Opportunities abound in Nepal: come, let’s invest together, says Chairman Dhakal

KATHMANDU: Chandra Prasad Dhakal, Chairman of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has highlighted the immense investment potential in Nepal and called on Non-Resident Nepalese (NRNs) in Australia to invest in the country.

Addressing the “Understanding Nepalese Economy, Investment Prospects, and Banking Services” event held on Saturday in Sydney, Australia, organized jointly by the Nepal Rastra Bank, FNCCI, and the Non-Resident Nepali Association (NRNA) Australia, Chairman Dhakal emphasized the unlimited investment opportunities and the improving investment climate in Nepal, urging NRNs to invest in the country.

“The Nepal government, targeting the Investment Summit 2024 held last month, has amended more than half a dozen laws to create an environment conducive to increasing foreign direct investment and domestic investment. There are vast opportunities in hydropower, tourism, information technology, mining, and agro-based industries in Nepal. Recognize these potentials as opportunities and invest in Nepal to reap appropriate profits,” he stated.

Chairman Dhakal noted that the Nepal government, in its recent budget statement for the upcoming fiscal year, included the establishment of an investment company with a capital of NPR 10 billion to invest in various potential projects in Nepal. He urged NRNs in Australia to see this as an opportunity and invest in Nepal.

“Under the leadership of FNCCI, we decided to establish an investment company with a capital of NPR 10 billion to invest in potential projects across all seven provinces of the country. The Nepal government has also addressed this in the budget for the upcoming year. We should all take this as an opportunity to invest in Nepal, create jobs, and collaborate in the economic development and prosperity of the country,” he said.

Chairman Dhakal mentioned that FNCCI has set up a dedicated FDI desk to promote foreign investment and is always ready to provide necessary assistance and facilitation to attract both domestic and foreign investments.

Deputy Governor of Nepal Rastra Bank, Bombo Bahadur Mishra, assured that there are no issues with repatriating profits made by foreign investors or NRNs in Nepal, stating that Nepal Rastra Bank would facilitate this process. He highlighted the growing capability of Nepalese banks to handle large investments and mentioned that banks are ready to provide loans to NRNs wanting to invest in Nepal.

Chief Executive Officer of Global IME Bank Limited, Ratna Raj Bajracharya, underscored the numerous investment opportunities and potentials in Nepal, indicating that banks are prepared to provide necessary loans for viable projects to turn these opportunities into reality.

He emphasized that the banking sector in Nepal holds substantial investable capital and is ready to assist NRNs willing to invest in any potential projects in Nepal. He also mentioned that Global IME Bank offers various banking services to NRNs to send money to Nepal or for those coming to Australia for study, travel, and other purposes.

NRNA Australia President Anil Pokhrel stated that NRNs are seeking investment opportunities in Nepal, provided there is a conducive environment. He mentioned that many NRNs would be interested in investing if the conditions are favorable.

“We Nepalese in Australia are always eager to invest in our homeland, Nepal. In one way or another, we want to contribute to Nepal’s development and prosperity. For that, a suitable environment must be created,” he said.