Prime Minister Sher Bahadur Deuba has said the incumbent government is working towards the expansion of investment scope in the country, thereby enabling an environment conducive to investment.
The Prime Minister assured that the current government is committed to fulfilling the aspirations of development and prosperity of the people, and therefore providing all possible incentives to the investors.
Addressing the ‘Sustainable Infrastructure Investment Forum (SIIF)-2022’ organized by the Investment Board Nepal (IBN) in Kathmandu recently, Prime Minister Deuba said, “Let’s further strengthen our partnership and collaboration for sustainable development and to build a better future for the country. We have opportunities to focus on the implementation of the Sustainable Development Goals.”
Mentioning that the government has been implementing the 15th periodic plan with a special focus on the development of infrastructure, PM expressed a confidence that the government would be able to fulfill its commitment to reducing carbon emissions in Nepal to zero by 2045.
He was also explaining that an estimated 19 billion USD was needed to achieve the Sustainable Development Goals (SDGs) in Nepal while the COVID-19 pandemic and geopolitical crisis had led to an additional need for the funds to achieve the SDGs.
Moreover, PM Deuba assured that his government was ever ready to provide all kinds of support to the investors, both domestic and foreign, for investment in the infrastructure sector.
He called for exploring more opportunities for investment through public-private partnership.
Lauding the IBN’s decisive role in attracting foreign investment, the Prime Minister shared that the government had approved around 900 billion rupees worth of investment for 33 projects at present, mostly of them related to green and clean energy.
On the occasion, the PM Deuba, who is also the chairperson of board, launched the Project Banks Directory developed by the Board in a bid to prepare a list of feasible projects for the country.
IBN Chief Executive Officer Sushil Bhatt shared that promotional programs have been carried forward at home and abroad with the main objective of investment promotion.
Guidelines have been prepared for project banks that are reliable, investable and sustainable for private investors.
PM Deuba, in another event held in Kathmandu, has mentioned that the world is facing unprecedented challenges. Geopolitical tensions, rising inequalities, economic distress, and climate crisis, among others, continue to pose threats to global peace and prosperity.
Our topmost priority is to ensure a resilient recovery from the pandemic. This means accelerated action in economic recovery, expansion of social protection system, and investment in people.
The country needs to do more to modernize infrastructure and transportation network and take concerted efforts to reduce trade deficit.
Nepal is one of the hotspots of climate crisis. Our people have been bearing the disproportionate brunt of climate change, with increased frequency of landslides, floods and wildfires. According to one estimate, our average annual material loss due to flood alone is USD 140 million. To combat climate change and ensure that local vulnerabilities are properly addressed, we have implemented local adaptation plans.
The country has a national commitment to reach a net zero emission scenario by 2045. The PM shared this with the international community in the COP26 held in Glasgow last year.
However, climate change is a global problem. And, its equation is simple. If we want to address climate crisis, we need to go to its source. The commitment to climate financing must be fulfilled for adaptation and mitigation.