Addressing the India - Nepal Business Forum in New Delhi, Hon'ble Mr. K. P. Sharma Oli, Prime Minister of the Federal Democratic Republic of Nepal invited Indian Industry to invest in Nepal. The India Nepal Business Forum was organized by the Confederation of Indian Industry in cooperation with the Ministry of External Affairs, Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI) and T)1 .e Associated Chambers of Commerce
& Industry of India (ASSOCHAM).
Mr. Oli said, Nepal has undergone a major political transformation in the past couple of years and there is now a stable government in place. He stated that his government's aim is to make Nepal a middleincome country by 2030.Inviting Indian Industry to invest in Nepal, he highlighted that
most enterprises in Nepal are highly profitable. The Prime Minister pointed out the various reforms that his government has initiated including streamlining of administrative procedures, no discrimination between national and foreign investors, setting up ofSEZ's, focus on infrastructure development among others.
The Prime Minister also highlighted the preferential market access that Nepal enjoy with countries around the world and invited Indian industry to make capital of this advantage.
Mr. Maha Prasad Adhikari, Chief Executive Officer, Investment Board of Nepal in his presentation highlighted the various incentives that Nepal has to offer for Indian investment. He stated that most sectors in Nepal are open to FDI and India is one of the leading investors. He stated that Nepal is aiming to increase the share of the manufacturing sector in GDP and has taken several measures to improve the investment climate in the country. These included measures such as amending the Foreign Investment and Technology Transfer Act Mining and Minerals Act, Companies Act among others.
In his address, Mr. Sandeep [ajodia, President, ASSOCHAM stated that bilateral trade relations between India and Nepal had grown 11 times since 1996 and India was the largest investor in Nepal accounting for around 40% of the total FDI in the country.
Mr. Jajodia further said India and Nepal share a unique bonding of friendship and cooperation, characterized by open borders and deep-rooted people-to-people connect of affinity and culture. Since the early fifties ,India has contributed significantly to the socioeconomic development of Nepal. Areas of economic relations mainly covers basic infrastructure such as airports, irrigation, agriculture, roads, bridges, power projects along with some vital social sector areas like health, education, human resource development etc.
Since 1996, Nepal's exports to India have grown more than eleven times and bilateral trade more than seven times. During the FY2016-17, a total of around 18 intermediate and large projects are under various stages of implementation in Nepal. A better Rail-Road connectivity gives additional boost to the industry at both the sides to develop stronger bilateral trade relationship.
Indian firms are the biggest investors in Nepal,. accounting for about 40 % of the total approved foreign direct investments. There are about 150 Indian ventures operating in Nepal. They are engaged in manufacturing, services like banking, insurance, dry port, education and telecom, power sector and tourism industries.
India is poised to become one of the most powerful economies globally under the dynamic leadership of our Hon'ble Prime Minister Mr. Narendra Modi. We understand & value the importance of healthy socioeconomic relationship with our neighboring counterparts. We assure you our commitment on behalf of ASSOCHAM & our fellow chambers to extend our support, joining hands with Government of India, to playa vital role in promoting strong & smooth bilateral ties, said Mr. Jajodia.
Industry participants at the session highlighted opportunities for cooperation in energy (Hydro-power, solar power, distribution of power, bio-energy, bagasse and waste to energy), food processing, electric vehicle manufacturing, cement, tourism, health and education, FMCG and cement among others.
Mr. K. P Sharma Oli, Hon 'ble Prime Minister of Nepal shaking hands with Mr. Sandeep Jajodia, President, ASSOCHAM at the business meet. Mr. Sandeep Jajodia, Enhancing Investment Mr. K. P Sharma Oli, Hon 'ble Prime Minister of Nepal along with his wife Mrs. Radhika Shakya and Mr. Sandeep Jajodia, President, ASSOCHAM at the business meet. President, ASSOCHAM delivering key note address Cooperation at India- Nepal Business Forum. Mr. Sandeep Jajodia, President, ASSOCHAM at India-Nepal Business Forum. deliverin~
key note address Enhancing Investment Cooperation