Himal Press 
KATHMANDU: Stakeholders have suggested implementing legal and structural reforms to attract foreign investment in Nepal.
Various speakers at the ‘International Conference on Financial Investment for Nepal’ held in Kathmandu on Friday underlined the need to focus on developing investable projects with robust legal frameworks to encourage foreign investment in Nepal.
Teresa Daban Sanchez, the International Monetary Fund (IMF) resident representative for Nepal, has called for significant reforms in Nepal’s legal structure. “There is a need to change the import-based revenue system for a sustainable economy. For that, Nepal needs to invest in productive sectors,” Sanchez said. She also said Nepal needs to place special emphasis on enhancing project implementation capacity and implementing policy reforms to attract foreign investment.
Similarly, Jan Hansen, Principal Economist of the Asian Development Bank, said Nepal should take a tech-friendly approach to foster an investment-friendly environment in the country. Hansen suggested Nepal to focus on developing diverse investable projects tailored to the local level to attract investments. He emphasized the significance of mutual cooperation in identifying investment areas, stating that investment climate can be created through the collaboration of public and private sectors.
Likewise, Saroj Nepal, the national program coordinator of the United Nations Capital Development Fund, said although there were numerous projects at the federal, provincial, and local levels, it is difficult to find investable projects. Stating that foreign investment can be attracted only if there are investable projects, he called on the government to put special emphasis on the creation of investable projects.
Also speaking on the occasion, John Murton, the senior advisor on sustainability at Standard Chartered Bank UK, said Nepal should prioritize environment-friendly investments to accomplish its goals of becoming a middle-income country by 2030 and achieving zero carbon emissions by 2045. “In order to attract foreign investment, Nepal should tap into the rapidly developing economies of India and China,” he said, suggesting to focus on implementing policy reforms that would create an attractive investment-friendly environment.
Nepal Rastra Bank Governor, Maha Prasad Adhikari, expressed confidence in Nepal’s ability to create an investment-friendly environment. Adhikari said international banks and financial institutions were showing interest to invest in Nepal. He expressed hope that the conference would convey the message that Nepal offers an attractive investment climate.
