October 16, 2017
The President of Nepal Bidya Devi Bhandari called on the Non-Resident Nepali (NRN) community to invest and play a key role in the country’s overall development.
“Following the promulgation of the constitution, Nepal is entering a phase of economic development and Non-Resident Nepal Association (NRNA) should be a part of it. There is favorable atmosphere for investment in tourism, hydropower, education, health and infrastructure in Nepal,” said the President on October 14, 2017.
Bhandari stated this in her inaugural address at the ‘8th NRN Global Conference and NRNA International Assembly, currently being held in Kathmandu.
Highlighting Nepal’s potential in education, hydropower, tourism and manufacturing, among other sectors, the President said, “This is the appropriate time for NRNs to make contribution by bringing in investment, skill and technology.”
The President also appreciated the non-resident Nepali community’s contribution to relief, rescue and reconstruction measures post the 2015 earthquake, landslides and recent floods in August 2017 that hit the country very badly.
Meanwhile, the Deputy Prime Minister and Minister for Foreign Affairs Krishna Bahadur Mahara called on the community to play a key role in exploring and expanding markets for trade abroad.
“The knowledge, skills and capital gained abroad should serve as the catalyst for Nepal’s development,” said Mahara.
The event, being held from October 14-17, 2017, has brought together 70,000 Nepalis living in 77 countries and is witnessing a participation of more than 2,000 delegates.
The new NRNA leadership for the upcoming two-year period will also be announced at this four-day event.
Right Time for Investment
In her address, Bhawani Rana, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) also termed this as the right time for investment in Nepal.
Citing key happenings such as local elections, amendments to key provisions such as company and labor acts Rana said, “These developments have reduced the cost of doing business in the country. This is the right time for the investment.”
“Investing for the prosperity of Nepal by utilizing the hard-earned capital and skills abroad was one of the prime objectives of NRNA,” Shesh Ghale, NRNA President said in his address.
Pitch for Rise in NRN’s Investment
Addressing a plenary meeting titled ‘Nepal Vision 2030 and NRNA’s Role’, post the inaugural session, Swarnim Wagle, Vice-Chairman of National Planning Commission of Nepal sought a phenomenal rise in NRN’s investment above the existing level.
A 2015 survey, commissioned by NRNA and undertaken by the Society of Economic Journalists-Nepal (SEJON), puts NRNs’ investment in Nepal at Rs 29.85 billion across the country’s nine districts and also highlights their 67 business ventures that generated employment to 8,276 Nepali citizens.
The survey reports around three-fifth of NRNs’ investment in Nepal in the services sector alone. However, the NRNA President Ghale says the actual investment would be higher than the surveyed figure and is spread across the 75 districts of the country.