Amidst the backdrop of recent political developments in the country, Finance Minister Barshaman Pun’s assurance on Thursday that the planned Nepal Investment Summit-2024 will remain unaffected is a welcome announcement and commitment for the larger interest of the country. The upcoming summit, scheduled for April 28-29 in Kathmandu, holds huge significance, with the government preparing to finalize agreements for four groundbreaking projects totaling Rs 301.18 billion. It is imperative that recent political developments with Prime Minister Pushpa Kamal Dahal reconstituting his cabinet following the alliance with CPN-UML do not derail the carefully laid plans for this crucial economic event. Finance Minister Pun’s commitment, expressed during a meeting with bankers, sends a positive signal. He emphasized that the shift in government would not lead to any slackness in the preparations for the summit. We welcome his commitment to hold the summit as planned and bring about foreign investment for Nepal’s development and prosperity.
It may be recalled that previous investment summits faced challenges in attracting Foreign Direct Investment (FDI) due to various reasons. Any hesitation caused by political changes months before the Summit could risk repeating history. The assurance of Finance Minister Pun to hold the Summit comes at a time when the formation of a new cabinet has cast doubts on the summit’s effectiveness, as it will need to secure a vote of confidence within the next month. It is, however, important to note that outgoing Finance Minister Prakash Sharan Mahat and his team have diligently worked on the necessary groundwork for the investment summit, including revising over a dozen laws to create an environment conducive to potential investments. With 125 projects shortlisted by consultants and various government agencies, preparations are already underway to study their viability. The highlighted projects, such as the Nepal-China Friendly Industrial Park, Upper Marsyangdi-2 Hydropower Project, grid-connected solar projects in Banke and Kapilvastu districts, and the expansion of Dabur Nepal’s production capacity, underscore the significance of the summit. These ventures, with agreements nearly ready to be signed, can give a significant boost to Nepal’s economic landscape.
The investment summit is not merely an economic event; it is a unique opportunity to showcase Nepal’s potential projects for global investment. In light of the prevailing challenges, Nepal cannot afford to lose this opportunity. The country’s strategy for survival is increasingly intertwined with its economic development. The ongoing exodus of youths in search of better opportunities and permanent settlements abroad is a stark reminder of the stakes involved. As the investment summit becomes a linchpin for change, it is imperative that political shifts do not hinder the progress already made. The government’s commitment, coupled with the reassurances from Investment Board of Nepal (IBN), should instill confidence in stakeholders and investors alike. Nepal must seize this moment to forge a path toward economic prosperity and stem the ever increasing tide of its youths leaving for greener pastures. The success of the Nepal Investment Summit-2024 is not just an economic imperative; it is a pivotal moment for the nation’s future.
