FNCCI President Dhakal urges OPEC Fund for more investment in Nepal

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has emphasised Nepal's immense investment potential, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.

During a meeting with OPEC Fund President Abdulhamid Alkhalifa and Vice President Tareq Alnassar in Vienna, Austria, on Tuesday, FNCCI President Dhakal highlighted Nepal's strategic location between two emerging economic giants, China and India. This advantageous position allows Nepal to benefit from their markets, tourism, and overall development.

Dhakal also mentioned that Nepal's investment environment is increasingly conducive. He identified significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.

Referring to the long-term power trade agreement between the Governments of Nepal and India, Dhakal emphasised that it opens up opportunities for investment in hydropower and renewable energy. By making Nepal's vast energy potential accessible to the market, this agreement can drive economic growth. Additionally, Dhakal noted that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.

Nepal's cultural heritage, natural beauty, and youthful workforce further enhance its investment appeal. Dhakal suggested that investments in tourism, agriculture, and information technology infrastructure could yield significant benefits.

Acknowledging recent amendments to laws that previously hindered investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment.

Furthermore, Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organised business summits in New Delhi, Beijing, and Dubai.

Dhakal assured that FNCCI is ready to facilitate any investor in Nepal, and informed that Nepali investors are willing to partner with foreign investments across various sectors.

OPEC Fund President Abdul Hamid Alkhalifa expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.

During the same occasion, the OPEC Fund signed a $25 million loan agreement with Global IME Bank Ltd. This agreement aims to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.

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