Nepal government prepares for hosting Third Investment Summit

Kathmandu: The government has announced to organise the Third Investment Summit on coming April 21-22 in Kathmandu, Nepal.

According to Finance Minister Dr Prakash Sharan Mahat, preparations are going on to hold the Summit in the given date. A very first meeting of the Summit’s steering committee coordinated by the Finance Minister took place today.

Talking to media after the meeting, the Finance Minister said the Summit aims not to only attract foreign investment but also to encourage the mobilisation of domestic investment and investment from non-resident Nepali community. “Nepali embassies abroad will be mobilised for facilitating the hosting of the Summit.”

Two committees have been formed in preparation for the Summit: an implementation committee led by the Chief Secretary and a technical committee led by the Secretary at the Ministry of Industry, Commerce, and Supplies. The Summit’s Secretariat will be located at the Office of the Investment Board.

During the meeting, the Minister directed the concerned authorities to make preparations for identifying the ‘projects of showcase’ to be highlighted during the Summit.

Meanwhile, Finance Minister Dr Mahat has said adequate preparation is essential for the Nepal Investment Summit to be held coming April.

During a meeting of the investment summit direction committee held at Finance Ministry on Sunday, Minister Mahat stressed on making the summit to be held on April 21-22 different from the previous ones. More investors must be attracted, he stressed.

“This time, we are planning to hold bilateral meetings with possible investors before the summit,” he said, informing that government was for protecting foreign investment by implementing the bilateral investment promotion and protection agreement (BIPPA).

According to him, the government was for attracting national, NRNs and foreign investors. Preparations have begun for it too, he added. Even the foreign ambassadors would be requested for making effective event.

On the occasion, member of the National Planning Commission, Ram Kumar Phuyal, underscored the need of reviewing past investment summits and make correction accordingly.

Nepal Rastra Bank Governor Maha Prasad Adhikari viewed as we have short time, effective and speedy engagement is imperative.

Former Chairman of the Investment Board, Radhes Pant, stressed on making the event result-oriented. He also suggested the government that it enforced hedging regulation effectively and managed adequate employees.

Former Chairman of the Confederation of Nepalese Industries, Hari Bhakta Sharma, expressed worry over non-implementation previous investment summits.