Kathmandu: The third Nepal Investment Summit 2024 concluded on Monday after two days of extensive discussions and the signing of several significant agreements, marking a pivotal moment in Nepal's efforts to attract more investments.

The event, attended by over 1,400 participants, including domestic and foreign investors, policymakers, and business leaders, emphasized Nepal's potential as an attractive investment destination, according to Sushil Bhatta, CEO of Investment Board Nepal (IBN).

During the summit, approximately a dozen agreements were signed, focusing on advancing the concept of public-private partnerships (PPPs). Additionally, more than 30 foreign delegations held separate meetings with various ministries to explore investment opportunities in Nepal.

On the first day of the summit, three notable agreements were signed. One agreement involved collaboration between BLC Group Nepal and Yotta Data Services Private Limited India for the construction and operation of a data center. Another agreement was signed between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the National Chamber of Commerce, Malaysia, aiming to promote bilateral trade and investment. Additionally, the FNCCI signed a cooperation agreement with the Federation of Malaysian Manufacturers.

The second day witnessed the signing of several more agreements, including a bilateral cooperation agreement between the World Association of PPP Units and Professionals (WAPPP) and the Nepal Association of PPP Professionals and Practitioners (NAP) to promote PPP in Nepal. Furthermore, an agreement on cooperation in the hotel business was signed between Sakha Group of Nepal and Bor Group of Hotel China.

Moreover, two memorandums of understanding (MoUs) were signed to facilitate investment from Chinese companies through the private sector of Nepal. Additionally, an agreement was reached for Australian investment in a modern resort at Rara Lake area in Mugu district.

Furthermore, the Federation of Nepalese Industries and Commerce (FNIC) and the Indian Industries Association (IIA) signed an MoU to promote bilateral cooperation in investment, trade, and industrial development.

The summit also saw the approval of investment worth Rs 9.13 billion for various projects by the Department of Industry. Additionally, a system for foreign investment approval through the automatic route was inaugurated, streamlining the process for foreign investors.

Lastly, agreements were signed for operating remittance hydro power projects and facilitating trade and investment in the tourism sector with delegates from Croatia.

The conclusion of the summit signifies a significant step forward in Nepal's journey towards fostering a conducive environment for investment and economic growth.