Nepal President Bidya Devi Bhandari today asked captains of Indian industry to take full advantage of the improved investment climate and simplified tax regime of the Himalayan nation, especially in sectors like hydropower, clean technologies and agro-processing. Addressing representatives of India Inc, she said Nepal is in the process of ratifying a Bilateral Investment Promotion and Protection Agreement which will provide more comfort to investors, asserting that incentives offered by Nepal are no less attractive than in many other countries. Pointing out that for Nepal India remains the largest trading partner, the Nepalese president said that more trade and transit classification measures are essential to address the trade imbalance between the two neighbours.
“Our is a virgin land for investments. Location of Nepal in the middle of two thriving economies of the world (India and China) offers a great advantage to potential investors,” Bhandari said at the conference organised by business chambers CII, Ficci and Assocham. She said the Nepalese government was committed to providing a climate conducive to investments and ensuring that processes have been streamlined and made business friendly. “A prosperous Nepal will also be in the interest of our neighbourhood and beyond,” the Nepalese president said.
Besides, Minister of Foreign Affairs of Nepal Prakash Sharan Mahat said the Himalayan nation has huge untapped potential in hydropower, agro-processing and tourism. “We want to see that trade between the two countries works very smoothly without any glitches,” he said, pitching for improved infrastructure at the Indo-Nepal border.