The Nepali government is gearing up for the Nepal Investment Summit 2024 by introducing an ordinance aimed at amending the existing Act to facilitate domestic and foreign investment. Following a decision made during a cabinet meeting on November 23 to organize the investment conference, efforts are underway to enact legal provisions conducive to investment.
According to the Investment Board, a diverse array of stakeholders, including heads of various diplomatic missions, representatives from chambers of commerce, and officials from international financial institutions, will participate in the investment conference. The Board’s spokesperson, Pradyumna Prasad Upadhyay, confirmed that invitations have been extended to 1,355 individuals from different countries, including investors and officials.
The summit is set to witness participation from 161 indigenous businessmen, with notable delegations from China and India comprising 64 and 57 investors and representatives, respectively. Additionally, representatives from various organizations, including the United Nations, are expected to attend, along with delegates from Germany, the United Kingdom, the United States, Bangladesh, the United Arab Emirates, Japan, Korea, Pakistan, Australia, Singapore, Malaysia, Russia, Finland, Colombia, and Canada.
A breakdown of participation reveals that 20 projects have received letters of intent, while 7 are in the marketing sounding stage, 11 in the identification stage, 18 in financial management, 27 in presentation, 14 in investment search, and 31 projects have been selected from the private sector.
During the first Investment Conference in 2017, letters of intent amounting to NPR 14 trillion 46 billion 64 crore were submitted by domestic and foreign investors. However, only NPR 3 trillion 35 crore 47 lakh has been received thus far. Similarly, in the second Investment Conference in 2019, investments worth around NPR 17 trillion 30 billion were pledged, but only NPR 1.18 billion has been realized.
The Investment Board, marking its 12th establishment day last August, has approved investments totaling NPR 12 trillion 50 billion, with 42 projects receiving approval. These projects span the energy and non-energy sectors, with investments totaling NPR 5 trillion 25 billion mobilized to date. During this period, NPR 1 trillion 37 billion 86 crore has been invested.
19th Apr 2024
Comments