By Biswajit Choudhury
Kathmandu, Mar 29 (IANS): Declaring that the pre-condition of political stability for economic development now stands fulfilled in Nepal, Prime Minister K.P. Sharma Oli on Friday inaugurated the Nepal Investment Summit 2019, saying that political transformation cannot be sustained without an economic one.
The two-day summit, organised by the Investment Board of Nepal (IBN) with the objective of promoting the landlocked Himalayan nation as an investment destination, is the third of its type after the first in 1992 and the second in 2017, which was held after the adoption of Nepal's new Constitution in 2015.
"Political stability is absolutely fulfilled now. Also political consistency, as well as legal, institutional and policy reforms, have been the best last year," Oli said.
"Political transformation alone cannot be sustainable without economic transformation. The Constitution of 2015 has ended the protracted political transition and has brought optimism for economic development," he added.
According to the IBN, over 600 foreign delegates from 40 countries were participating in the summit. Of these, 265 were from China and 120 from India.
Oli said that as many as 77 viable projects (50 public and 27 private) worth $32 billion were being showcased in the event. The projects were in the areas of hydropower, agriculture, industry, tourism, transportation, urban infrastructure, education and health.
Noting that Nepal aims to move up from its least developed category status to become a middle income economy by 2030, Oli said that the country will need investments of nearly $90 billion in five years to achieve its objective of rapid economic transformation.
Highlighting the reforms undertaken by his government to improve ease of doing business, Oli pointed to the three key legislations passed in the period leading up to the summit. These were the Foreign Investment and Technology Transfer Act, Public Private Partnership and Investment Act and the Special Economic Zone Act.
Describing Nepal as "virgin land" offering tremendous opportunity for investment, he said Nepal will "actively pursue" Bilateral Investment Protection Treaties with foreign countries, as well as Double Taxation Avoidance Agreements.
"The government is fully committed to protect your investments. There is no place for violence in Nepal and disruptions in law and order will be severely dealt with. Repatriation is guaranteed on earning and equity," the Prime Minister said.
Companies from India taking part in the summit included Dabur, Muthoot Group, Nestle India, CDC India, Hester Bioscience, Exim Bank and SJVNL.