Tuesday 23 / April / 2024
Muscat: The ambassador of Nepal to the Sultanate has called upon the world to look at the country’s investment opportunities as it looks to achieve the national motto of ‘Prosperous Nepal and Happy Nepali’.
A lunch programme on the theme ‘Investment Prospects in Nepal’ was held recently with Sarmila Parajuli Dhakal, Nepal’s Ambassador in Oman, explaining the possible investment opportunities.
The programme opened with the national anthems of the Sultanate of Oman and Nepal and the lighting of the traditional oil lamp jointly by the Nepalese ambassador along with the guest of honour, Eng. Ahmed bin Hassan Al-Dheeb, Undersecretary of Ministry of Commerce and Industry.
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Other official dignitaries included Sheikh Hilal Marhoon Al-Mamari, Head of West Asia Department, Ministry of Foreign Affairs, Dr. Yahya Abdulla Al Fannah, Head of Economy Sector, Ministry of Foreign Affairs, and Abdul Adhaim Al Bahraini, CEO of Oman Chamber of Commerce and Industry.
The ambassador began by highlighting the success of the Nepal Investment Summit 2019: “It hosted almost 800 delegates and more than 300 companies from 40 countries around the globe. It showcased 77 projects in agriculture, energy, education, and infrastructure in addition to the industrial sector. 16 MoUs for 15 projects were signed during the summit and applications for another 72 projects have already been received.”
“Over the decades tourism has been one of our biggest industries and it continues to hold huge potential for further development,” Dhakal added
Policy reforms
During her speech, Dhakal gave details about various legal, institutional and policy reforms undertaken by the Government of Nepal to create an investment- friendly environment. She urged people from all over the world to help progress socio-economic prosperity in Nepal.
“Nepal has reduced tariffs, has one of the lowest tax slabs and allows 100% repatriation of investment and profit,” Dhakal said.
The ambassador also revealed that Nepal has one of the lowest Corporate Income tax rates amongst its neighbouring countries and Residential Visas are granted directly to those who invest more than $100,000 in convertible currency.
“We, therefore, invite investment both from foreign governments and private sectors to contribute to the economic growth of Nepal.”
“With its vast geographical area and huge biodiversity- from the arable land just 80 metres above sea level to the top of the world, Mount Everest - Nepal offers immense potential for investment in the agricultural sector,” Dhakal said.
In addition to tourism as a profitable area of investment in Nepal, the sectors that are being highlighted are transport, manufacturing, infrastructure, minerals and mines, ICT, education, health, banking and finance.
Hydropower
“More than 42,000 MW of economically viable hydropower offers huge potential for investment in energy. This is a sector that is seen as having tremendous promise,” the ambassador said.
Around 55 people attended the programme including Ambassadors, Heads of Mission and some Economic and Trade Counsellors of the various embassies based in Muscat as well as special representatives from the Public Authority for Investment Promotion and Export Development (ITHRAA) and the State General Reserve Fund.
