KATHMANDU: The third Nepal Investment Summit (NIS) 2024 which concluded in Kathmandu recently saw the Department of Industry (DoI) approving, a total of Rs 9.13 billion investments during the summit.
Nepal Prime Minister Pushpa Kamal Dahal Prachanda inaugurated the NIS 2024 and announced to investors measures taken by the country to make the environment more conducive for business.
“We are committed to carry out continuous reforms to facilitate investors, industrialists, innovators, and ease the doing business environment,” said Dahal and mentioned the government had recently amended eight different laws relating to business and investment.
Abdulsalam bin Mohammed al Murshidi , Chairman of Oman Investment Authority (OIA), and officials from the Oman Chamber of Commerce and Industry (OCCI), had participated in the second NIS way back in March 2019.
The third summit showcased 154 projects in various stages of preparation, including 19 that were being readied for soliciting Expressions of Interest from potential investors. The companies have been given 45 days and 35 days to submit EoI of energy and non-energy projects for the 19 solicited projects during the summit.
Barsha Man Pun, Minister for Finance, who welcomed the participants at the summit, said NIS was an important platform for the government to reach out to potential investors and for investors to provide feedback.
He added that it was also a platform where potential foreign investors could network and interact with Nepali officials and policymakers and their counterparts in the private sector to obtain information required for assessing Nepal’s readiness for doing business.
These investments will help establish investment company of Rs 6 billion, Rs 3 billion for constructing commercial building in Kathmandu and Rs 76.6 million for UK based Eklus energy’s 200 kw electricity project jointly with 15 per cent investment from Mohanyal Rural Municipality. On top of that Rs 62.5 million will be invested in the hotel and restaurant project.
A Memorandum of Understanding (MoU) was signed between Nepal’s Shakha group and Hong Kong based BOAR Group of Hotel to invest 100 million RMB in hotel project jointly with in Gorusinge of Kapilvastu.
Similarly, a Memorandum of Understanding (MoU) was signed between Expert Group, Australia and Rara Holdings Pvt Ltd to develop the resort with total investment of Rs 1,100 million in two phases — Rs 700 million in the first phase and Rs 400 million — to develop resort project in 80-ropani area at Murmatop in Chhayanath Rara Municipality-9, Mugu district.
On top of this, BLC Group, Nepal and India’s Yotta Data Services Ltd agreed to invest Rs 3 billion in data centre project in Nepal.
MoUs were also signed between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and National Chamber of Commerce, Malaysia. FNCCI has also inked the pact with Federation of Malaysian Manufacturers. Further, FNCCI has signed a MoU with China Dongguan Xing Long Lighting Products Co Ltd for collaboration.
Two MoUs were also signed on the first day of the two-day summit. This was between the BLC Group Nepal and Yotta Data Services, Pvt Ltd India, and another MoU, between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and National Chamber of Commerce, Malaysia.
In addition, an agreement signed between Nepal Association of PPP Professionals and Practitioners (NAP) and World Association of PPP Professionals and Units to promote public-private partnership in Nepal.
Likewise, MABC Investment Group Pvt Ltd, China, signed a MoU with NextGen Management Solutions Pvt Ltd during the summit. China’s Xiamengolden Dragon Autobody Co Ltd signed agreement with Koshi N K Motors Pvt Ltd, to establish vehicle factory in Nepal with the total investment of Rs 3 billion.
There were over 1,400 participants at the summit, including representatives of government agencies, the private sector, and Nepal’s Development Partners.
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