President of the Federation of Nepalese Chambers of Commerce and Industry, Chandra Prasad Dhakal, has sought investment from the United Kingdom.
In a meeting with the British Ambassador to Nepal, His Excellency Rob Fenn on Friday, Dhakal emphasized the need for foreign investment in Nepal. He also mentioned about the Nepal Investment Summit, which the government had organized to attract investments in the country.
Mentioning the long-standing bilateral relations that Nepal and the United Kingdom have had, Dhakal requested the British Ambassador to further promote trade and investment between the two countries. He also informed the ambassador about how the private sector has been contributing 81% to the GDP and 87% to employment. If Nepal receives foreign investment the private sector will be able to contribute more, said Dhakal.
Dhakal further spoke about the ease of doing business climate in the country. He informed Ambassador Fenn that the government on the advice of the Federation of Nepalese Chambers of Commerce and Industry had amended eight investment laws to make the investment process easier.
Dhakal also informed Ambassador Fenn about the various investment opportunities in Nepal. He stated that the hydropower sector, information technology, infrastructure and tourism sectors have a lot of potential for investment. Most of the economic sectors in Nepal are not fully tapped, so, investors have a lot of sectors to choose from, he stressed.
Meanwhile, Hemraj Dhakal, Vice President (Commodity) of the Federation of Nepalese Chambers of Commerce and Industry, expressed his opinion about business expansion in Nepal. In addition, Manoj Paudel, Chairperson of FNCCI’s Investment Forum, informed about new investment opportunities in the country.
During the meeting, Ambassador Fenn applauded the Federation of Nepalese Chambers of Commerce and Industry for taking the initiative to draft the framework of the Bilateral Investment Agreement. He also enquired about the Double Taxation Avoidance Agreement.
Meanwhile, Gokarna Raj Awasthi, Director General of Federation of Nepalese Chambers of Commerce and Industry, mentioned about the Developing Countries Trading Scheme facility that the British government has been providing to 65 developing countries. He requested the ambassador for information on how Nepal could avail this facility.
As Nepal will be graduating to a developing country status by 2026, Nepal will lose duty-free access for its exports, said Awasthi. Hence, the Developing Countries Trading Scheme will be important for Nepal, he added.
