Government Fast-tracks Preparations for Investment Summit: Crucial Laws Await Essential Amendments

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Govt is showcasing 125 feasible national level projects in the summit scheduled on April 28-29

KATHMANDU, April 10: The government will be showcasing 125 national level projects during the upcoming Nepal Investment Summit 2024.

The two-day mega meet to be organized under the theme ‘Emerging Nepal’ will kick off on April 28 in Kathmandu. According to the Investment Board of Nepal (IBN), the government has already sent invitations to 1,100 potential investors, while over 100 projects have been identified as feasible for showcasing in the investment summit.

Speaking at a meeting with development partners, Prime Minister Pushpa Kamal Dahal said that showcasing feasible projects demonstrates the government’s strong commitment to provide a secure and investment-friendly environment. He added that the government will be able to attract a good number of potential investors in the Summit by offering platforms for outcome-oriented interaction and networking among stakeholders.

Dahal added that Nepal offers good returns in investment from clean energy, tourism, agro-processing, mines and minerals, ICT, transportation and manufacturing, among others.

Out of the identified projects, the government will be conducting a project development agreement of three projects during the summit. They include Nepal-China Friendly Industrial Park in Jhapa, Upper Marsyangdi-2 Hydropower Project, grid-connected solar project in Banke and Kapilvastu districts. Likewise, a project-investment-agreement will be carried out with Dabur Nepal.

The estimated cost of the Nepal-China Friendly Industrial Park is $786 million (more than Rs 104 billion). Likewise, the government is inviting Chinese investment worth $647 million (Rs 85.86 billion) for the 327 MW Upper Marsyangdi-2 Hydropower Project.

A separate agreement will be signed for investment worth $185.5 million (Rs 21.03 billion) for two 125 MW grid-connected solar projects. Similarly, Dabur Nepal is expected to go into agreement with the government to inject Rs 9.68 billion for the expansion of its production capacity.

Pradyumna Prasad Upadhyay, spokesperson for the IBN, said the board will be asking for the expression of interest for 20 other projects. “The government will also showcase 33 projects at their preliminary stages, while 20 other projects at the stage of financial closure will be taken forward in the investment summit,” said Upadhyay, adding that a total of 30 new projects identified for promotion under private sector investments will be taken forward during the summit.

The first Investment Summit held in 2017 aimed to establish Nepal as an investment-friendly destination, while the second in 2019 focused on implementing significant policies and legal reforms to create an investor-friendly environment. However, the government almost failed to materialize at their best the outcomes out of these summits.

While expediting the preparation for the upcoming investment summit, the government in coordination with Nepalese embassies, has been organizing ‘pre-events’ in foreign countries. However, the government has failed to amend necessary laws that it has promised to revise so far.

Source: Republica