OP­POR­TU­NI­TIES GA­LORE

Assocham Bulletin - - INTERNATIONAL RELATIONS -

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

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