Kathmandu, December 9

The Ministry of Industry (MoI) has targeted to draw foreign direct investment (FDI) commitment of at least $1 billion during the Nepal Investment Summit (NIS), which is scheduled for March 2 and 3 next year in the Capital.

Speaking at the NIS steering committee meeting today, Industry Minister Nabindra Raj Joshi said that the NIS is expected to prove to be a milestone in attracting foreign investors to potential sectors of the country. “We are hopeful that the investment summit will generate at least $1 billion FDI pledge for the country along with a number of  business-to-business and inter-government deals during the two-day event,” said Minister Joshi.

As announced through the budget speech for 2016-17, MoI and Investment Board Nepal (IBN) are jointly organising the mega event.

According to Joshi, more than 300 potential foreign investors, multinational companies, development agencies and government bodies have been invited to the event. Targeting the event, MoI is identifying viable projects that hold potential to draw in foreign investment, as per Joshi.

The NIS steering committee meeting today also decided on ‘Harnessing Investment Opportunities in Nepal’ as the slogan of the Nepal Investment Summit. Shedding light on the objectives of the event, Joshi said that the investment summit targets to ensure foreign investors they need not worry about their investment through political commitment for industrial development and legal investment provisions in Nepal.

Meanwhile, Joshi informed that the government is working to endorse major economy-related acts like Company Act and Foreign Investment and Technology Transfer Act (FITTA) from the Parliament prior to the Nepal Investment Summit.

The government recently endorsed the Special Economic Zone (SEZ) Act and Industrial Enterprise Act from the Legislature-Parliament.

Also present in today’s meeting, Shekhar Golchha, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that the government should update potential foreign investors on investment prospective sectors in Nepal prior to drawing their attention towards legal provisions, political commitments and other things. “Foreign investors should, first of all, gear up for investment in any sector of Nepal and only then comes procedures and legal obligations,” he opined.

Industry Secretary Shankar Prasad Koirala said that invest security is the prime concern for any investor, and thus, the Nepal Investment Summit will ensure foreign investors that their investment would be safe in Nepal. Similarly, Koirala also informed that government has put in priority energy, infrastructure, information and communication technology, agriculture processing, financial sector and mines, among others as viable sectors for foreign investment in Nepal.