As Nepal gears up for the highly anticipated Third Investment Summit 2024, set to take place in the federal capital on April 28 and 29, the nation is poised to showcase a remarkable 151 projects aimed at propelling its economic growth. The Summit, a pivotal platform for attracting foreign direct investment (FDI), has the objective of implementing projects that will catalyze the country’s economic development, including the establishment of factories and industries.
These carefully curated projects are believed to contribute significantly to Nepal’s overall development, and the government recognizes the need for external investment, in addition to public and private sector participation, to secure the necessary capital, technology, and human resources for their successful implementation.
Diversified Opportunities Across Key Sectors
The 58th Meeting of the Investment Board has decided to call for letters of intent and hold extensive discussions with potential investors for these projects. Among the projects being showcased, the energy sector takes the lead with an impressive 31 projects, reflecting Nepal’s commitment to harnessing its renewable energy potential.
Additionally, the transport sector boasts 19 projects, while the mining and minerals sector, as well as the tourism sector, each have 13 projects on offer. The agriculture sector follows closely with 14 projects, underscoring the importance of strengthening Nepal’s agricultural base.
Furthermore, the Summit will feature five projects in the production sector, seven in the industrial infrastructure and trade sector, three in the health and education sector, two in the communications and information technology sector, four in the water supply sector, and six in the urban development sector.
Private Sector Investment: A Key Priority
Recognizing the pivotal role of private sector investment, the government has attached high priority to attracting foreign direct investment (FDI). According to Pradyumna Prasad Upadhyay, the Investment Board’s spokesman, the private sector is showcasing an impressive 31 projects for potential FDI at the Summit.
“Relevant laws have been amended/enacted to foster an investment-friendly environment, accompanied by streamlined procedures aimed at bolstering ease of doing business. To bridge resources and technology gaps for the country’s economic development, the government is resolute in augmenting foreign investment commitments and inflows,” Upadhyay added.
With an array of projects spanning diverse sectors and a renewed focus on facilitating foreign investment, Nepal’s Investment Summit 2024 promises to be a catalyst for economic transformation, attracting global investors and positioning the nation as an attractive destination for business and development.
