The curtains have been drawn on the two-day Nepal Investment Summit 2024, marking the conclusion of a significant event in the country's endeavor to bring in Foreign Direct Investment (FDI) for its prosperity. According to Sushil Bhatt, CEO of Investment Board Nepal, the summit garnered overwhelming interest from global business entrepreneurs and investors, with over 2500 attendees, including more than 800 international guests. Under the theme "Emerging Nepal," the summit successfully showcased Nepal as an attractive investment destination, highlighting priority projects in sectors such as Energy, ICT, Tourism, and Infrastructure. Nepal presented a total of 154 projects, including 19 expressions of interest (EOI), nine market sounding initiatives and several others in the ideation stage. Notably, the summit saw the signing of numerous memorandum of understanding (MOU) deals, including a pivotal agreement between the World Association of PPP (WAPPP) and the National Association of PPP Professionals and Practitioners, aimed at advancing public-private partnerships in Nepal. The discussions across 12 different sessions underscored Nepal's investment landscape, identifying diverse business opportunities and emphasizing the nation's vast potential in the international market—a crucial step towards fostering a conducive investment environment. These achievements are commendable.
Take holistic measures to boost FDI in Nepal
However, the focus must now shift to follow-up on the commitments made by potential investors. Establishing a dedicated desk within the Investment Board Nepal to address queries and concerns from prospective investors could facilitate the realization of commitments made during the summit. Additionally, the government should prioritize amending investment-related acts, including the Public Private Partnership and Investment Act, through parliamentary procedures. While some of these laws have been amended via ordinance, endorsing them through parliament would underscore the government's enduring dedication to addressing the concerns of potential investors. This endorsement should be pursued with urgency. This would signal the government's sustained commitment to addressing the concerns of potential investors, enhancing confidence in Nepal's investment climate. Overall, the Nepal Investment Summit 2024 has not only provided a platform for dialogue but also served as a catalyst for action. Much now hinges on the government's proactive measures to assure prospective investors to bring their investment in Nepal through different reform measures.
One notable aspect was the remarkable consensus among political parties in inviting prospective investors to contribute to Nepal's economic growth. Political leaders from across the spectrum actively participated to make the Summit a success, demonstrating unprecedented unity for the nation's prosperity. The summit, inaugurated by Prime Minister and Chairman of CPN (Maoist Center) Pushpa Kamal Dahal, featured addresses from the main opposition party leader and former Prime Minister Sher Bahadur Deuba and Chairman of the main ruling party CPN-UML K P Oli, among others. This collective display of national consensus underscores the commitment of political parties to drive economic reforms and mobilize foreign direct investment for Nepal's prosperity. As Nepal transitions from political transformation after a decade-long armed conflict and prolonged political transition before the promulgation of new constitution in 2015 to economic development, it is imperative for the government to streamline the process for facilitating FDI. Economic prosperity is essential for sustaining democracy in the long run, and Nepal must seize this opportunity to usher in meaningful changes in the lives of its people. It is time for economic transformation to complement the strides made in the progressive political transformation, paving the way for a prosperous future.
