Inaugurating “Nepal Investment Summit 2019” in Kathmandu on Friday morning, Oli said that Nepal is almost a virgin land for investment and his government has created conducive environment for foreign direct investment.
He said Nepal’s immediate goal is to graduate from Least Developed Country status and to achieve it more than 88 billion US dollar investment is required over next five years.
Oli said improving investment climate in the country “Foreign Investment and Technology Transfer Act” and “Public-Private Partnership and Investment Act” have been enacted recently.
Nepalese Prime Minister said hydropower could be a prime investment choice but there are huge potential in many other areas also including agriculture, manufacturing, tourism, infrastructure, information technologies, mines and minerals.
He said Nepal is strategically located between India and China, the world’s two largest markets with increasing purchasing power and it can serve as a compelling incentive for investment.
Oli said Nepal has duty free arrangements with India for most of its products while China has granted a significant number of Nepal’s tariff lines duty free access to its market. He said prospect of regional electricity market is also coming to fruition with a positive initiative recently taken by India.
Concluding his address Nepalese Prime Minister said speedy and comprehensive development is the only option and call of the hour and Nepal don’t want any further delay in its journey towards prosperity.
Over 600 investors and delegates from 40 countries including India are participating in the two day event. 77 projects worth 31.93 billion US dollar in various sectors will be showcased and 12 Memorandum of Understandings (MoUs) will be signed during the summit.