Nepal Concludes Third Investment Summit with Calls for Increased Foreign Investment

The third Nepal Investment Summit wrapped up on Monday, with leaders from the nation’s major political parties and government officials urging foreign investors to escalate their investments in Nepal. The summit, aimed at boosting economic growth through external investments, saw significant participation from international delegates and development agencies.

During the closing ceremony, KP Sharma Oli, chair of the CPN-UML and a leading coalition partner, highlighted the party’s commitment to fostering a favorable investment climate. Oli, recalling his tenure as prime minister during the 2019 summit, reaffirmed the continuity of legal reforms and the resolution of labor issues to promote a “Prosperous Nepal, Happy Nepali.” He assured that the CPN-UML is set to implement the recommendations gathered during the summit.

President Ramchandra Paudel had earlier endorsed an ordinance amending several investment-related acts, underscoring the government’s proactive approach to facilitating business operations. In preparation for the summit, the Cabinet had revised eight crucial laws concerning business and investment, aiming to streamline the investment process.

Finance Minister Barsha Man Pun hailed the summit as a ‘resounding success’, attributing the positive outcome to active engagement from various stakeholders including the World Bank, Asian Development Bank, and other international bodies. Pun emphasized Nepal’s emerging role as a significant global investment destination and promised enhanced cooperation with development partners moving forward.

The summit featured key speeches from prominent figures including Nepali Congress leader Sher Bahadur Deuba and Prime Minister Pushpa Kamal Dahal. Deuba presented Nepal as a land of opportunity but acknowledged the need for more capital and technology to achieve desired development levels. He stressed the united front of Nepali political parties in welcoming foreign investments.

Prime Minister Dahal, speaking at the opening session, reassured attendees of the government’s liberal investment policies and portrayed Nepal as an ideal investment locale. Despite delays caused by COVID-19 and other challenges, which pushed the summit beyond its intended biennial schedule, the enthusiasm and declarations at this year’s event reflected a strong consensus on advancing Nepal’s economic objectives through international collaboration.

As noted by Suryaraj Achraya, an infrastructure and development expert, the true measure of the summit’s success will be reflected in the future investment inflows and the actual implementation of policies discussed. The days ahead will show how effectively Nepal can capitalize on the commitments made during this pivotal summit.