Vice-president Pun urges foreigners to invest in Nepal

Kathmandu, September 23

Vice-president Nanda Bahadur Pun has appealed with foreign as well as domestic investors to invest in potential sectors like hydropower and agriculture in the country.

Inaugurating the second edition of Nepal Chamber Expo, organised by Nepal Chamber of Commerce (NCC), Pun emphasised on the need to increase investments in agriculture and hydropower sector to achieve economic prosperity which ultimately will lead to the development of country.

“After the promulgation of the constitution, the political agenda has ended and economic prosperity has become the primary agenda of the country. This has certainly improved investment climate here,” Pun said, adding that agriculture and hydropower are two key sectors in Nepal that investors can benefit from.

Vice-president Pun also said the private sector and government should work together to lure investment in Nepal. “Large scale investment is what the country needs today. However, small investors investing small capital should also be promoted simultaneously,” added Pun.

Pun opined that growth in the number of industries will increase trade activities that will contribute to narrow down the country’s trade deficit.

Expressing his commitment to support every investor in the country, Secretary at Ministry of Commerce (MoC) Naindra Prasad Upadhyay requested foreign investors to invest in competitive sectors of Nepal and make the landlocked country a destination for investment.

Upadhyay also believed that business events like these would play a crucial role in enhancing inter-country economic relationship and explore new business ideas from among domestic and international business fraternities.

Meanwhile, NCC President Rajesh Kazi Shrestha said that Nepal should prioritise economic diplomacy with foreign countries over political diplomacy if the target of economic prosperity of the country is to be achieved.

“Enhanced trade and business are vital for economic growth of Nepal. Thus, the government should lure foreign investors by emphasising on economic diplomacy with different countries,” Shrestha said. He added that the ongoing business exhibition will help strengthen economic ties of Nepal with various participating nations.

The five-day event, according to organisers, is being participated by business entrepreneurs and trading houses of countries like Japan, China, India, Sri Lanka, Bangladesh, Malaysia and Pakistan, including Nepal.

NCC officials said that the event has 220 stalls, where domestic and foreign exhibitors are showcasing products ranging from footwear, clothes, handicraft, automobiles, woodcrafts, food items and jewellery, among others.

Organised with the theme of ‘Exhibition, Exploration and Expansion of Nepali products’ organisers said that the event is a platform where domestic exhibitors can promote their products and services among international business fraternities.

Organisers have aimed at drawing 200,000 visitors throughout the event.