Nepal’s finance minister urges U.S. Chamber to invest in growing IT sector

October 25, 2024, 01:33:09 PM |

KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has called on representatives of the U.S. Chamber of Commerce to invest in Nepal’s emerging information technology sector, highlighting the country’s competitive advantages in affordability and skilled labor. Currently in Washington, D.C., for the annual meetings of the World Bank Group and the International Monetary Fund (IMF), Minister Paudel made his appeal during a roundtable meeting today with U.S. Chamber officials, citing recent policy reforms as part of Nepal’s efforts to attract foreign investment.

Minister Paudel pointed out that Nepal offers a cost-effective and high-quality workforce in IT compared to other countries. He detailed how recent legal and procedural reforms have helped to create a conducive investment environment, allowing IT companies to register for as low as $1 and providing a 50% income tax exemption for the first five years. These incentives are expected to make Nepal a more attractive destination for U.S. business investments.

The U.S. Chamber’s Senior Vice President for South Asia, Atul Keshap, responded positively, stating that dozens of American companies have shown interest in Nepal. He lauded Nepal’s recent progress on legal reforms related to investment, the establishment of a sovereign credit rating, and the formation of an economic reform advisory commission, which have collectively improved the business climate.

Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), also emphasized the immense potential for profitable investments in Nepal, urging American entrepreneurs to seize the available opportunities. Representatives from the U.S. Chamber of Commerce expressed their interest in exploring investment possibilities within Nepal’s IT and other sectors.

In separate meetings, Deputy Prime Minister Paudel met with IMF Deputy Managing Director Bo Li, where he acknowledged the IMF’s role in Nepal’s economic development through concessional financing, policy guidance, and capacity-building initiatives. Paudel expressed optimism for continued IMF support, noting that international assessments reflect positive economic improvements in Nepal.

Additionally, Paudel held discussions with Millennium Challenge Corporation (MCC) CEO Alice Albright and Vice President Cameron Alford to review the progress of MCC projects in Nepal. The talks centered on the implementation status of current projects and the potential for further financial aid to support Nepal’s infrastructure and development goals.

Fiscal Nepal |

Friday October 25, 2024, 01:33:09 PM |