because of the sheer size of capital, it might create an unequal playing field for the domestic investors. This is where the current hue and cry is coming from.
KATHMANDU, Jan 13: The government has enforced the Regulations of the Foreign Investment and Technology Transfer Act (FITTA), allowing the authorities to adopt flexibility on issuing residential visas to foreign individuals and investors on ‘conditions’.
NEW DELHI, Nov 17: India is considering a plan to allow up to 26% foreign direct investment from countries with which it shares a land border, including China, without government scrutiny for some sectors, the Economic Times reported on Tuesday, citing government officials.
KATHMANDU, Nov 13: Nepal has seen less than half the pledged amount of foreign direct investment (FDI) materialize in each of the last five years. Data from the Department of Industry shows that Nepal received commitments for cumulative foreign investment of Rs 114.96 billion in the past five years.
KATHMANDU, Aug 31: Minister for Finance Yuba Raj Khatiwada has defended the provision in the new Foreign Investment and Technology Transfer Act (FITTA) to remove loan from the components of Foreign Direct Investment (FDI).
KATHMANDU, July 3: After the establishment of one-stop service center at the Department of Industry, foreign direct investment (FDI) of Rs 7.92 billion has been approved for 41 industries from the information technology (IT), manufacturing, services and tourism sectors.
Foreign Direct Investment (FDI) is an effective instrument for promoting sustainable development in Least Developed Countries (LDCs) like Nepal. Realizing this fact, the government of Nepal has organized three investment summits so far. First was in 1992 following the restoration of democracy. The investors attending the summit had pledged investment of approximately $100 million, but only around 25 percent of the pledged amount was realized.
Before and even after Nepal Investment Summit 2019, there have been debates for and against such investment promotion event. Some claimed this is not the right time to organize the event when investment-friendly environment is still elusive in the country. Others went to the extent of saying that it would be a mistake to go for such summit without evaluating the achievement of 2017 summit.
Nepal Investment Summit 2019, held in Kathmandu on 29-30 March, was so well attended that the Minister of Industry, Commerce and Supplies couldn’t even find a vacant seat in the opening session of the conference.
KATHMANDU, March 31: With a strong kick start to Investment Summit Nepal 2019, 615 delegates from over 40 countries provided a strong platform for dialogues and articulate discussions regarding Nepal's potential market.
KATHMANDU, March 30: Investors at home and abroad attending the 3rd Nepal Investment Summit have sought full implementation of Nepal government's commitment to put procedural reforms and policies for investment security, while expressing their excitements over favourable environment created for investment in Nepal.
The government of Nepal has organized Nepal Investment Summit, only two years after holding a similar conference, with more than 600 delegates from foreign governments, multinational institutions and companies around the world. Government has showcased 77 projects with cost of US$ 33.6 billion, and the private sector has proposed 17 projects at $1.8 billion, making the conference price tag $36.4 billion.
KATHMANDU, March 3: Dairy industrialists have urged the government not to open gates for Foreign Direct Investment (FDI) in the dairy sector, stating that the country was on the way to becoming self–sufficient in dairy products.
KATHMANDU, Feb 1: As the government plans to host Investment Summit next month to attract foreign direct investment in Nepal, the US – one of the major potential source countries for FDI – has said that “real, bold and tangible reforms both at laws and practice” are necessary to instill confidence among potential investors.
KATHMANDU, Sept 7: Private sector leaders and economists have said that the government should roll out red carpet to foreign direct investors only after making sure that their investments do not compromise or affect national interests of the country.
KATHMANDU, Feb 15: Foreign Direct Investment (FDI) flow in the first six months of FY2017/18 nearly doubled to Rs 14.33 billion compared to Rs 7.9 billion in the first half of the last fiscal year, a recent data of Nepal Rastra Bank (NRB) shows.
KATHMANDU, Jan 4: Only a third of the total outstanding stock of foreign direct investment (FDI) is on paid-up capital while the remaining portion is held in reserve or debt, according to a study conducted by the Nepal Rastra Bank (NRB).