Kathmandu: Nepal's Finance Minister, Dr. Prakash Sharan Mahat, underscored the indispensable need for foreign investment in Nepal to secure the necessary financial resources for the country's economic prosperity and transformation. Speaking at a high-level investment conference hosted by the Nepali Embassy in London, the Minister emphasized the crucial role that foreign investment plays in Nepal's economic development.

The event took place at the historic Mansion House in the City of London, marking the centenary of the friendship treaty between Nepal and the United Kingdom, signed in 1923.

Minister Mahat highlighted the efforts of the Nepal government in enacting legal reforms, creating an investment-friendly environment, and introducing initiatives for reforms and investor facilitation in the current fiscal budget. He emphasized that the necessary legal infrastructure has been established to mobilize capital through international financial markets, expressing optimism about the growth of UK investment in Nepal.

Nepal's Ambassador to the UK, Gyanchandra Acharya, envisioned UK investment in Nepal, with a particular focus on renewable energy, information technology, education, and tourism. He discussed Nepal's bilateral agreement with India for power trade and its plans to supply power to Bangladesh, underscoring the potential for Nepal to contribute to climate change goals in South Asia.

City of London's Alderman and Sheriff, Bronec Masojada, pledged support for Nepal's sustainable development, and UK Foreign and Commonwealth Director Ben Mellor highlighted increasing investments from the British International Investment in various sectors of Nepal, aiming to help elevate Nepal from a least developed country to a developing country.

Virendra Sharma, the President of the UK-Nepal Parliamentary Group in the UK Parliament, emphasized Nepal's historic relations with the United States and the substantial investment potential in various sectors. UK Expert Finance Chief Executive Officer, Tim Reid, expressed their readiness to invest up to 1.5 billion pounds in Nepal.

The conference primarily focused on attracting investment into Nepal, particularly in renewable energy, information technology, and education sectors. Panel discussions centered on these themes, providing insights into available opportunities in Nepal.

Bam Bahadur Mishra, Deputy Governor of the Nepal Rastra Bank (NRB), assured investors that NRB is committed to simplifying the profit repatriation process for foreign companies investing in Nepal.

Amrit Lamsal, Joint Secretary of the Investment Board Nepal, discussed investment opportunities in various sectors, emphasizing the board's dedication to facilitating investors from foreign direct investment approval to project implementation.

Sandeep Dev, Joint Secretary at the Ministry of Energy, Water Resources, and Irrigation, presented insights into the energy sector in Nepal, especially in hydroelectricity projects and agreements on power development and trade with India and China. He highlighted the need for substantial capital investments in these areas.

Ganesh Karki, President of the Independent Power Producers' Association, Nepal (IPPAN), provided information on investment opportunities in hydropower and renewable energy projects in Nepal, encouraging responsible investment in the country.

Colin Berkley, Managing Director of British International Investment, and Tim Gochar, Founder and Chief Executive Officer of Dolma Impact Fund, shared their successful investment experiences in Nepal.

Furthermore, a memorandum of understanding was reached on facilitating development finance institutions in Nepal between the Government of Nepal, the Ministry of Finance, and six development financing institutions, including British International Investment (UK), FMO (the Netherlands), BIO (Belgium), Finnfund (Finland), Proparco (France), and Saipem (Switzerland).

Finance Minister Dr. Mahat also held discussions with GP Hinduja, the Chairman of the Hinduja Group of Industries, regarding investment opportunities in Nepal. The conference was attended by around 100 participants, including British bankers, private investors, insurance companies, representatives of development financing institutions, and trade ministries from various European countries, as well as members of the Nepali diaspora and British companies investing in Nepal.