NRN DAY Call For Investment

Although some NRNs living in different parts of the world started to invest in Nepal, the amount is still too little<br>A CORRESSPODENT

Oct. 19, 2012, 5:45 p.m. Published in Magazine Issue: Vol.: 06 No.-09 Oct. 19 -2012 (Kartik 03, 2069)<br>

After uniting all the Nepalese living in different parts of the world and coming to invest in Nepal in various sectors, founding chair of NRN Association Upendra Mahato has shown where NRN can contribute to uplift Nepal by using their expertise.

 

The current president of NRN Association Jiba Lamichhane too is generous to invest in Nepal, whatever the resources he has. However, NRN’s role in Nepal’s economic development is yet to be fully utilized for the benefit of Nepal and Nepalese people.

 


When Mahato started to unite non-residential Nepalese living in various parts of the world, nobody imagined that this group of people can be a real asset for the country and they can genuinely contribute to Nepal’s economy.

 


Thanks to the initiative of Mahato and his colleagues, including Lamichane in Russia, there are very nominal investments from other NRNs. However, things seem to be changing now. This year, Nepal is expected to see investment of Rs 6.41 billion in the tourism sector soon from a non-resident Nepali (NRN).

 

On the NRN day, Shesh Ghale, an NRN based in Australia, formally announced his decision to make an investment of 75 million Australian dollars (approximately Rs 6.41 billion) in Nepal. “The money would be used to set up a five-star hotel in Kathmandu," Ghale told an audience present during the inaugural session of NRN Day 2012. Ghale said the construction of the hotel will begin from next year and will complete within the next three to three-and-a-half years.

 


Russia based NRNs have already invested in telecom, hydropower and banking sectors.  In a recent interaction in Russian Culture Center, former president of NRN Mahato said Nepal can lure a lot of investors from Russia. “Russia is a rich country and we can bring a lot of investment from there,” said Mahato. “We are working to facilitate them.”

 


“As the president of NRNs based in Russia, I also see a lot of possibility to bring Russian investment in Nepal particularly in agriculture, hydropower and construction sector,” said Lamichane.

 


“NRN community needs to invest in the country. Of course there are problems but we should be optimistic and keep pushing for new investments in the country," said Suraj Vaidya, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI)

 


The community of NRNs, which is scattered all over the world, has long been asking political parties to resolve the political impasse that has hindered all development activities and discouraged potential investors from making new investments in the country.

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