President Bidya Devi Bhandari has said that cooperation and partnership have become the defining feature of inter-state relationship in today’s globalised and interdependent world. She said Nepal treats the private sector as a development partner and has provided various incentives, such as low tariff and taxes, to promote private investment.

Addressing a business community in the Indian capital of New Delhi on Tuesday, the President called on investors from India to visit Nepal and tap investment opportunities in the country. The programme was jointly organised by the Ministry of External Affairs of India, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, and the Associated Chambers of Commerce of India.

President Bhandari said Nepal cannot afford to remain underdeveloped as two big neighbours, India and China, were making rapid progress in the field economic development.

“There is investment friendly atmosphere in Nepal,” she said. President Bhandari was of the view that without economic development, political changes cannot be durable. “After completing the peace process, Nepal has embarked on a journey of economic development and prosperity,” said Bhandari. She further said Nepal is in the process of overcoming hurdles to implement the Bilateral Investment Protection and Promotion Agreement signed with India.

She also said various procedural hurdles obstructing foreign investors, including land acquisition for project development, were being cleared to create a favourable environment for those who want to plough money into various sectors in Nepal.

She lauded India’s participation in the Investment Summit recently held in Nepal. “The participation of Indian firms in the Investment Summit reflects the priority that India has accorded to Nepal,” she said.

Minister for Foreign Affairs Prakash Sharan Mahat also addressed the programme and highlighted business friendly policy initiatives and other measures being undertaken in Nepal.

India’s state minister for External Affairs VK Singh said that Nepal and India were close neighbours and the relationship between the two countries cannot by defined by words. “India is always ready to extend support in various areas, including technology transfer,” he said.