Kathmandu, Dec 1: Nepal’s Prime Minister, Pushpa Kamal Dahal, also known as ‘Prachanda,’ recently addressed the Nepal-Business Forum in the United Arab Emirates, inviting UAE’s dynamic business community to invest in Nepal. Emphasizing the need for substantial investments in infrastructure, human resources, and technology, Prachanda outlined the opportunities for collaboration between the two nations.

Prachanda highlighted the untapped potential in Nepal despite direct air connectivity and frequent flights between the countries. He urged investors to explore partnerships, particularly in fields like science, technology, information and communication technology (ICT), hydropower, tourism, and agriculture. Nepal plans to host the third Investment Summit in April 2024, focusing on key policy reforms and incentives to attract private investment.

The Prime Minister assured potential investors that Nepal has undertaken various policy, legal, procedural, and institutional reforms to create a favorable business environment. Enactments such as the Foreign Investment and Technology Transfer Act, Public Private Partnership and Investment Act, Industrial Enterprises Act, and Special Economic Zones Act demonstrate the commitment to attract foreign direct investment (FDI).

Prachanda highlighted the One Stop Service at the Department of Industries, simplifying investment procedures, and the dedication of the Investment Board of Nepal to promote significant investments in government-prioritized sectors. He reassured the UAE business community of Nepal’s commitment to protecting and promoting investors’ interests.

Nepal is actively engaging in concluding Bilateral Investment Agreements with countries, including the UAE, to safeguard investors’ interests. The Prime Minister emphasized Nepal’s liberal policies regarding repatriation of capital and income, simplified rules for land acquisition, company registration, and infrastructure development. With the region’s lowest corporate tax rate, Nepal’s improving business environment offers boundless opportunities.

Prachanda expressed gratitude to the UAE government for hosting Nepali migrant workers. He sees their acquired knowledge, skills, and capital as potential contributors to Nepal’s socio-economic transformation. The Prime Minister highlighted the bilateral labor agreement as instrumental in ensuring the welfare of Nepali migrant workers, who act as goodwill ambassadors and bridges between the two nations.

The Prime Minister acknowledged common views on global and regional issues, emphasizing the historical cooperation between Nepal and the UAE. Representatives from both nations were present at the Nepal-Dubai Business Forum, showcasing a shared commitment to strengthening economic ties.

Nepal extends a warm invitation to UAE investors to be part of its journey towards peace, prosperity, and development. The collaborative efforts are crucial in realizing Nepal’s goal of graduating from the Least Developed Country category by 2026 and achieving middle-income status along with Sustainable Development Goals by 2030. The Nepal-Dubai Business Forum stands as a testament to the growing opportunities for mutual growth and cooperation between these two nations.