Nepal has witnessed a notable socio-economic transformation by adopting liberal economic policies, facilitating private sector in economic development, and pursuing foreign investment in various sectors under different modalities. including PPP (public-private partnership).
We've initiated reforms targeted in creating conducive investment environment. These reforms have offered, among other various facilities and incentives to investors through transparent legal and procedural arrangements. The establishment of the high-powered Investment Board Nepal (lBN) as a specialized agency, itself is an earnest effort laid by the government to attract foreign and domestic private investment in infrastructure projects and other public facilities to accelerate economic growth, generate employment and create a solid foundation for prosperous Nepal. The Public Private Partnership and Investment Act (PPPIA),2019 has envisioned the IBN, as the nodal agency for investment promotion, investor facilitation and resource centre for the PPP.
The Government of Nepal (GoN) is highly committed to continuously improve policy, legal, regulatory, procedural and institutional regime to strengthen business and investment environment and opportunities in Nepal by offering a favorable investment climate, adequate protection, and effective handholding for investment projects during the entire business life cycle.
The 900 MW Arun-3 Hydroelectric Project, well advanced in construction and approaching completion, is a testament to Nepal's favorable investment climate. Moreover, the Investment Board Nepal shall effectively handhold around 4.000 MW of clean energy projects that are aligned with result-based framework for timely implementation. Likewise capital, technology, and skillsets brought by the large cement manufacturers, such as Hongshi Shivam and Huaxin Cement, have a positive impact on the Nepalese cement industry.
Nepal's ambition to graduating to the league of developing nations by 2026 and achieving the status of a middle-income country by 2030 are significant milestones that require strategic planning and consistent efforts. The role of the private sector is crucial in achieving these goals. Investment Board Nepal carries the legacy and vast experience in terms of promoting investment, structuring, facilitation, and execution of PPP projects.
We're thankful to our valued investors, who are investing in Nepal for their utmost trust, motivation, and commitment. Your investment is salutary in our national development initiative. We honour you as a partner of our prosperity and help you secure more returns in your investment. I assure you all that the Investment Board Nepal shall offer you portfolio of credible and bankable projects in different sectors and committed to provide fast, predictable, and timebound services through various means and tools to investors and strengthen itself as a vibrant institution by achieving goals as mandated by the law.
Pushpa Kamal Dahal 'Prachanda'