Senior leaders from seven major political parties—both the ruling as well as opposition forces—on Sunday made an unequivocal collective pledge to make maximum effort to promote the country’s investment and business climate. Nepali Congress General Secretary Gagan Thapa, CPN-UML General Secretary Shankar Pokharel, CPN (Maoist Centre) vice-chair Pampha Bhusal, Rastriya Prajatantra Party chair Rajendra Lingden, Rastriya Swatantra Party Chief Whip Santosh Pariyar, CPN (Unified Socialist) General Secretary Ghanashyam Bhusal and Janamat Party chair CK Raut, while airing their respective party’s views at the Kantipur Economic Summit-2024, also emphasised the need for the political forces and other stakeholders to work hand in hand in order to attract investment.

It was just two weeks ago that top leaders of the country including Prime Minister Pushpa Kamal Dahal, main opposition leader Sher Bahadur Deuba of Nepali Congress and KP Sharma Oli, chair of a major coalition partner CPN-UML, while addressing the two-day Investment Summit, committed to spare no effort to turn Nepal into an investment-friendly destination. Presenting Nepal as a country of huge potential, the leaders made the promises before 1,600-plus representatives from 55 countries in the government-organised summit. Realisation of the need for domestic as well as foreign investments and joint political commitments of rival political forces in itself is a positive gesture.

However this is not enough. Nepal’s politicians have time and again made such promises but failed to translate them into results. For that, Nepal still needs political as well as policy stability and predictability. Various countries have made tremendous progress even when there is instability in government leadership. They did so by keeping development activities separate from politics and ensuring policy predictability, even if there are constant changes in governments. One big concern of the representatives from the business communities expressed at the Kantipur Economic Summit was the same. They said genuine investors seek policy predictability as a prerequisite before making a sizable investment. This is a valid concern and the policy makers must ensure so much.

Yet the initiatives of the government and our politicians appear more superficial than substantive. Just ahead of the investment summit, the government amended some Acts through an ordinance to clear legal complexities for investment. It was the government’s intent to create an impression before the international participants that Nepal is serious about getting money from abroad. But the ordinances couldn’t be tabled in the first meeting of the House of Representatives on Friday due to the ongoing obstruction of the main opposition party Nepali Congress.

There is a prolonged deadlock in Parliament. The ruling and opposition parties are in a face-off over a parliamentary panel to probe Deputy Prime Minister and Home Minister Rabi Lamichhane. The minister is accused of involvement in multiple cooperative frauds. The House obstruction by the main opposition over the demand first made in the winter session has continued even after the commencement of the budget session on May 10. If our political parties cannot even come together to pass the national budget, it would be hard for foreigners to trust us with their money. The only way Nepal will attract quality investment and make a leap in its development endeavour is through a collective political effort to ensure policy consistency. For the country’s larger good, they must also be able to see beyond their partisan interests.