Nepal | July 21, 2019

‘Nepal committed to forging strong ties with Cambodia’

Himalayan News Service

Prime Minister KP Sharma Oli addresses a programme organised by Non-Resident Nepalis’ Association, Cambodia to welcome Nepali delegates, on Tuesday, May 14, 2019. Photo: RSS

Kathmandu, May 14

Prime Minister KP Sharma Oli, who reached Cambodia from Vietnam yesterday, addressed Nepal-Cambodia Business Forum in Phnom Penh today.

Addressing the forum, PM Oli said he was committed to forging strong partnership with his Cambodian counterpart Samdech Akka Moha Sena Padei Techo Hun Sen in advancing economic ties for the mutual benefit of the people of Nepal and Cambodia. “I am sure that Nepal can learn a lot from Cambodia’s rapid economic development and prosperity.

According to PM Oli, economic relations increasingly dominate the substance of inter-state engagements. “Prosperous Nepal, Happy Nepali” is Nepal’s national vision. “A long-term development plan ( a 25-year plan) is being designed to realise this vision. We have the target of graduating from an LDC to middle-income country and to achieve Sustainable Development Goals by 2030. Meeting these targets will require huge investments in infrastructures, human resources and financial sector. Our domestic resources alone are not sufficient to meet these targets. We, therefore, need support, cooperation and solidarity of friendly countries like Cambodia,” he said.

PM Oli said with the formation of a strong government that commands two-thirds majority in the Parliament, the country had achieved political stability.

“Stable government means stability and consistency in policy. This is a fundamental prerequisite for foreign investment. And, we have met this fundamental criterion. We have undertaken substantial reform to make Nepal an attractive destination for investment. Foreign Investment and Technology Transfer Act has been thoroughly revised to make it consistent with the requirements of the changed context with substantial protection measures for investors,” he stated.

“Nepal has enacted Public-Private Partnership and Investment Act to forge synergetic partnership with the private sector to mobilise much needed investment in crucial sectors, including infrastructure development. Our reform process will continue and the next cycle of reform will involve issues related to intellectual property rights, among others,” he said.

“We have simplified and streamlined the procedures to facilitate investors. Nepal is situated between the two largest economies of the world — India and China. Nepal enjoys preferential market access in both countries. There is no dearth of natural and human resources. We are rich in both.

Some 57 per cent of working age population is a huge demographic dividend. For investors, Nepal is a virgin land. Investment anywhere and everywhere is full of potentials with assured rate of return,” PM Oli said.


A version of this article appears in print on May 15, 2019 of The Himalayan Times.

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