Bharat Kumar Regmi, Charge d’Affairs, Embassy of Nepal recently said that it was an opportune time to invest in Nepal with bilateral trade on the upswing and assured Indian industry that the Nepal Government would provide all possible support to investors.
Regmi was speaking in Mumbai at a seminar on ‘Indo-Nepal Trade and Investment Opportunities’ organised by FICCI in partnership with the Embassy of Nepal in New Delhi to identify and promote emerging business opportunities between the two countries in potential areas of cooperation. The interactive seminar was driven by FICCI’s commitment to drive a deeper engagement process with Nepal to strengthen bilateral economic relations between India and Nepal. FICCI has been collaborating extensively with key stakeholders in the Government of Nepal, their respective diplomatic missions in New Delhi and Kathmandu, academia, as well as with its MoU partners in Nepal – the Federation of Nepal Chambers of Commerce and Industry and Confederation of Nepalese Industries towards greater engagement.
Regmi said investors would get all possible support in the realm of tax structure, special rights and exemptions, redressal of single window grievances, availability of cheap labour and local infrastructure. Bilateral trade between India and Nepal has grown from US$ 3631.94 million in 2012-13 to US$ 5892.72 million in 2016-17 and Nepal is keen that Indian businesses invest on a large scale, especially at a time when the Himalayan Kingdom is witnessing the last leg of the transitional period.
Krishna Hari Pushkar, Minister-Economic, Embassy of Nepal, outlined the expanding business opportunities in Nepal in hydro-power, infrastructure, tourism, agro-based industries, health, mining and minerals, education, IT, manufacturing, construction.
Addressing the gathering, the Cultural Counsellor from the Nepal Embassy, Krishna Prasad Pantha, highlighted the need to strengthen people-to-people links between the two countries and deepen the multi-cultural relations between India and Nepal.
Manoj Patodia, National Executive Member of FICCI and Vice Chairman and Managing Director, Prime Urban Development India Ltd. said that there was considerable potential to enhance bilateral trade by addressing infrastructural deficiencies, trade restrictive measures as well as by adopting trade facilitation measures for easier market access to agricultural and industrial products.
Responding to a wide range of questions on issues ranging from investment protection, government policies, ease of doing business and tax holidays, the representatives from Nepal Embassy pointed out the growing business interests and extended unconditional support to Indian businessmen for expanding their footprints in Nepal.