The third edition of the Nepal Investment Summit 2024 concluded on Monday, marking a significant milestone in the country’s efforts to attract domestic and foreign investments. The two-day event witnessed the signing of several crucial agreements and the laying of foundations for bringing in more investments into Nepal.
According to Sushil Bhatta, Chief Executive Officer of the Investment Board Nepal (IBN), the notable participation of domestic and foreign investors, coupled with significant outcomes, conveyed a strong message that Nepal is an attractive destination for investment.
“During the investment summit, about a dozen agreements have been signed, with memorandums of understanding to advance the concept of public-private partnerships. Additionally, more than 30 foreign delegations have had separate meetings with the ministers of various related ministries,” Bhatta stated.
The first day of the Summit saw the signing of three agreements. BLC Group Nepal and Yotta Data Services Private Limited India inked a collaboration agreement for data center construction and operation. The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) signed agreements with the National Chamber of Commerce, Malaysia, and the Federation of Malaysian Manufacturers, fostering bilateral trade and investment promotion.
On the second day, a bilateral cooperation agreement was reached between the World Association of PPP Units and Professionals (WAPPP) and the Nepal Association of PPP Professionals of Practitioners (NAP) to promote Public-Private Partnerships (PPP) in Nepal. Moreover, an agreement on cooperation and collaboration in the hotel business was signed between Sakha Group of Nepal and Bor Group of Hotel China.
Two Memorandums of Understanding (MoUs) were also signed to facilitate investment from Chinese companies through Nepal’s private sector. NexGen Management Solutions Private Limited and FNCCI signed separate MoUs with MABC Investment Private Limited and Donggaun Jinyang Lighting Product Company Limited, respectively.
The Summit also ensured Australian investment for a modern resort at the Rara lake area in Mugu district. A MoU for investment collaboration was signed between the Expert Group of Australia and Rara Holdings Resort Pvt Ltd.
Furthermore, the Federation of Nepalese Industries and Commerce (FNIC) and the Indian Industries Association (IIA) inked a MoU for bilateral cooperation, promoting mutual interests in investment, trade, and industrial development.
During the Summit, the Department of Industry approved investment worth Rs 9.13 billion for various projects, including the establishment of an investment company in Bhaktapur, a commercial building complex in Kathmandu, a hydropower project in Kailali, and hotels and restaurants in Lalitpur district.
Additionally, the Department launched a system that approves foreign investment through an automatic route, enabling foreign investors to apply for establishing a new company with 100% share ownership or joint venture, or invest capital in an already operating company.
Agreements were also inked for operating remit hydropower projects utilizing remittances, involving the Hydro Electricity Investment and Development Company Limited, Non-Resident Nepali Association, and the National Coordination Council.
Moreover, the Nepal Chamber of Commerce signed an agreement with delegates from Croatia for trade facilitation and investment in the tourism sector.
As Nepal continues its efforts to attract investments and foster economic growth, the successful conclusion of the Nepal Investment Summit 2024 marks a significant step forward, paving the way for increased collaboration, partnerships, and investment opportunities in various sectors of the country.
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