Minister for Industry, Commerce and Supplies Matrika Prasad Yadav addressed the LDCs Ministerial and Business Executive Roundtable in Geneva on 24 October and shared the latest strategies and measures taken by the Government for creating conducive environment for foreign investment in Nepal.
Minister Yadav highlighted that Nepal’s political stability after the formation of a two-third majority government under the new federal democratic constitution has brought economic development at the centre-stage and, in that respect, has adopted an overarching objective of achieving ‘Prosperous Nepal, Happy Nepali’. He informed that Nepal has achieved an economic growth rate of 7.4% last year, fostering investment friendly environment in the country.
Minister encouraged investors to come to Nepal to realize the potentials of a country that can enjoy the duty free market access facilities granted to LDCs, and lies between the two growth poles of the world. He conveyed that the government is coming up with a number of and policies strategies for realizing more investments in the priority sectors such as hydropower, infrastructure, tourism, agriculture, mining and industrial ventures.
Prior to the Ministerial roundtable Minister Yadav had a meeting with Dr. Mukhisa Kituyi, Secretary General of United Nations Conference on Trade and Development (UNCTAD). In the meeting, Minister appreciated the technical support from UNCTAD to carry out study reports and strategic interventions such as Investment policy review, e-trade readiness assessment and customs modernization through ASYCUDA.
Minister Yadav also requested support for capacity building, particularly in entrepreneurship development and promotion of small and medium-sized enterprises (SMES). Dr. Kituyi expressed the commitment of UNCTAD in supporting LDCs like Nepal in developing women and youth entrepreneurship development and other priority sectors.
Present in the occasions were Yam Kumari Khatiwada, Secretary for Industries; Deepak Dhital, Ambassador and Permanent Representative of Nepal to the United Nations and other International organizations, Ravi Kiran Yadav, Personal Assistant of Minister, as well as Tirtha Raj Wagle, Minister/DPR and Bhuwan Paudel, Second Secretary of the Permanent Mission.
Earlier, on 23 October 2018, Minister Yadav also had a meeting with Director General Mr. Francis Gurry of the World Intellectual Property Organization (WIPO) and exchanged views on the existing and potential cooperation between WIPO and Nepal. Matters related to policy and institutional development of Nepal in intellectual property rights protection and promotion were discussed during the meeting.