THE Nepalese President, Mr Bidya Devi Bhandari, yesterday invited the Indian Industry to Nepal. She highlighted the economic transformation that the country was undertaking which was opening up newer areas of investment. The Interactive Session was organized by the Confederation of Indian Industry (CII) in cooperation with Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Federation of Indian Chambers of Commerce and Industry (FICCI).
The President of Nepal stated that her country was giving priority to economic growth and was committed to attract investment into the country. She highlighted that the Nepalese Government has unveiled a package of measures aimed at attracting FDI into the country. These include the reduction of tariffs, development of trade related infrastructure and simplification of the tax regime. She stated that there was no distinction between an Indian and a Nepalese investor.
She highlighted that India and Nepal had signed the Bilateral Investment Promotion and Protection Agreement (BIPPA) - which she stated was under consideration by the Nepal Government for ratification. The Double Taxation Avoidance Agreement, has been signed as well, she stated.
She invited Indian industry to participate in sectors such as promoting cross-border connectivity, education and skill development, religious and cultural tourism and clean energy, among others.
In his address, Gen. (Dr) V K Singh, Minister of State for External Affairs, Government of India, stated that the India - Nepal relationship could not be defined in words. He stated that India - over the course of its economic development process - had developed technology which it felt would come in useful for Nepal as it pursues its own development process. He offered to share that technology with Nepal.