PM Prachanda Invites UAE Business Community to Invest in Nepal

Kathmandu, Dec 1: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ emphasized the urgent need for significant investments in infrastructure, human resources, and technology to enable Nepal’s graduation from the LDC category by 2026. Speaking at the “Investment Potential in Nepal: An Interaction with Dubai Business Communities” Nepal-Business Forum in the United Arab Emirates on Thursday, the Prime Minister extended an invitation to the dynamic business community of the UAE to explore investment opportunities in Nepal.

PM Prachanda highlighted untapped potential despite direct air connectivity and frequent flights between the two nations. He emphasized the various opportunities for collaboration between the UAE and Nepal for mutual benefit, particularly in sectors like science, technology, information and communication technology (ICT), hydropower, tourism, agriculture, and more.

The Prime Minister disclosed Nepal’s plan to host the third Investment Summit in April 2024 and urged potential investors, especially in sectors of comparative and competitive advantage, to participate. He promised key policy reforms and incentives to facilitate private investment and welcomed the participation of UAE investors in the event.

Acknowledging the UAE’s status as the second-largest economy in the Gulf region and an emerging global economic power, PM Prachanda envisioned strengthened economic ties between the two countries for mutual prosperity. He conveyed Nepal’s commitment to transitioning to a Federal Democratic Republic system and outlined the country’s goals of achieving middle-income status and fulfilling the Sustainable Development Goals (SDGs) by 2030.

In his address, PM Prachanda reassured the business community in the UAE of Nepal’s commitment to providing a conducive business environment. He highlighted recent policy, legal, procedural, and institutional reforms, including acts like the Foreign Investment and Technology Transfer Act, Public Private Partnership and Investment Act, Industrial Enterprises Act, and Special Economic Zones Act, aimed at promoting and accelerating investments in Nepal.

The Prime Minister emphasized Nepal’s investor-friendly atmosphere, citing a One Stop Service at the Department of Industries for procedural simplification, the Investment Board of Nepal’s dedication to promoting large investments, and ongoing efforts to conclude Bilateral Investment Agreements.

PM Prachanda concluded by expressing gratitude for the UAE’s hospitality towards Nepali migrant workers, recognizing them as potential contributors to Nepal’s socio-economic development. He welcomed the returnee migrant workers as valuable assets for future investment projects by the UAE in Nepal, emphasizing the importance of their training and skills enhancement.

The Nepal-Dubai Business Forum was organized in Abu Dhabi by the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), Dubai Chamber, and the Embassy of Nepal in Abu Dhabi. The event saw the presence of key figures, including Under Secretary of the Ministry of Economy of UAE Abdullah Ahmed Mohammed Al Saleh, President of Dubai Chamber of Commerce Mohammad Ali bin Rashed Lootah, Ambassador of UAE to Nepal Abdullah Al Shamshi, and FNCCI President Chandra Prasad Dhakal, along with representatives from the business community.