AmCham Nepal Joins US Chamber of Commerce, Eyes Foreign Investment

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The American Chamber of Commerce in Nepal (AmCham Nepal), the umbrella organization of businesses operating in Nepal with US investment, has received accreditation from the US Chamber of Commerce.

During a program held in the United States on Thursday, Atul Kashyap, Senior Vice President for South Asia at the U.S. Chamber of Commerce, and John Murphy, Head of International Relations of the US Chamber of Commerce, presented the accreditation certificate to Ajit Shah, the President of AmCham Nepal.

Within two years of its establishment, AmCham Nepal has successfully become an official chapter of the US Chamber of Commerce, a historic achievement, according to President Ajit Shah. He believes that this accomplishment will serve as a milestone for attracting foreign investment to Nepal.

President Shah also announced that AmCham Nepal will organize the US-Nepal Economic Summit in Nepal in 2024, which will be attended by the private sector of America and AmCham members from different countries.

Currently, American investments are flowing into Nepal’s energy, information technology, and tourism sectors. AmCham Nepal, with 44 members, has created more than 15,000 direct employment opportunities and over 100,000 indirect employment opportunities in Nepal.

AmCham has chapters in 130 countries worldwide, representing more than three million business organizations.

The timing of AmCham Nepal’s membership, coinciding with the official visit of the Nepali delegation led by Foreign Minister NP Saud to the United States, underscores its importance. Foreign Minister Saud emphasized the need for increased US government and private sector investment in Nepal’s energy sector. American Ambassador to Nepal, Dean Thompson, highlighted the critical role of the private sector in driving the economy.

U.S. Atul Kashyap, the Senior Vice President for South Asia of the US Chamber of Commerce, acknowledged Nepal’s potential in the green energy sector and emphasized the significance of investing in it for success. Dr. Sridhar Khatri, the Nepali Ambassador to America, stated that investing one billion dollars in IT could create more than one million jobs.

President Shah shared AmCham Nepal’s plans to focus on skills development for human resources in Nepal and eliminate the requirement to pay taxes in both countries when conducting business through foreign investments in America or Nepal.

The program also saw the participation of Sarah Aldrich, the Nepal/Bhutan desk officer at the US Department of State, as well as representatives from businesses and business organizations from both Nepal and America.

Source: Republica