Nepal Ready to Welcome Foreign Investors: President Dhakal

Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), highlighted Nepal’s readiness to welcome foreign investors and emphasized the importance of trade facilitation for regional economic growth at the BIMSTEC Business Summit 2024.

Addressing the summit in New Delhi on Wednesday, President Dhakal underscored Nepal’s recent economic progress, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, which has created a favorable environment for foreign investment. He invited investors to explore opportunities in key sectors such as tourism, hydropower, education, and information technology.

“Increased trade and investment are essential for economic growth, job creation, and poverty reduction,” Dhakal stated, citing the World Trade Organization’s suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.

Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal’s East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.

To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.

The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.