Govt expects Rs100b in FDI pledgesThe government expects Foreign Direct Investment (FDI) commitments of Rs100 billion during “Nepal Investment Summit 2017”, a two-day event slated to be held from March 2-3.
The government expects Foreign Direct Investment (FDI) commitments of Rs100 billion during “Nepal Investment Summit 2017”, a two-day event slated to be held from March 2-3.
“As per our initial estimates, foreign delegates participating in the event are expected to pledge investments of Rs100 billion in various sectors, including energy, infrastructure, information, communication and technology and tourism, among others,” said Industry Minister Nabindra Raj Joshi on Sunday.
As of now, 235 foreign delegates from around two dozen countries have confirmed their participation in the summit being jointly organised by Investment Board Nepal (IBN) and Industry Ministry with an aim to promote foreign investment and foster linkages between domestic and foreign investors.
The high-profile list of participants includes Indian Finance Minister Arun Jaitely and Jin Liqun, president of Asian Infrastructure Investment Bank, as keynote speakers.
Other international personalities participating in the event include Asfaw Dingamo Kame, Ethiopian Ambassador to Nepal; Chen Wen, managing director of a Chinese joint venture Sinohydro-Sagarmatha Power; Harvindar Manocha, chief operating officer of GMR Energy; Michelle Simmons, general manager of Microsoft for Southeast Asia New Markets; Liu Yunxia, vice president of Huaxin Cement; Suyash Chauhan, managing director of Unilever Nepal; and Joseph Sylvanus, CEO of Standard Chartered Bank Nepal.
According to the organisers, the participants will be briefed about improved investment climate in the country following the endorsement of a number of new laws.
The government recently endorsed the Industrial Enterprises Act and the Special Economic Zone Act, while it is working to introduce the Foreign Investment and Technology Transfer Act, Intellectual Property Rights Act and Company Act.
“After more than two decades, Nepal is undergoing a series of policy and institutional reforms and we want to clearly disseminate the message about such reforms to the international community,” said Joshi.
The participants will also observe key infrastructural projects showcased by the organisers. IBN will be showcasing eight large infrastructure projects—four railway projects, a hydropower project, a tunnel highway, an international airport and a chemical fertiliser plant out of more than 100 schemes under its purview. “Apart from these projects, we will present sectoral profile of eight sectors that have potential to attract foreign direct investment,” said Joshi.
The government has also formed a high-level mechanism to take stock of the achievement of the summit.