OIBN holds workshop to improve Nepal's investment climate, facilitate private investments

KATHMANDU: Office of the Investment Board Nepal (OIBN), in collaboration with KPMG in India, held a workshop titled 'Unlocking Nepal's Investment Potential: Collaborative Strategies for Economic Growth' in Kathmandu, on Friday.

The workshop, hosted by the OIBN — an investment promotion and Public-Private Partnership (PPP) agency — served as a precursor to the upcoming Nepal Investment Summit (NIS) 2024, which is scheduled for April 28-29 this year.

The workshop focused on improving Nepal's investment climate through legal, procedural, and regulatory reforms, and facilitating private investments, including foreign direct investment (FDI), to realise the country's potential.

Addressing the workshop Finance Minister and Vice Chairperson of Investment Board Nepal (IBN), Prakash Sharan Mahat, stated that the country is seeking investments in all sectors of the economy, as Nepal's potential remains largely untapped.

Minister Mahat highlighted the importance of green investment and Nepal's potential to provide clean and renewable energy to other countries in the region. He also mentioned the potential in the tourism, agri-business, and ICT sectors.

Vice-Chairman of the National Planning Commission, Min Bahadur Shrestha, emphasized the importance of private investments for sustainable and inclusive growth, and for Nepal's graduation to the league of developing countries by 2026.

Chief Secretary of the Government of Nepal, Baikuntha Aryal, stressed the importance of feedback from foreign investors in Nepal. He said, "The private sector is crucial to spreading the message among potential investors that their investments in Nepal won't be a loss."

On the occasion, Investment Board Nepal CEO, Sushil Bhatta, stated that NIS 2024 will provide a platform for serious, potential, and capable investors in Nepal's investment landscape. He mentioned the government's efforts in reviewing various policies and laws to provide a favourable investment climate and unleash Nepal's full potential in various sectors, including strategic infrastructure development in clean transport, road, tourism, ICT, manufacturing, and mining.

Acting Governor of Nepal Rastra Bank, Neelam Dhungana Timsina, shared information about the recently amended FDI and Foreign Loan Bylaws, which removed the need for pre-approval from the central bank to bring in FDI.

Yezdi Nagporewalla, CEO of KPMG in India, underscored the success of the joint effort between IBN and KPMG in fostering strategic partnerships and driving sustainable growth for Nepal. He stated, "The forthcoming Investor Summit will provide potential investors with a comprehensive understanding of Nepal's potential, empowering them to actively participate in the nation's developmental goals. We appreciate the opportunity to collaborate with the Government of Nepal and look forward to playing a pivotal role in the journey towards prosperity."

In the lead-up to the Investment Summit, there are several pre-events planned to promote Nepal as an attractive investment destination. These include project marketing, roadshows, and policy dialogues, among others. These initiatives will be followed by a series of post-events and follow-ups with investors after the NIS 2024. The aim is to maintain momentum and continue to attract investment to Nepal.