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Oli invites Indian investors, ensures safety and profit

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NEW DELHI — Prime Minister KP Sharma Oli has sought investments from Indian businesses saying Nepal was committed to bring visible changes in the country by fostering bilateral economic engagements with India with investor-friendly environment and incentives for industries.

Oli expressed so during his address to businesspersons at a program organized by Federation of Indian Chamber of Commerce and Industries in New Delhi.

Attending the first official programme upon arrival at the administrative capital of India, Prime Minister KP Sharma Oli, at an interaction with representatives of Indian business community, PM Oli shared that with a successful political changes, the country was looking into economic transformation to ensure a ‘Prosperous Nepal and Happy Nepalis’.

“I would like to take this opportunity to invite our friends to Nepal and assess the changed business environment. We want to work jointly with our Indian friends on our way to prosperity. We aspire to stand as a developing country and graduate from our LDC status at the earliest. Our motto is Prosperous Nepal, Happy Nepal.”

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At the India-Nepal Business Forum, the Prime Minister briefly spoke on the need for business community to get a clear picture on the current changed situation of trade and commerce in Nepal and further made a request to change their perception on investing in the Nepali market.

He said areas such as infrastructure, tourism, power, agriculture and IT hold huge opportunities for investors.

Nepal has a strong government at the centre, and stable government gives stability and continuity in policy regime, he said here at the India-Nepal Business Forum meet organised by industry chambers, including CII.

Law and order situation has improved and this means Nepal is safe for foreign investment, he said, adding that the country need massive investments in every sector.

The prime minister said investment in any sector is highly profitable in Nepal and it also provides huge market for investors.”Investors always looks for market. Look at Nepal’s position. For us, market is not a problem, (but) production is a problem. It is lying between two vibrant economic powers with huge population of the world — India and China. That assure you of a promising market of 2.5 billion people,” he said.

Saying that Nepal enjoys duty-free access to European markets Oli said, “We are ready to listen to you. Your advises and suggestions. You have invested across the globe, so why not to go to the next door Nepal. Geographical proximity, easy access and cultural similarities are all there to make you feel good about Nepal. Seize the opportunity.”

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Talking about policies, he said the country has enacted laws and reforms for foreign investments and they are committed to provide a liberal economy and polices.

“We have favourable fiscal environment. We have low tax slabs, no income tax on dividends and export earnings and tax holidays for certain industries,” he added.

He also stated that foreign companies register in Nepal can purchase, own and sell land and there is no discrimination between nationl and foreign investors.

Talking about sectors that holds opportunities, he said power, manufacturing, IT, agro based industries and tourism are the areas where investments can be profitable.

“All sectors open for investment. We are eager to work together with business community of India. I would request you to come to Nepal and invest,” he added.

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Govt, transport entrepreneurs strike eight-point agreement

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KATHMANDU — The government and agitating transport entrepreneurs have stroked an eight-point agreement on Friday.

The government has also agreed to amend provisions of the new Criminal Code as demanded by the transport entrepreneurs.

With the agreement, the agitating transport entrepreneurs have called off their protest programs after the government agreed to address their demands.

Tanker transport entrepreneurs had been staging protest since Tuesday against provisions in the penal code, including 10-year imprisonment for accidents and life imprisonment for causing death.

Following the agreement, the ongoing fuel supply crisis is now expected to end.

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The entire country has been facing short of fuel due to the disruption of fuel supply after tanker drivers went on a strike to press for their demands.

Earlier today, after nation wide fuel shortage, the Nepal Oil Corporation has decided to start rationing of fuel citing depleting stock due to inadequate supply of petroleum products.

According to the NOC, a two-wheeler will be allowed to purchase 5 liters of petrol and light four-wheeler vehicle will be allowed to purchase 15 liters of petrol.

Likwise, the state oil monopoly has urged the petrol pumps to sell maximum 50 liters diesel to short-route vehicles and maximum 100 liters to long-route vehicles.

The NOC has also urged the fuel stations to prioritise ambulances, school buses and government vehicles while selling the fuel.

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