Kathmandu, April 20

Foreign diplomats today have expressed their commitment to support the government to attract foreign direct investment (FDI) in Nepal.

The Ministry of Industry (MoI) had organised a programme today with foreign diplomats seeking their support to turn the commitments and investment pledges that were made in the Nepal Investment Summit last month into reality.

Diplomats who participated in the discussion programme said that the recent initiatives and reforms introduced by the government of Nepal to achieve higher economic growth have disseminated a positive message to the international community and potential foreign investors.

“The investment summit last month was a huge success for Nepal. The local election and its successful completion will further ensure stability in the country, which investors often seek,” said Michael C Gonzales, deputy chief of mission, US Embassy in Kathmandu, adding that the United States is always committed to support Nepal for economic growth.

However, Gonzales said that the government should now focus on implementation of existing polices and accelerate the process to introduce pending policies if the country is actually to draw huge investment. “Nepal should introduce pending policies like Land Use Bill, Agro Business Promotion Act and Labour Act, among others, which are necessary to draw FDI,” he added.

Similarly, Jorma Suvanto, ambassador of Finland to Nepal, said that it is the common responsibility of diplomats, government of Nepal and other stakeholders to materialise the investment pledges made by foreign investors during the Nepal Investment Summit. “We will support the Nepali government to draw investments. As Nepal is developing a promising situation for investment and economic growth, investors will certainly be attracted.”

However, Maria Teresa Mesquita Pessoa, ambassador of Brazil to Nepal, said that the government in Nepal still has different issues which need to be settled to attract investments. “Implementation of one-window policy for administrative works, and addressing climate change issues are key to attract FDI in Nepal,” she said.

Similarly, Sophie Kemkhadze, deputy country director of the United Nations Development Programme, said that micro-entrepreneurship development and innovation should be a part of a bigger agenda of the government to achieve the industrial growth targets.

Addressing the discussion programme, Industry Minister Nabindra Raj Joshi appealed to foreign diplomats in Nepal to urge investors from their respective countries to invest in the country. “MoI has a target to attract foreign investment worth at least $10 billion in the next fiscal year and at least $250 billion in the next one decade.”