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KATHMANDU: Prime Minister Pushpa Kamal Dahal has invited the vibrant business community of the United Arab Emirates (UAE) to invest in Nepal.
Addressing the Nepal-Business Forum titled ‘Investment Potential in Nepal: An Interaction with Dubai Business Communities’ on Thursday in the UAE, PM Dahal said that Nepal required a huge investment in infrastructure, human resources, and technology to graduate from the LDC category by 2026.
Prime Minister Dahal said we have many opportunities where the UAE and Nepal can forge partnerships for mutual interests and added, ”We have still not realised our full potential despite direct air connectivity and frequent flights.”
Sharing that Nepal has made remarkable progress in the fields of science and technology including ICT in recent days, the PM invited investors and the business community from the UAE to explore avenues to work together in these fields.
Saying that Nepal has decided to host the third Investment Summit in April 2024, PM Dahal invited potential investors in the areas of comparative and competitive advantage, especially in hydropower, tourism, agriculture and ICT sectors. He said, “We will come up with the key policy reforms and incentives that will be instrumental in attracting private investment. I take this opportunity to extend an invitation to the distinguished investors and business community in the UAE for their valuable participation in the event.”
In his speech, the prime minister said the UAE is the second largest economy in the Gulf region and an emerging global economic power. Nepal considers that strengthened economic ties between the two countries will provide enormous opportunities for mutual benefit.
“With the successful transition to the Federal Democratic Republic system of governance, Nepal is steadily moving towards the path of peace, prosperity, and development. We aspire to graduate from the LDC category by 2026 and have a plan to become a middle-income country status as well as achieve the SDGs by 2030. For this, we require huge investments in infrastructure, human resources, and technology,” PM Dahal said.
He informed the business community that in recent times, the Government of Nepal has undertaken many policy, legal procedural and institutional reforms to create an environment conducive to attracting FDI in Nepal.
“We have enacted the Foreign Investment and Technology Transfer Act, Public Private Partnership and Investment Act, Industrial Enterprises Act and Special Economic Zones Act among others. These laws have been reviewed regularly to promote and accelerate investments in Nepal,” PM Dahal said.
Prime Minister Dahal said, “We have One Stop Service at the Department of Industries for procedural simplification for investment and the Investment Board of Nepal is committed to promoting large investments in sectors prioritised by the government.
He reiterated that Nepal stands ready to protect and promote the interests of the investors.
Likewise, the prime minister said that Nepal is in the process of concluding bilateral investment agreements with many countries including the UAE to address the interests of the investors.
He assured the business community that Nepal’s policies regarding the repatriation of capital and income of the investment are liberal and the laws and rules about land acquisition, company registration and infrastructure development have been simplified and relaxed. “It has the lowest corporate tax rate in the entire region. With all these initiatives, the business environment in Nepal has been improving significantly and I invite investors from the UAE to explore the boundless opportunities,” he added.
On a different note, PM Dahal said Nepal highly appreciates the government of the UAE for being a kind host for Nepali migrant workers. He stated that the knowledge, skills and capital acquired by the migrant workers in the UAE can be capitalised in the socio-economic transformation of Nepal. “Moreover, the returnee Nepali migrant workers are yet another source, which can be effectively utilised in future investment projects by the UAE in Nepal.
“Investment in training of migrant workers to enhance their knowledge and skills for the host country will further add value to their productivity. For this, the bilateral labour agreement between the two countries has been instrumental. These migrant workers are, in the true sense, goodwill ambassadors and vibrant bridges between the two countries and the peoples,” the prime minister opined.
On the occasion, PM Dahal said both Nepal and the UAE share common views on many global and regional issues and the two countries have been cooperating in many forums.
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, President of Federation of Nepalese Chamber of Commerce and Industries Chandra Prasad Dhakal and representatives from the business community were present at the Nepal-Dubai Business Forum, according to the Ministry of Foreign Affairs (MoFA).
According to MoFA, the Nepal-Dubai Business Forum was organised in Abu Dhabi by FNCCI, Dubai Chambers and the Embassy of Nepal in Abu Dhabi.
