Businesspersons hope rise of Indian investment

(Prakash Silwal)

New Delhi, Feb 23: The business community has hoped rise of investment from India for Nepal's economic development following the state visit of Prime Minister KP Sharma Oli. The businesspersons accompanying PM's entourage have made efforts, though informal, on how the Indian investment could be augmented to reduce trade deficit. Currently, Nepal is facing the trade deficit of Rs 7 billion with the southern neighbour. As many as 150 Indian companies have been running business in Nepal. Vice-Chairperson of the Federation of Nepalese Chamber of Commerce and Industries, Bhawani Rana, said PM's state visit to India would help revive trade relations with India. According to her, the agreements on expansion of energy, and opening of additional border points could bring more investment. Former Chairman of the FNCCI, Pradip Kumar Shrestha, said the discussions in Mumbai and New Delhi have created hope for betterment of trade relations between the two countries. Similarly, founder chairperson of the Non-Resident Nepalis' Association, Dr Upendra Mahato, said, "There is no risk in investing in Nepal. We urge the Indian investors to focus on Nepal now." Industrialist Chandhi Dhakal said the ongoing state visit of the PM Oli has created an environment conducive for extending bilateral ties and increasing investment in various sectors. Time has come to find new sectors for Indian investment. Similarly, Nepal Small and Cottage Industry Federation's Chair Suresh Pradhan urged Indian entrepreneurs to increase their venture in Nepal. During various meetings and interactions, PM Oli has urged Indian entrepreneurs to augment investment as the environment for the same was appropriate. Meanwhile, Nepal Investment Board has urged concerned bodies for facilitating to increase investment in hydro, tourism, education and health sectors in Nepal.

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