Nepal attracts $13.52 bn in investment pledges

NIF

KATHMANDU: A total of $13.52 billion dollars have been pledged in foreign investment during the Nepal Investment Summit, biggest investment summit in Nepal, held in the Capital on March 2-3.

According to the Investment Board of Nepal (IBN), the Chinese delegation, which had the largest number of investors, committed foreign direct investment (FDI) of $8.2 billion in the two-day event.

Bangladesh has committed to invest $2.4 billion, Japan and UK each pledged $1 billion, Sri Lanka $500 million and India $317 million.

While local businessmen committed to invest $11.5 million during the Summit.

The Chinese investment pledge is 61% of total pledged amount during the event.

Chief Executive Officer of IBN Maha Prasad Adhikari said that they were encouraged by FDI pledges from the Chinese investors along with their participation in the event.

“They have resources and technology and receiving largest investment pledge from there is natural,” he told Xinhua.

Of 16 companies that signed letter of intent pledging investments in Nepal during the event, six are from China, the most from one single country. Among the Chinese investors, China Machinery Engineering Corporation pledged $3 billion for hydropower, hospital and Kathmandu Metro, being the largest investment pledge from single company at the summit.

China State Construction and Engineering Co, CTCE Group, Sichuan Wanping Energy Science and Technology, Wuling Power Corporation and Sichuan Boxing Country Wanping Mining are other Chinese companies making investment commitments. Three companies from India, one each from Japan, the United Kingdom and Sri Lanka and three companies from Nepal also pledged investments during the event, according to IBN.

Nepalese Industry Minister Nabindra Raj Joshi termed the event a great success. “Now I will personally keep following up with the investors and facilitate them to ensure that they invest here as per the commitment,” he said.

“The summit has sent a message that Nepal is free from political turbulences and has investment-friendly environment,” he added.