The Industry Ministry plans to hold Nepal Investment Summit 2017 with the aim of  promoting foreign investment and fostering linkages between domestic and foreign investors.

The theme of the two-day meeting, which is slated to start on March 2, is ‘Harnessing Investment Opportunities in Nepal’.

Speaking at an interaction programme on Friday, Industry Minister Nabindra Raj Joshi said the summit was being organized to promote Nepal as an important destination for foreign investors.

“It is important to attract large amounts of foreign capital to fill the investment gap to fund the construction of various infrastructure necessary for the country’s development,” said Joshi. “Therefore, we are organizing this event to attract foreign investment in the country.”

The ministry will be organizing the event in association with Investment Board Nepal. Investors from all over the world will be briefed at the meet about Nepal’s improved investment climate.

“Following the passage of a number of new laws, government policies have become more investment friendly. This message must be disseminated to potential investors outside the country,” said Joshi. 

The government has recently passed the Industrial Enterprises Act and the Special Economic Zone Act. Currently, it is working to introduce the Foreign Investment and Technology Transfer Act, Intellectual Property Rights Act and Company Act.

All these laws will be passed before the scheduled summit meeting to let business communities from the world over know that Nepal is serious about creating an appropriate environment to attract foreign investors, Joshi added.

Meanwhile, the ministry is planning invite top leaders of the major political parties to speak at the event to assure potential foreign investors that Nepal welcomes foreign investment. “The political leaders will express their commitment to the safety of foreign investment in Nepal, which will be crucial to win the confidence of foreign investors,” said Joshi.  

The government will request various multinational companies and global business leaders to participate in the summit, and expects at least 300 foreign investors to participate in the event.

Apart from promoting Nepal as a safe destination for investors, the summit will provide information about different sectors that have investment potential in Nepal besides prevalent laws, policies and provisions for foreign investors, according to Joshi.

“During the event, we will discuss sectors like energy, infrastructure, information technology, tourism, mines and minerals and agro processing industries, among others, that have great potential and require large investments,” said Joshi. “We will tell participants about the economic status that Nepal wants to attain by 2030.”