Industry Minister Nabindra Raj Joshi on Tuesday called on ambassadors and other members of the diplomatic corps in Kathmandu to promote international investment in the country.

Organising an interaction programme at the ministry, Joshi told them about the Nepal Investment Summit 2017 they were planning to hold from March 2-3.

Foreign investment is safe in Nepal as the political and policy environments are on the right track, and investors will have no problems here, Joshi told diplomats from Japan, the US, Sweden, South Africa, Myanmar, New Zealand, Thailand and other countries.

Stating that the major agenda of all the political parties was economic development after the promulgation of the new constitution, Joshi said his ministry was ready to assure foreign investors about the safety of their investment.

“Following the endorsement of a couple of acts and a few others on the way, government policies have become more investment friendly,” said Joshi.

“The situation has changed now, and this message must be spread among potential investors outside the country to win their confidence.”

The government has recently passed the Industrial Enterprises Act and Special Economic Zone Act. Currently, it is working to introduce the Foreign Investment and Technology Transfer Act, Intellectual Property Rights Act and Company Act.

Joshi said that these acts would be endorsed before the summit to assure the international business community that the Nepal government was working to create an appropriate environment to attract foreign investors.

“These acts will ensure easy registration of companies, special facilities for investors and security for foreign investments,” he added. In a bid to create more jobs, the government has prioritized the establishment of manufacturing industries, Joshi said.

Diplomats who spoke at the programme stressed the need for policy stability to attract foreign investment, and asked the government to guarantee that there would be consistency.

“The government needs to convey the message to the international business community that although there may be political instability and frequent government changes, there is policy stability and a common vision for economic development,” said Michael C Gonzales, deputy chief of mission at the US Embassy.

“Before deciding to come to Kathmandu for this summit, any business person will think whether the time and money they are investing is worth it or not.”

Likewise, diplomats urged the government to expedite the Labour Act.   

The ministry is organising the summit in association with Investment Board Nepal where investors from all over the world will be briefed about the improved investment climate in Nepal.

The government will request various large multinational companies and global business leaders to participate in the summit. It expects at least 300 foreign investors to take part in the event.