In a significant move to bolster economic ties between India and Nepal, India’s Ambassador to Nepal, Naveen Srivastava, has assured that he will encourage more Indian companies to invest in the Nepali market. The ambassador made this commitment during his address at the opening session of the Third Nepal Investment Summit (NIS) held in Kathmandu today.
Ambassador Srivastava emphasized that promoting Indian investment in Nepal would not only enhance trade facilities but also create more trade opportunities between the two nations. He highlighted the importance of Nepal’s export of power to India as a crucial aspect of enriching bilateral relations.
Reiterating India’s commitment to enhancing investment in Nepal in the coming days, the ambassador stated that India and Nepal are actively collaborating in various sectors, including the establishment of integrated check posts, trans-border electricity transmission facilities, and energy trade.
At the same occasion, Yingming Yang, the Asian Development Bank’s Vice Chair for South, Central, and West Asia, shed light on the vast investment opportunities in Nepal across various sectors. Yang highlighted Nepal’s immense potential in natural resources, agriculture, green energy, tourism, and trade.
The ADB Vice Chair revealed that the Asian Development Bank is actively exploring investment prospects in Nepal and is committed to scaling up cooperation and collaboration with stakeholders to facilitate private sector involvement in the country’s economic development.
With India’s renewed commitment to promoting investment in Nepal and the Asian Development Bank’s focus on exploring investment opportunities, the Nepal Investment Summit 2024 has emerged as a crucial platform for strengthening economic ties and fostering growth in the region.
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