Kathmandu, September 29

Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara has highlighted the need for Nepal to tap the opportunities presented due to its strategic location of being placed between two neighbouring economic giants — India and China.

Inaugurating the Nepal China India Business Summit, which commenced here today, Mahara said the opportunity for Nepal to reap benefits from the rapid development of two neighbouring giants lies is balancing its relation with both nations.

In the two-day event that is being participated by prominent businesspersons from China, India and Nepal, Mahara said that Nepal is aspiring to move towards development to eliminate abject poverty and inequality. After the promulgation of the new constitution, the sole agenda of the country is to attain economic prosperity, according to the deputy prime minister. “Now, the country needs to expedite its development process to make up for the decade lost in political transition.”

Assuring that the government will provide all support to the investors from across the globe, Deputy Prime Minister Mahara also pledged to carry on reform initiatives in legal and administrative fronts, while improving the quality of infrastructure to establish the country as low-cost economy to lure more investors.

The participants gathered for the trilateral summit include 15 investors from China, 35 from India and 20 from Nepal. Investors from China are mostly representing infrastructure development companies, power companies and also steel and iron companies. Likewise, Indian investors are interested to set up housing, information technology and textile companies in Nepal.

Speaking in the programme, Industry Minister Nabindra Raj Joshi invited the business people from India and China to invest in Nepal.

“We would like to assure all investors from across the globe that the government will provide essential security to their investments and also provide various facilities to set up business in the country,” Minister Joshi said. He highlighted some of the crucial laws that offer various incentives to set up industries in Nepal that have been approved by the Parliament and other economic and financial bills that are in the pipeline for endorsement.

Ambassador of China to Nepal Wu Chuntai advised investors from China and India to explore investment opportunities in Nepal. Citing the example of 50 megawatt Upper Marsyangdi Hydropower Project, which was developed by a Chinese company and recently started commissioning power, he said Chinese companies are competent enough to develop hydropower and other infrastructure as well.

Similarly, Vinay Kumar, deputy chief of mission from the Embassy of India, said many new projects that have drawn Indian investment are going to be initiated in Nepal in the near future. “Investment from neighbouring countries will play a catalytic role in bringing investment from other countries.”

The trilateral business summit has been organised by China India Business, Investment and Incubation Centre (CHIBIIC) — a Haryana (India)-based think-tank — in association with Nepal Invest Pvt Ltd.