Investment summit ends with signing of important agreements

By Hemant Joshi, Kathmandu, April 29: The two-day third Nepal Investment Summit 2024 concluded here on Monday with the signing of some significant agreements while also laying the founding for bringing in more investments into the country.

The notable participation of domestic and foreign investors, along with some significant outcome has conveyed the message that Nepal is an attractive destination for investment, said Chief Executive Officer of Investment Board Nepal (IBN), Sushil Bhatta.     

"During the investment summit about a dozen agreements have been signed with memorandums of understandings to advance the concept of public-private partnership concept. In addition, more than 30 foreign delegations have had separate meetings with the ministers of various related ministries," he said.     

The first day of the Summit saw signing of three agreements. An agreement was signed between BLC Group Nepal and Yotta Data Services Private Limited India for collaboration in data center construction and operation. The agreement was signed by BLC Group Managing Director Megha Chaudhary and Yotta Chief Executive Officer Sunil Gupta.     

The second agreement signed on Sunday was between the Federation of Nepalese Chambers of Commerce and Industry and the National Chamber of Commerce, Malaysia regarding collaboration and cooperation for the promotion of bilateral trade and investment. FNCCI President Chandra Prasad Dhakal and National Chamber of Commerce and Industry of Malaysia (NCCIM) President Tan Sri Son Thain Lai signed the agreement.     

Similarly, the FNCCI has also signed an agreement of cooperation with the Federation of Malaysian Manufacturers.     

Likewise, on the second day of the summit, a bilateral cooperation agreement was reached between the World Association of PPP Units and Professionals (WAPPP) and the Nepal Association of PPP Professionals of Practitioners (NAP) for the promotion of Public-Private Partnership (PPP) in Nepal. The MoU was signed by President Ziad Alexandre Hayek on behalf of WAPPP and President Anup Kumar Upadhyay, on behalf of NAP. As per the MoU both organizations will collaboration on matters of common interest, exchange knowledge and experience related to public-private partnership, and promote international best practices.     

An agreement on cooperation and collaboration in hotel business was signed between Sakha Group of Nepal and Bor Group of Hotel China.     

Similarly, two MoUs have been signed regarding facilitating through the private sector of Nepal to bring in investment from Chinese companies. Separate MoUs was signed between Nepal's NexGen Management Solutions Private Limited and China's MABC Investment Private Limited as well as FNCCI and China's Donggaun Jinyang Lighting Product Company Limited.     

The Third Investment Summit has also ensured Australian investment to open a modern resort at Rara lake area of Mugu district. Expert Group of Australia would invest in the resort.     

A MoU for the investment collaboration was signed by Badri Aryal and Sanjeev Sharma on behalf the Expert Group and by Abhisek Bikram Shah on behalf of Rara Holdings Resort Pvt Ltd.     

The resort to be constructed on 80 ropanis area at Murmatop of Chhayanath Rara Municipality-9, Mugu district, will have an investment of approximately Rs 700 million in the first phase and around Rs 400 million in the second phase.     

Likewise, the Federation of Nepalese Industries and Commerce (FNIC) and the Indian Industries Association (IIA) inked a MoU for a bilateral cooperation.     

FNIC president Khim Lal Bhandari and IIA chairperson Anuj Kumar Garg signed the MoU on behalf of the respective sides. The MoU aims to promote cooperation and mutual interests in investment, trade, and industrial development.     

Likewise, during the Summit, investment worth Rs 9.13 billion has been approved by the Department of Industry for various four projects.     

Shankar Singh Dhami, Director at the Foreign Investment and Technology Transfer Section in the Department, shared that Rs 6 billion has been approved to set up an investment company in Bhaktapur and Rs 3 billion to establish a commercial building complex in Kathmandu.     

Similarly, an investment of Rs 76 million for construction of hydropower project of 200 KW capacity has been endorsed for which Eccles Energy Limited (the UK) will have 85 per cent investment and Mohanyal rural municipality in Kailali district remaining 15 per cent.     

Likewise, Rs 62 million has been approved for constructing hotels and restaurants in Lalitpur district.     

On the occasion, the Department launched a system that approves foreign investment through automatic route.     

Earlier today, the department inaugurated the system of foreign investment approval through the automatic route. Accordingly, foreign investors can apply for establishing a new company with 100 per cent share ownership or joint venture or investment capital in an already operating company through automatic route.     

Foreign investors will be able to apply through the system from today and receive the letter of approval of foreign investment as soon as they submit their application.     

Similarly, agreement has been inked for operating remit hydro power projects utilizing the remittance for hydropower projects.     

In the second day of the Summit, an agreement was inked among the Hydro Electricity Investment and Development Company Limited and Non-Resident Nepali Association and National Coordination Council for the same.     

Ramesh Bhatta (Qatar), Raj Kumar Shrestha (Bahrain), Binod Thapa (Malaysia), Binod Shrestha (Iraq), Bikash Shahi (UAE), Bikal Jha (Oman) and Tikaram Kharel (Japan) signed the agreement on the behalf of Council.     

Similarly, another agreement was signed between the Nepal Chamber of Commerce and delegates from Croatia for trade facilitation and facilitation for investment in tourism sector. (RSS)