• The pledged investment is more than half of country’s GDP structure
• Amount exceeds budget ceiling for fiscal year 2017-18

Kathmandu, March 3 Nepal Investment Summit, which concluded in the capital today, has garnered nearly $13.51 billion (equivalent to around Rs 1,446 billion) in foreign investment commitment. The Ministry of Industry, during the two-day event, signed Letters of Intent with foreign investors for investment to this effect, which is more than half of the country's GDP structure of $22.49 billion. Similarly, the current investment pledge made by foreign investors in the summit also exceeds the budget ceiling of Rs 1,156.04 billion fixed by the National Planning Commission for fiscal year 2017-18. Investors from Nepal's northern neighbour China alone signed LoIs with the government to inject $8.3 billion in different sectors. Investors from Bangladesh have pledged to invest $2.4 billion, investors from Japan and the United Kingdom have signed LoIs to bring $1 billion investment each, while Sri Lankan and Indian investors have pledged to invest $500 million and $317 million, respectively. However, domestic investors have pledged to invest only $11.5 million in different sectors. According to officials of Investment Board Nepal, foreign investors have signed LoIs to invest in several sectors, including infrastructure, agriculture and tourism. Addressing the concluding session of the mega-event, Industry Minister Nabindra Raj Joshi said that the summit was able to pave a glorious path for Nepal's development. 'Such an encouraging commitment from foreign investors will surely give Nepal a major boost as the country moves on the path to prosperity. MoI is committed to materialising this commitment from foreign investors and facilitate additional foreign investment into the country,' Joshi said. According to him, all potential investors who were in wait-and-watch mode have jumped on the bandwagon to do business in Nepal. State Minister for Industry Kanchan Chandra Bade said the government would reform all the existing policies and laws and make them business- and environment-friendly. Maha Prasad Adhikari, chief executive officer of IBN, said a number of committees had been formed to review the commitments and outcomes of the summit. 'These committees will constantly follow up to materialise the outcomes of the summit and turn all investment pledges into reality,' Adhikari said. Speaking on the occasion, Shanker Das Bairagi, secretary at Ministry of Foreign Affairs, said recently developed political will and consensus on agenda of economic growth had created investment-friendly environment in Nepal.