Kathmandu: Deputy Prime Minister and Home Minister Narayan Kaji Shrestha has emphasized Nepal's commitment to promoting and protecting foreign direct investment (FDI) by significantly improving its investment regime.

Speaking at the Opening Ceremony of the 19th Western China International Fair in Chengdu, China, he highlighted Nepal's business-friendly policies and reforms that encourage and safeguard FDI. Shrestha mentioned that Nepal offers favorable conditions for investment in various sectors such as hydropower, industrial manufacturing, infrastructure development, tourism, agriculture, minerals, and mining.

Following the historical peace process, democratic political changes, establishment of a republic, socialism-oriented inclusive democracy, and the promulgation of a new constitution, Nepal is now focused on economic development and prosperity. To achieve these goals, the country seeks international cooperation, including attracting FDI.

Shrestha emphasized that Nepal's laws allow full repatriation of income from investments, permit foreign companies to purchase, own, and sell land, and ensure no discrimination between national and foreign investors. The availability of a cost-effective workforce, reformed labor laws, improved industrial relations, and simplified procedures through the one-stop service further enhance Nepal's competitiveness for business.

Shrestha encouraged Chinese and international businesspeople to explore the investment opportunities available in Nepal. He also invited them to experience Nepal's natural beauty, cultural diversity, and adventurous tourism products firsthand, particularly the breathtaking views of the majestic Himalayas on the journey from Chengdu to Kathmandu.

The Deputy Prime Minister praised the Western China International Fair as a comprehensive platform for exchanging ideas, promoting trade, leveraging technology, seeking investment opportunities, showcasing products and potentials, and fostering global peace, harmony, and cooperation.

Recognizing China's advancements in socio-economic development, technological progress, and its goal of becoming a fully developed, strong, and culturally advanced modern socialist nation by 2049, Shrestha appreciated China's positive and constructive role in supporting the growth and prosperity of developing countries. He highlighted the enduring friendship and close ties between Nepal and China, emphasizing their mutual support for sovereignty, territorial integrity, and national independence. Nepal upholds the One China policy and ensures its territory does not pose a threat to China or any neighboring country's core interests.

To deepen the age-old friendly relations and cooperation, Nepal and China have elevated their bilateral relations to a Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity. They are also working together to enhance connectivity through the Trans-Himalayan Multi-Dimensional Connectivity Network under the Belt and Road Initiative.

Shrestha praised the Western China International Fair for its importance to Nepal, as it offers opportunities to promote Nepali products internationally, enhance people-to-people exchanges, and strengthen ties with Sichuan Province, which shares historical connections, geographical similarities, natural beauty, and cultural affinity with Nepal.

The Deputy Prime Minister expressed confidence that the development journey of western China, including Sichuan Province and Tibet Autonomous Region, will provide significant opportunities for Nepal in trade, investment, tourism, technology transfer, connectivity, and cultural exchanges. He wished for the grand success of the 19th Western China International Fair, highlighting the potential benefits it can bring to Nepal.