Nepal is a fertile land for foreign investment, says private sector
Kathmandu, March 2
Representatives of the private sector of the country have said that Nepal is developing as a fertile land for investment.
Speaking at the ongoing Nepal Investment Summit, they also appealed to foreign investors to invest in different potential sectors of the country.
“A good level of trust has developed between the government and the private sector in recent years. The government has been incorporating the private sector’s suggestions in different government policies and laws, which ensures that government policies in the country are now friendly to businesses,” said Bhawani Rana, senior vice president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to her, tourism, energy, agriculture and infrastructure are the major sectors in the country where potential foreign investors can think of injecting their investment.
Similarly, Hari Bhakta Sharma, president of the Confederation of Nepalese Industries (CNI), said that foreign investors can invest in Nepal as the track-record of multinational companies currently operating in the country reveals that they have been making good profits. According to him, the current infrastructure deficit of Nepal, strategic location of the country, good human capital and low contribution of manufacturing sector in the country’s gross domestic product (5.5 per cent) are some factors that prove that there is huge opportunity for investors to flourish in Nepal.
“However, the government should timely introduce all pending laws and expedite the process to establish the Infrastructure Development Bank,” added Sharma.
Likewise, Padma Jyoti, president of Jyoti Group, said that businesses can do better in Nepal as the country is a growing market for different products. “However, our market is basically import based and available domestic products have not been able to meet the actual aspiration and demand of consumers,” he said, adding that any company coming to Nepal and producing quality products as per the demand of the consumers is certain to rule the market.
Meanwhile, Puneet Varshney, managing director of Bottlers Nepal, said the company has been able to do good business in Nepal since decades due to the uniqueness of the Nepali market and consumer choice. “We have had constant growth in Nepal and we are planning to expand our facilities and services in the country very soon.”