India committed to investing in Nepal, says Arun Jaitley

KATHMANDU: Finance Minister Arun Jaitley said on Thursday that India was committed to investing in Nepal’s key sectors like hydropower and irrigation besides connecting the landlocked country to its rail network.

Jaitley, who arrived in Kathmandu on Thursday, said, “Investment is essential for the improvement of quality of life of the people and to generate employment.”

India had adopted the policy of economic liberalisation in 1991 and after 26 years, it is reaping its benefits in the form of higher economic growth, Jaitley said, while delivering the keynote address at the Nepal Investment Summit.

“Hard working people of Nepal and the government’s positive policy framework are great opportunity for investment,” he said.

Jaitley said India was committed to partnering Nepal in its aspirations for growth and invest in the hydropower, irrigation, health and education sectors, transmission lines, roads and bridges, etc.

He also said India was committed to connecting Nepal to India’s rail network.

Jaitley’s remarks on connecting Nepal with India’s rail network assume significance after last month Railway Minister Suresh Prabhu, while visiting the Himalayan nation, had said India was keen on linking Nepal’s capital with New Delhi and Kolkata through a railway network in a bid to strengthen cross-border connectivity.

“Nepal, with its abundant natural resources and rich human resources, has a great potential for attaining economic development,” Jailtey noted.

He said Indian investors were very much interested in making investment in various sectors in Nepal.

“Investment is essential for the improvement of quality of life of the people and to generate employment,” he said in his address at the two-day summit that began on Thursday.

Jaitley also called on Nepal’s Prime Minister Prachanda and President Bidya Devi Bhandari. Jaitley’s Nepalese counterpart Krishna Bahadur Mahara later hosted him for dinner.