The third Nepal Investment Summit concluded on Monday with the major parties appealing with foreign investors to increase investment in Nepal.

Addressing the closing ceremony of the summit, KP Sharma Oli, chair of the ruling coalition partner CPN-UML, said that his party is determined to create a conducive environment and carry out legal facilitation for the prosperity of the country. Oli also stated that his party is fully in favour of the amended laws’ efficient execution as well as establishing favourable conditions for the encouragement of both domestic and foreign investments in Nepal.

Oli added that the investment summit is a suitable occasion for fostering greater collaboration between the political parties of Nepal and development partners. Recalling the second investment summit held in 2019 when he was the prime minister, Oli emphasised that his government’s objective was to inspire the investors so its motto—“Prosperous Nepal, Happy Nepali”—was realised.

“At that time too we had amended various laws and resolved labour disputes,” Oli said. “Our party will also play a role in implementing the suggestions of this summit.”

President Ramchandra Paudel on Sunday issued the ordinance amending some Nepal acts related to investment facilitation on the recommendation of the government.

As part of the effort to facilitate the investors, the Cabinet amended eight laws related to business and investment before the summit.

Oli also said that the current government led by Prime Minister Pushpa Kamal Dahal has moved forward with a clear blueprint for effective work.

Suryaraj Achraya, an expert on infrastructure and development, says that no matter what political leaders say in the investment summit, it should be analysed from two angles.

“It is positive to reassure investors that the political changes in the country won't impact the continuity in the policy that the government takes,” Acharya told the Post. “But the success and failure of this summit will be determined by the investment we secure in the days to come.”

Meanwhile, Finance Minister Barsha Man Pun, who conducted meetings on the sidelines of the event with representatives from the World Bank, Asian Development Bank, International Monetary Fund, and United Nations Development Programme, and ambassadors from various countries who attended the summit, declared the third Nepal Investment Summit a ‘resounding success.’

Minister Pun attributed the successful outcome of the summit to the active involvement of investors, development partners, and other relevant parties. “Noteworthy involvement of all the sectors has been crucial for the success of the event,” Pun said.

He said that this kind of interaction highlights Nepal’s prospect as a leading global investment hub. Pun vowed to enhance cooperation with development partners in the future.

The opening session of the investment conference was addressed by Sher Bahadur Deuba, the leader of the main opposition party Nepali Congress, while the closing session was addressed by CPN-UML chair Oli, the leader of the largest party in the ruling coalition.

Addressing the inaugural session of the summit on Sunday, Nepali Congress President Deuba also presented Nepal as a country with a great potential for development. Deuba also acknowledged that Nepal lacks sufficient capital and appropriate technology for desired development. Presenting Nepal as an attractive investment destination, Deuba had appealed with foreigners to invest in Nepal.

Deuba further said that all major Nepali parties are committed to uniting to promote foreign investment and have a consensus on major investment issues of the country.

While airing his views at the opening ceremony of the summit, Prime Minister Dahal had reassured investors of the government's liberal investment policies. The prime minister also presented Nepal as a suitable destination for the investment.

While the government had earlier vowed to hold an investment summit every two years, the third investment conference was held after a gap of five years. Nepal held the first investment summit in 2017 and the second in 2019. However, Finance Minister Pun in a conversation with the Post said that the government was unable to hold the third summit in time due to COVID-19 and other reasons.