Nepal Investment Summit kicks off in Kathmandu

NL Today

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Kathmandu: The third Nepal Investment Summit kicked off in the Nepalese capital.

Prime Minister Pushpa Kamal Dahal ‘Prachanda’ inaugurated the Summit amidst a special ceremony on Sunday. He urged investors from around the world to come and invest in Nepal.

1,600 prospective investors from more than 50 countries are participating in the event, officials said. Over 150 projects are being showcased at the Summit.

Earlier, a government task force had suggested amending the Industrial Enterprises Act (2076), Foreign Investment and Technology Transfer Act (2075), Special Economic Zone Act (2073), and Forest Act ( 2076) to remove the legal and policy obstacles seen in industry, business, and investment and to remove the difficulties and delays experienced in the implementation of construction projects.

Similarly, the government study recommended to amend various provisions of the National Parks and Wildlife Conservation Act (2029), Lands Act (2021), Land Acquisition Act (2034), Environment Protection Act (2076), Electronic Transactions Act (2063), Nepal Civil Aviation Authority Act (2053), Foreign Investment and Technology Transfer Rules (2077) and Forest Act Regulations (2079).

President issues Ordinance

On Sunday, President Ramchandra Paudel issued the Ordinance amending some Nepal Acts related to investment facilitation, 2024.     

The President issued the Ordinance on the recommendation of the Government of Nepal, Council of Ministers and in accordance with Article 114 (1) of the Constitution of Nepal, a Spokesperson at the Office of the President.     

The Ordinance has been issued in the context of the Third Investment Summit that kicked off in capital on Sunday, RSS news agency reported.

The projects being showcased at the Summit include  1,902 MW Mugu Karnali storage hydro project and 1,216 MW Khimti Thoshe Shivalaya storage hydro project in Dolakha, with an estimated cost of Rs231 billion. Similarly, the 150-km Chandragiri-Chitlang-Palung expressway, which connects Kathmandu with Chitwan, is also on the list. Its estimated cost is Rs221.12 billion.

The First Investment Summit was organized in March 2017 and the Second Investment Summit was organised in March 2019.