Nepal secures investment intents worth $13.74 billion

Nepal secures investment intents worth $13.74 billion

The Letter of Intents (LoIs) signed during the two-day mega investment event saw interests from investors representing around two dozen countries to invest as much as Rs 1400 billion (USD 13.74 billion) in Nepal's key sectors such as mining, hydropower, transportation, food production, beverage, health care, mining and minerals, banking, tourism, real estate, construction, manufacturing, among others.

A total of 26 companies from around the world signed Letters of Intent (LoI) , expressing their interest in investing in various sectors including aviation, food,  hydropower, banking, railways, roads, mining and minerals, and manufacturing.

Of the total investment intents,  China topped the list with six Chinese companies committing more than $8.3 billion in sectors like hydropower, hospital, metro rail, airport, highway, mining and minerals, smart grid, and financial.

Bangladesh stood second, with $2.4 billion investment commitment in food and construction, while Japanese and British firms expressed interest in investing more than $1 billion each in Nepal’s energy, agriculture and infrastructure sectors.

Those signing LoIs are companies from Sri Lanka, India, and Nepal stood at $500 million, $317 million and $11.5 million, respectively.

In his concluding remarks,  Minister for Industry Nabindra Raj Joshi said the summit is the beginning of a great partnership in the nation building mission of Nepal.

Minister Joshi said that the issues raised by the investors related to entry, operation and exit of companies will be taken seriously and addressed through appropriate strategic action.

Minister Joshi announced that within three months the government would launch an online registration, online payment and digital signature system to speed up the administrative formalities necessary for investment in Nepal.

Minister of State for Industry Kanchan Chandra Bade shed light on measures taken by the government, such as amendments to various acts and policy reforms, to create an investment-friendly environment.

At the cconcluding ceremony of the summit, IBN CEO Maha Prasad Adhikari expressed his gratitude to all investors, particularly potential foreign investors, who have signed the Letters of Intent.