Finance minister calls for collective efforts to ensure success of Nepal Investment Summit

KATHMANDU: Finance Minister Prakash Sharan Mahat has called for collective efforts to ensure the success of Nepal Investment Summit 2024. The government is hosting the Summit on April 28 and 29.

Speaking at a meeting of the third Investment Summit, 2024 Steering Committee at the Ministry of Finance, Minister Mahat noted that foreign investors are interested in investing in Nepal, and directed the relevant bodies to prepare investment projects seriously.

"The summit is an opportunity to attract investment. The government is prepared for legal and policy reforms to attract both foreign and Nepali investors, including non-resident Nepalis, to invest in Nepal," he said. The main goal of the summit is to convey that Nepal is a destination for investment. This message will be served by simplifying provisions for investment facilitation, project implementation and operation, and profit repatriation.

Finance Minister Mahat, who is also the Coordinator of the Steering Committee, said, "The World Bank is ready to organise its IEG conference in Nepal in June. A formal letter related to this is expected soon. The international conference will be held in Nepal, with representatives from more than 92 countries, including the World Bank President."

Secretary at the Ministry of Industry, Commerce and Supplies, Mukunda Prasad Niraula, said 105 projects across various sectors have been classified for the investment summit. He added that additional investment plans are being pledged by the private sector.

Koshraj Pandey, chief economic advisor at the Finance Ministry, emphasised the need for a conducive environment for foreign investment to make the event meaningful.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal suggested the government implement flexible policies to create an investment-friendly atmosphere.

Eknarayan Aryal, Coordinator of Policy, Law and Structural Improvement Taskforce and secretary at the Office of the Prime Minister and Council of Ministers; Mukunda Niraula, Investment Summit Technical Committee coordinator and secretary at the Ministry of Industry, Commerce and Supplies; and Sushil Bhatta, Investment Summit Secretariat coordinator and Investment Board Nepal's Chief Executive Officer, were present at the meeting.

Various Ministers, Nepal Rastra Bank Governor Maha Prasad Adhikari and National Planning Commission Vice-Chairman Min Bahadur Shrestha also attended the meeting.