Role of foreign direct investment in Nepal’s development is critical: Ambassador Pollitt

NL Today

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Kathmandu: Stating that Nepal has a conducive environment for investment, the British Embassy in Nepal said it would play a constructive role in helping increase foreign direct investments in the country.

In a meeting with office-bearers from the Confederation of Nepalese Industries, British Ambassador to Nepal Nicola Pollitt said that she would take initiative to attract British investors to Nepal by helping improve the business environment.

“Foreign direct investment can play an important role in Nepal’s development,” she said.

Ambassador Pollitt stressed that challenging days are ahead from the perspective of climate change. She also mentioned that the private sector can work to mitigate the effects of climate change. “The private sector can work to promote green energy,” said Ambassador Pollitt.

Stating that Covid-19 has had a negative impact on public life and industry, the Ambassador noted that the UK has provided significant support to Nepal in the areas of humanitarian and development assistance. During the meeting, CNI President Vishnu Kumar Agrawal said that unemployment is a serious problem in Nepal and there is also a lack of skilled manpower. He noted that the UK’s support programs and conferences could help in skills development.

In the current situation where the contribution of industry sector to Nepal’s GDP is quite small, CNI has launched the Make in Nepal-Indigenous Campaign, said President Agarwal. He mentioned that the campaign has been taken forward with the main goal of industrial development, export promotion, job creation and increase in consumption of Nepali-produced goods. Stating that CNI is in constant dialogue with the government for the promotion of start-ups, he stressed on the need to bring small businesses into the mainstream of the economy.

At the program, the Immediate Past President of the confederation Satish Kumar More said that there is ample potential for investment in Nepal. Similarly, Vice President of the Confederation Nirvana Chaudhary informed that the confederation has taken forward various sectors for the development of the economy. Similarly, Vice President of the Confederation Raj Bahadur Shah said that the embassy could help in the promotion of tourism in Nepal. Further, he said that CNI would work in a planned manner for the development and promotion of Nepal’s tourism industry. Director General of the Confederation Yadav Prasad Poudyal and Director Sabin Mishra were present at the meeting held at the British Embassy in Kathmandu.