Policy clarity imperative for boosting investment in Nepal: US Ambassador

KATHMANDU, APRIL 27: US Ambassador to Nepal Dean R Thompson has stressed the need for policy stability for any country to attract both domestic and foreign investment. At an interaction ‘Advancing U.S.-Nepal Commercial Relations’, hosted here today by the US Chamber of Commerce (AmCham) Nepal, he made such a remark.

A transparent, stable and predictable policy is a must for enabling an environment for economic prosperity, he said, calling for paying attention to that end. “The United States and Nepal have a long-standing relationship and the US would like to see Nepal progress in the fields of prosperous democracy, economic growth and development and human rights and social justice,” he said.

Ambassador Thompson argued the US government has been supporting small enterprises run by women, as well as flowing investment in infrastructure sectors including electric transmission lines, and roads of late.

Speaking on the same occasion, Senior Vice President of South Asia US Chamber of Commerce, Atul Keshap, said that the event would impart a positive message on the eve of the investment summit in Nepal tomorrow. Noting that Nepal has huge potential for investment in the digital economy, information technology and agriculture sectors, he said prosperity would be achieved in the country through developing these sectors.

He also echoed the need for policy clarity to increase investment and expressed the confidence that huge investments would come in if an investment-friendly environment were created. “Currently, US investment shares only 3 per cent of total foreign direct investment (FDI) flowing to Nepal which he said can be augmented in coming days if there is an investment-friendly environment and policy.”

Speaking on the same occasion, Chairman of the American Chamber of Commerce (AmCham) Nepal & Vice President and Managing Director of MetLife Nepal, Nirmal Kajee Shrestha said Nepal is a country with great investment potential. “Nepal is a country with investment potentials, our current priority is to make the current investment sustainable and increase US investment in the coming days,” he said, adding support from all partners is needed for this. ” USAID Nepal has been working in collaboration with the public and private sectors in the fields of tourism, information technology, agriculture and clean energy for Nepal’s economic development. He also said that there is a huge potential in Nepal’s tourism sector. “Nepal’s tourism sector is moving forward in a new way and there is a huge potential in the tourism sector. Economic development can be achieved by investing in tourism,” he said.

Similarly, the Director of the US National Security Council’s South Asia Regional Affairs Seamas Whitesel, stressed that national security would be strengthened if economic prosperity prevailed.

Likewise, Nepali entrepreneur Sujeev Shakya stressed Nepal should utilize its present position of demographic dividends. “Nepal is amidst two large economies like China and India. The country now has the same potential as it has a large number of young people,” he said.

During the occasion, a Memorandum of Understanding (MoU) was also signed between the US Chamber of Commerce Nepal and the US Department of Commerce’s International Trade Administration on US Trade and Investment Strategic Cooperation. AMCHAM Chair Shrestha and Principal Deputy Assistant Secretary for Industry and Analysis Heather Helm signed on behalf of the International Trade Administration.