Nepal Investment Summit 2024 successfully concludes approving investment of Rs. 9 billion

The Investment Summit 2024 successfully concluded in Kathmandu with the commitment of at least Rs. 9 billion investments for four different projects. “The third investment summit succeeded in attracting 2500 guests including 800 potential international investors,” announced Sushil Bhatta, CEO of the Investment Board Nepal at the closing ceremony in Kathmandu on Monday.

Altogether 152 projects were showcased and good response were shown by the investors, according to Bhatta. The some 12 foreign investors including those from India, China, USA and UK directly met with Prime Minister Pushpakamal Dahal Prachanda during the two day summit and 30 delegates had meetings with high officials of different ministries including Ministry for Industry and Commerce and Finance, according to IBN.

Nepal Investment Summit 2024 with the theme “Emerging Nepal” kicked off in Kathmandu on Sunday, April 28. “Nepal is a suitable destination for foreign investment,” remarked Prime Minister Pushpa Kamal Dahal ‘Prachanda’ calling upon investors from across the globe to seize the opportunity and benefit from this, while inaugurating the summit.

On the occasion, the PM asserted that there are immense opportunities for investment in Nepal and ‘it is a potential country for investment from legal, geographical and strategic perspectives as well.” “Nepal is fully committed to a liberal economic policy providing full protection to the investors,” he said while claiming that an investment-friendly environment has been created in the country.

“Nepal welcomes foreign investment as a catalyst for industrial development, infrastructure development, job creation, export promotion and the transfer of knowledge, skills, and technology,” remarked Foreign Minister Barshaman Pun on the occasion. He expressed confidence that the summit will lead to agreements and collaboration between investors and stakeholders, as Nepal’s economic indicators are stabilizing and showing positive trends.

“It is a matter of great satisfaction that India is today the biggest cumulative investor in Nepal with more than 33 percent of Nepal’s FDI stock currently amounting to nearly NRs. 89 billion,” remarked Indian Ambassador to Nepal Navin Srivastava. “The Govt. of India, in future, will continue to encourage Indian investors further in Nepal.”

“Nepal and India not only share a border, but also a deep rooted friendship and a vision for a prosperous future,” remarked Indian Union Minister for Commerce and Industry Piyush Goel delivering a video message at the summit. “India has always been a trusted partner in Nepal’s development journey,” he pointed out.

The two day summit will also witness signing of around 12 memorandum of understandings between Nepal and its development partners and foreign investors as well. The summit attracted investors from around four dozen countries around the world including, India, China, Japan, UK, USA, UAE and Germany.

In 2017, Nepal hosted the first investment summit, drawing investment commitments worth US $ 13.5 billion from different countries. Similarly, the second investment summit held in 2019 secured nearly $12 billion for 50 projects. However, only one third of the commitments were realized in actual practice.

An investment of Rs 6 billion for establishing an investment company in Bhaktapur, Rs. 3 billion for a business complex building in Kathmandu, Rs 76.6 million for 200 KW hydropower project in Kailali and Rs 62.5 million for the construction of hotels and restaurants in Lalitpur district, were approved during the two day summit, according to the officials.

Addressing a plenary session on the second day of the summit Deputy Prime Minister and Home Minister Ravi Lamichhane called the foreign investors to make investment in Nepal in different sectors assuring safe and conducive investment climate in the country. Addressing the closing ceremony former Prime Minister and CPN-UML chairman K.P. Sharma Oli said that Nepal is emerging as a new investment destination. He also assured support from all the political parties to the foreign investors adding that foreign investment will help Nepal attain rapid economic growth and social transformation.