Kathmandu, Nov 1: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, extended a warm welcome to British investors and urged them to explore the unique opportunities that Nepal has to offer.
Addressing an audience at the Nepalese Embassy in the UK, Dhakal highlighted the remarkable resilience and progress of the Nepalese economy. He emphasized how Nepal swiftly recovered from the devastating earthquake in 2015 and the challenges posed by the COVID-19 pandemic. Currently, the nation boasts robust foreign exchange reserves and a positive balance of payments, and its banking sector is well-positioned with ample liquidity to support the private sector.
Dhakal underlined Nepal’s youthful population, with an average age of 24, and the significant reduction in poverty over the last three decades, which has increased the purchasing power of the people. Furthermore, he pointed out the stability achieved in both the political and economic sectors, along with substantial advancements in the social sector.
The President of FNCCI encouraged private sector investors and development partners to consider Nepal as an attractive destination for investment, particularly in infrastructure development. He highlighted the rich and growing energy sector in Nepal, with opportunities for collaboration and investment, especially in hydroelectricity.
Nepal’s strategic location between two rapidly growing economies, China and India, and its potential in the tourism sector were also underscored. Dhakal noted the country’s appeal to British tourists and recent upgrades to key international airports, making it even more accessible. He mentioned opportunities for tourism infrastructure investments, such as cable cars, resorts, theme parks, hill stations, and luxury hotels.
In addition to tourism, sectors like manufacturing, agro-processing, and information and communication technology (ICT) were identified as having substantial growth potential in Nepal. Dhakal mentioned that multinational companies already operating in Nepal have enjoyed excellent returns on their investments.
The speech also emphasized Nepal’s duty-free market access to India, China, the European Union, and other developed nations. Furthermore, Dhakal mentioned the UK government’s Developing Countries Trading Scheme, which offers opportunities for Nepalese producers to export their products to the UK.
To facilitate and support potential investors, Dhakal announced FNCCI’s commitment to assisting in navigating opportunities and overcoming obstacles in Nepal through their Foreign Direct Investment (FDI) help desk.
In conclusion, President Dhakal extended an open invitation to the British business community, inviting them to explore the myriad opportunities available in Nepal. He expressed Nepal’s eagerness to welcome British ideas, investments, and partnerships, highlighting the nation’s potential for growth and collaboration in various sectors.
Nepal, with its economic resilience, strategic location, and vibrant sectors, is undoubtedly a destination worth considering for international investors and development partners.
