FNCCI Prez urges OPEC Fund for more ivestment in Nepal

KATHMANDU, JUNE 26: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has emphasized the immense investment potential in Nepal, urging the OPEC Fund for International Development (the OPEC Fund) to expand its investments in the country.

During a meeting with the President of the OPEC Fund, Abdulhamid Alkhalifa, and Vice President Tareq Alnassar in Vienna, Austria, yesterday, President Dhakal highlighted that Nepal could become a new and significant investment destination for the OPEC Fund.

He pointed out Nepal's strategic location between two emerging economic giants, China and India, which allows Nepal to benefit from their markets, tourism, and development.

He mentioned that the investment environment in Nepal is becoming increasingly conducive. Dhakal noted significant investment opportunities in sectors such as tourism, energy, infrastructure, agriculture, and information technology.

Referring to the long-term power trade agreement between the Government of Nepal and the Government of India, Dhakal said it opens up opportunities for investment in hydropower and renewable energy by making Nepal's vast energy potential accessible to the market. Similarly, he mentioned that the power trade agreement with another neighboring country, Bangladesh, is in its final stages.

Dhakal also highlighted Nepal's cultural heritage, natural beauty, and youthful and energetic workforce, suggesting that investments in the development of tourism, agriculture, and information technology infrastructure could yield significant benefits.

Mentioning the recent amendments to some old laws that were considered obstacles to investment, Dhakal stated that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment in the country.

He also mentioned that a bilateral investment agreement (BIA) framework, prepared with the initiative of FNCCI, has been approved by the Council of Ministers. This framework will help ensure the security of foreign investments and create a conducive investment environment.

Dhakal highlighted that FNCCI has been continuously working to attract investments and improve the investment climate in Nepal. Recently, FNCCI organized business summits in New Delhi, Beijing, and Dubai.

He assured that FNCCI is ready to facilitate any investor in Nepal and that Nepalese investors are willing to partner with foreign investments in any sector.

OPEC Fund President Abdul Hamid Alkhalifa, while discussing the investments made by the OPEC Fund in Nepal, expressed readiness to increase investments in Nepal's renewable energy, hydropower, and the promotion of small and medium-sized enterprises.

On the occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, as well as climate-smart projects.