The American Chamber of Commerce in Nepal (AmCham Nepal) has received accreditation from the US Chamber of Commerce, in a potential move to boost foreign investment in Nepal.

The US Chamber of Commerce is the largest business organisation and network in the world, with 3,000 state members, 130 members and access to almost 3 million companies and corporates worldwide.

At a function in Washington, DC, on Thursday, Atul Kashyap, senior vice-president for South Asia at the US Chamber of Commerce, presented the accreditation certificate to Ajit Shah, president of AmCham Nepal and the CEO of Lotus Holdings Nepal.

Within two years of its establishment, AmCham Nepal has become an official chapter of the US Chamber of Commerce, which is a historic achievement, according to Shah.

Shah said this accomplishment would be a milestone for attracting foreign investment to Nepal.

This event has opened the Nepali market up to global companies, AmCham Nepal said in a statement.

Shah also announced that AmCham will organise the US-Nepal Economic Summit in Nepal next year, which will be attended by the private sector of America and AmCham members around the world.

Currently, American investments are flowing into Nepal's energy, information technology, and tourism sectors.

AmCham Nepal, with almost 50 members, has created more than 15,000 direct employment opportunities and over 100,000 indirect employment opportunities in Nepal.

Foreign Minister Saud, who witnessed the handover, emphasised the need for increased US government and private sector investments in Nepal's energy sector.

American Ambassador to Nepal Dean Thompson highlighted the critical role of the private sector in driving the economy at the function.

Atul Kashyap, the senior vice-president for South Asia of the US Chamber of Commerce, acknowledged Nepal's potential in the green energy sector and emphasised the significance of investing in its success.

Sridhar Khatri, the Nepali ambassador to the US, said that the accreditation for the chamber could bring an investment of almost $1 billion in the IT sector, creating one million jobs for Nepali youth.

Shah shared AmCham Nepal's plans to focus on skills development in the IT sector and to work actively for the Double Taxation Avoidance agreement between the US and Nepal.