Resource mobilization from private sector crucial for nat’l development: PM Prachanda

Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has said that the improving investment climate in Nepal is the government’s top priority.

Addressing a programme on 12 years of Investment Board Nepal here Thursday, the PM pledged to continuously work to increase private investment including foreign direct investment for economic development of the nation in an inclusive and sustainable manner.

In his remarks, the PM said that the Investment Board Nepal has been able to facilitate effectively despite limited resources and mentioned that the government is seriously thinking of Board as a fast-track agency with required skill set and human resources.

The PM made his commitment to bring about policy reforms in terms of FDI and for effective handholding of the projects particularly in public private partnership (PPP) model.

The PM also thanked the investors for showing utmost level of trust to Nepal and disseminating a message across the globe that Nepal is an attractive investment destination. “It has boosted our confidence and I believe that it will help us to garner more investments in the future,” according to PM Prachanda.

“Nepal has aspired to become the middle-income country by 2030 and achieve the sustainable development goals by 2030. But due to the COVID-19 pandemic, global conflict and climate change, the realization of our aspirations with the stipulated timeframe will continue to be more challenging,” the PM observed.

On the occasion, the PM said that the Board will further mobilize private investment in development, construction and management of large infrastructure projects and efficient facilitation of public private partnership projects.

PM Prachanda also noted that resource mobilization from the private sector is crucial for national development. “The government is always committed to continuous improvement of policy, legal, regulatory, procedural and institutional arrangement to strengthen business and investment environment,” he assured.

Stating that Nepal is practicing build-own-operate-transfer (BOOT) modality in some sectors, the PM shared that hydropower, tourism, agriculture, ICT are the areas of Nepal’s comparative advantages. The PM urged the potential investors to invest in Nepal adding that the opportunities for investment in the areas of comparative and competitive advantages are immense.

Likewise, PM Prachanda committed to ensure effective handholding for the investors during the entire business life cycle.