Kathmandu. Chandra Prasad Dhakal, President of the Federation of Nepal Chamber of Commerce and Industry, said that there is a huge potential for investment in Nepal and requested the OPEC Fund for investment expansion.
In a meeting with OPEC Fund President Abdulhamid Alkhalifa and Vice President Tarek Alnasar in Vienna, Austria on Tuesday, Chairman Dhakal said that Nepal has immense potential for investment and said that Nepal can become a new and large investment destination for OPEC Fund.
President Dhakal said that due to Nepal’s strategic location between China and India, which is a major economy in the world, Nepal can take advantage of the market, tourism and development of these two countries. He mentioned that the environment for investment in Nepal is becoming comfortable.
Dhakal said that there is a huge potential for investment in tourism, energy, infrastructure, agriculture, information technology and other sectors in Nepal.
Recalling the long-term electricity trade agreement concluded between the Government of Nepal and the Government of India, Dhakal said that there are opportunities for investment in hydroelectricity and renewable energy as it will bring Nepal’s vast energy potential to the market.
Similarly, he mentioned that the electricity trade agreement with another neighboring country, Bangladesh, is in the final stage. He said that investments can be made in infrastructure development of tourism, agriculture and information technology in Nepal to take proper advantage of Nepal’s cultural heritage, natural beauty, young and energetic workforce.
Referring to the fact that the Nepal government has recently amended some of the old laws that are considered to be obstacles for investment, he mentioned that the Nepal government is committed to creating an investment-friendly environment in the country in cooperation with the Federation.
Similarly, Bilateral Investment (BIA) framework has been prepared and passed by the Council of Ministers on the initiative of the Federation. This will also help in the security of foreign investment and the creation of an investment environment, he said.
Mentioning that Nepal Chamber of Commerce and Industry is constantly taking initiatives to bring in investment and create an investment environment in Maluk, President Dhakal said that the Federation organized business summits in New Delhi, India, Beijing, China and Dubai, UAE.
He said that the federation is ready to provide necessary facilitation to any investor in Nepal and also said that Nepali investors are ready for partnership in any field of investment in Nepal with foreign investment.
According to the federation, Abdulhamid Alkhalifa, president of OPEC Fund, while discussing the investments made by OPEC Fund in Nepal, said that OPEC Fund is ready to invest more in the promotion of renewable energy, hydropower and small and medium industries in Nepal.
Likewise, Vice President Tarek Alnasar said OPEC Fund is positive to increase investment in Nepal.