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KATHMANDU: Investment Board Nepal (IBN) conducted a ceremony to mark its 12th anniversary in Kathmandu, on Friday.
Addressing the programme, IBN Chairperson Prime Minister Pushpa Kamal Dahal urged the private sector and foreign investors to invest in Nepal stating that Nepal is an attractive investment destination and has a favorable investment climate. PM Dahal said that the opportunities for investment in areas of comparative and competitive advantages are vast.
PM Dahal said that the government was committed to effective handholding of investment during the entire business life cycle. "We value every investment, large or small, and we are committed to de-risking those investments. I assure all the investors and stakeholders of this ecosystem that the Investment Board Nepal along with other concerned government instrumentalities shall offer you the best services."
Prime Minister Dahal also assured that the government was committed to policy improvement in terms of Foreign Direct Investment (FDI) and to effective handholding of the projects that are in the various stages of development particularly in Public Private Partnership (PPP) model.
Dahal added that it was his top priority to improve investment climate in Nepal and pledged to continuously work to increase private investment including FDI for the economic development of the country in an inclusive and sustainable manner.
He said that the government is always committed to continuous improvement of policy, legal, regulatory, procedural, and institutional arrangements to strengthen the business and investment environment including the PPP, FDI and private sector investment.
Noting that Nepal has aspired to become a middle-income country by 2030 and achieve the Sustainable Development Goals by 2030, the PM shared that realisation of our aspirations within the stipulated timeframe will continue to be a key challenge due to the Covid-19 pandemic, global conflict and climate change impacts.
"In line with the spirit of the constitution, coordination, and cooperation among all tiers of government is indispensable for creating investment-friendly environment. We have been developing various tools and mechanisms to build and strengthen coherence within and among different levels of government," according to the PM.
The prime minister opined that hydropower, tourism, agriculture, ICT were Nepal's areas of comparative advantage adding that Nepal is practising the Build-Own-Operate-Transfer (BOOT) modality in a few sectors. "However, we also need to develop transformative projects through other new forms of PPP," he observed.
Addressing the programme, Vice Chairperson of IBN, Finance Minister Prakash Sharan Mahat, pointed out the need to conduct infrastructure and productive projects through PPP and direct private investment by attracting large private investments, including foreign ones.
In the 12 years, since its inception, IBN has sanctioned investments worth Rs 1.25 trillion for a total of 42 projects including 28 projects in the power sector. Investments worth Rs 525 billion have been mobilised during this period. Similarly, Hongshi Shivam Cement and HuaXin Cement projects with production capacities of 6,000 and 3,000 tonnes per day respectively, have come into commercial operation. Likewise, Waste to Energy Project in Dharan has been completed and brought into operation. Arun III hydropower project (900MW), Upper Trishuli (213MW) and other projects are in the final phase for implementation, while the project development agreement (PDA) of Upper Karnali Hydropower Project (900MW) and Lower Arun Hydropower Project (669MW) have been completed and are under financial management. A detailed project report (DPR) is being prepared in agreement with NHPC Ltd for the study and development of West Seti Hydroelectric Project (WSHEP) (750MW) and Seti River - 6 (450MW) which are national pride projects. Apart from this, the DPR of Upper Marsyangdi-2 Hydropower Project (327MW) is being evaluated and the preparation of PDA has also started.
During this period, investor confidence and credibility as an investment destination has reached a new height, the IBN said in a statement.
IBN has signed the memorandum of understanding (MoU) with Dabur Nepal for the reinvestment in the construction, operation and management of the latter's capacity enhancement and diversification projects in the concept of private investment.
A committee formed by the IBN 55th Board Meeting for the PDA of Nepal-China Partnership Industrial Park project has started its work, according to IBN.
According to IBN CEO Sushil Bhatta, IBN has worked to develop the Office of the Investment Board as a specialised organisation of PPP..
IBN members, high-ranking government officials, representatives of the private sector, investors, diplomats, representatives of development partner organisations, mediapersons and prominent members of civil society attended the ceremony.
