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OIBN concludes int’l conference on financing for Nepal

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KATHMANDU: The International Conference on Financing for Nepal, jointly organised by the Office of the Investment Board Nepal and Standard Chartered Bank in collaboration with the Society of Economic Journalists-Nepal (SEJON) concluded in Kathmandu, on Friday. Prime Minister and Chairperson of Investment Board Nepal (IBN), Pushpa Kamal Dahal, inaugurated the conference aimed at exploring investment sources and opportunities for the country’s overall economic development. PM Dahal in his address said the conference will contribute to identifying the source and exploring investment possibilities at a time when the government is in the process of formulating the budget for the next fiscal year. He said the government is committed and has already initiated to improve policy, legal, regulatory, procedural and institutional regimes to strengthen business and investment environment and opportunities in Nepal. “We came together today to showcase the country’s investment potential, and explore avenues for strengthening cooperation with the private sector, including banks and financial institutions (BFIs), development financing institutions, multilateral development banks and other development partners for promoting private investment including foreign direct investment (FDI) in Nepal,” PM Dahal said. According to PM Dahal, the government is offering an enabling investment climate, adequate protection and providing necessary fiscal incentives and other facilities, including effective handholding of valued investors during the entire business life cycle. Stating that the government is committed to working with international partners to attract foreign investment and create new opportunities, he reiterated that Nepal is eager to have an effective partnership with the private sector along with financial institutions and development partners in the development efforts. He appreciated the initiative of the OIBN, Standard Chartered Bank and SEJON in organising this event by bringing all the relevant actors of government and private sector ecosystem together. The Prime Minister on the occasion urged all the delegates to brainstorm on appropriate financing instruments and approaches for Nepal which will be instrumental in meeting the financing gap. Addressing the conference, Finance Minister and Vice Chairperson of IBN, Prakash Sharan Mahat, said Nepal is in need of financial resources. Stating that despite the existence of investment climate in Nepal, the availability of resources is lacking, he asserted that there is an investment-friendly climate in Nepal as the country has adopted a liberal economy and democratic governance system. Minister Mahat said there was no problem for the investors repatriating their profit to their home country. He claimed that Nepal has the policy and structural arrangements required for investment-friendly environment and the government was committed to improving upon it. “Areas of investment have been identified to fulfil our development needs. Physical infrastructure, energy, tourism, agriculture and production sectors have been prioritised for investment. We welcome any new concept of financing source for meeting the investment requirements,” the Finance Minister said. IBN CEO Sushil Bhatta stated that the Board is moving ahead with an ambitious goal of managing and mobilising investment through private foreign investment and Public-Private Partnerships (PPPs). “The IBN is already managing large foreign investment in the energy sector at present. We have set the goal of bringing big investment within the coming three or four years,” he added. Kathmandu University Registrar and economist Prof Dr Achyut Wagle pointed out a big gap in investment at present in order for Nepal to achieve the SDGs by 2030. He opined that the domestic resources, tools and the government’s investment were not adequate for the country’s development and sustainable economic growth. Likewise, Standard Chartered Bank Nepal CEO Anirvan Ghosh Dastidar said Nepal has both possibilities and needs for investment. According to him, investment is needed for attaining the SDGs, addressing the climate change issues and infrastructure development, and Nepal has to look for new sources of investment. The conference discussed mainly four topics. In the first session, discussion was held on the mobilisation of financial resources and foreign direct investment. The second session held deliberation on the governance system for investment while the third session will dwell on investment implements for development projects. The fourth session discussed hindrances to investment and finance mobilisation, and the ways of facilitating by removing the obstacles. Stakeholders held deliberations on seeking financial sources for Nepal, the practices so far and the policy the government needs to take in the coming days. The conference was organised with the goal of bringing together the private sector, government and donor agencies in one place and discussing the possible investment instruments for Nepal and prospective resources. Responsible government officials, representatives of the development partner organisations, economists and development experts participated in the conference. READ ALSO: