Nepal explores investment opportunities in Sultanate
Nepal is seeking various investment opportunities in Oman’s energy sector as a way to improve bilateral trade and commerce relations and mutual understanding.
A delegation, headed by Shanker Das Bairagi, Foreign Secretary of Nepal, and Sarmila Parajuli Dhakal, Ambassador of Nepal to the Sultanate, had a meeting with Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, at his office on Sunday. During the meeting, both sides discussed ways to improve bilateral relations with a special focus on power, energy and oil and gas the details of which will be taken for further consultations, according to the Nepalese delegation.
“We held discussions on promoting bilateral cooperation, especially in the field of energy sector development and other industries of Nepal,” Shanker Das Bairagi told the Observer.
Bairagi also highlighted the opportunities available for foreign investors in Nepal, stating that Nepal has created a comprehensive and sound legal framework for attracting foreign investments. Recalling establishment of the Embassy of Nepal in Oman in 2013, he hoped that the Sultanate would also consider positively to establish a residential diplomatic mission in Nepal, reflecting the spirit of the evolving relationship between the two countries.
Receiving Bairagi, who is currently attending the regional ambassadors’ conference in the wake of the ‘Visit Nepal
Year 2020’ at Sheraton, Al Rumhy said Oman is positive on developing specific plans to invest in Nepal, including through joint ventures in collaboration with national and private investment agencies of other countries.
The bilateral trade relations between Oman and Nepal is highly in favour of the Sultanate as Nepal imports mainly organic compound, plate sheet, film, foil, strip of plastic, motor car and parts of accessories of motor vehicle. Nepal exports mainly carpets, knotted of wool or fine animal hair. According to the Department of Customs, Nepal exported items worth $8,275 and imported items of $16.7 (2018/19) from the Sultanate.
“There is high need of enhancing trade relations in the interest of both countries and in line with Nepal government to reduce trade export-import ratio to 1:10.5 by next five years,” he added.
There are a number of Mou’s on bilateral consultations, on air services, in the field of labour, avoidance of double taxation and the prevention of fiscal evasion taxes on income, visa exemption for diplomatic and official/service passports, tourism cooperation, and in cultural and museum fields.