India’s comparative advantage in investing in Nepal cannot be overstated: Pushpa Kamal Dahal ‘Prachanda’, Prime Minister of Nepal

New Delhi: The India-Nepal Business Summit concluded successfully, marking a significant milestone in the strengthening of economic cooperation, and deepening bilateral relations between the two neighboring nations. The summit, held in Delhi on 1st June 2023, brought together prominent business leaders, high-level government officials, ambassadors and experts from India and Nepal to explore avenues of collaboration and foster mutually beneficial partnership.

His Excellency Pushpa Kamal Dahal ‘Prachanda’, Right Hon’ble Prime Minister of Nepal in his keynote address characterized the private sector as an indispensable partner in development owing to its ability to bring capital and technology to foster innovation and promote competitiveness. He further stated that “modernizing agriculture, improving connectivity aspect, harnessing hydropower potential, promoting trade and information technology sector are key to bring structural transformation in our economy.” In these sectors, India’s comparative advantage in investing in Nepal cannot be overstated.

The Hon’ble Minister of Commerce & Industry and Consumer Affairs, Food & Public Distribution, Government of India, Mr Piyush Goyal expressed that India and Nepal share a relationship that is not confined to political or geopolitical or economic issues, we have a shared history, a deep cultural affinity, and a strong friendship. He emphasized that “This is not a partnership nor a friendship, it is a one family”. He further stated that “”We would love to see much more trade and investment flowing from India to Nepal and from Nepal to India. I’m sure we can together work for the shared prosperity and bright future for the children of both the countries”.

H.E. Dr. Shankar Prasad Sharma, Ambassador of Nepal to India informed that “We are establishing about 16 Special Economic corridors, which is going to add economic value to Nepal. We will be happy to facilitate investors and traders and promote the trade and investment between Nepal and India. I would like to request you to explore the possibilities of investing more in Nepal.”

Mr R Dinesh, President, CII stated that “This summit marks an important milestone in the expanding economic relations between our two great nations.” we have an opportunity to build on this momentum and explore new avenues of collaboration. As neighboring countries, we are well-positioned to leverage our geographic proximity and tap into each other’s markets for mutual growth.

Mr Chandra Prasad Dhakal, President, FNCCI expressed that India and Nepal’s historic relation extends beyond the border and is based on mutual respect. Talking about emerging opportunities in Nepal, he stated that “Nepal’s digital economy is growing with the huge potential. This includes e-commerce digital payment system and education.”

Mr Chandrajit Banerjee, Director General, CII highlighted the successful deliberations and discussion held at the first meeting of the India-Nepal Joint Business Forum. Major opportunities were identified in the areas of agro-processing and fertilizers, pharmaceuticals, automobiles, petroleum and petrochemicals, energy, especially hydropower, healthcare, tourism, infrastructure development and connectivity.

During the summit, the co-chairs from Nepal and India of the India – Nepal joint business forum, Ms Bhawani Rana and Mr Shrikant Madhav Vaidya, gave their remarks on potential avenues of collaborations between Indian and Nepalese Businesses. Further, Mr Sushil Bhatta, CEO, Investment Board of Nepal presented ample investment opportunities for Indian businesses to participate in the growth story of Nepal.