Nepal Investment Summit 2019 kicks off

KATHMANDU, March 29: Nepal Investment Summit, organized to attract billions of dollars in foreign investments in development sectors to attain the government’s goal double-digit economic growth and prosperity of the nation, has kicked off in Kathmandu on Friday.

Prime Minister KP Sharma Oli inaugurated the summit at Hotel Soaltee Crowne Plaza. Nepal has hosted the summit for the first time since PM Oli assumed the office in February last year. The government, through the summit, will try to impart the message that Nepal is one of the best destinations for foreign investment.

The Summit is expected to be a milestone to materialize the government’s campaign ‘Prosperous Nepal, Happy Nepali’ and attain Sustainable Development Goals (SDGs).

A total of 77 projects including 50 from the government and 27 from the private sector—worth $31.93 billion—in various sectors including agriculture, tourism, hydropower, manufacturing industry, transportation, and infrastructure are being showcased in the summit.

The government-owned projects stand at $28.59 billion and the private sector-led projects stand at $3.34 billion. 25 projects are related to energy and infrastructure, 17 projects are related to tourism, 11 projects are related to transportation, eight are related to agriculture, seven are related to urban development six are related to the industrial sector and three projects are related to education and health sector.

As many as 600 investors including high-level delegates from 40 countries are taking part in the Summit. Likewise, there is a remarkable presence of the representatives of the Non-Resident Nepalese Association and domestic investors.

Foreign investors are anticipated to get attracted to Nepal as the country has enabling environment for industry and business as well as abundant natural resources and means.

The Ministry of Finance expects a pledge of 30 billion US dollar at the summit.

Nijgadh International Airport, East-West Electric Railway, Metro Rail in Kathmandu, West Seti Hydel Project, Sunkoshi Hydropower Project, and Hetuda Smart City Project are the key projects being presented at the summit. Likewise, Outer Ring Road, cable car and various tourism and chemical fertilizer projects are also included.

Also, 12 memorandum of understandings (MoUs) are also expected to be signed with investors during the summit.

Finance Minister Dr. Yubaraj Khatiwada delivered welcome remarks and also informed about program and areas of investment for development and prosperity.