No double digit growth without NRNs: PM
KATHMANDU, OCT 13 -
Prime Minister Baburam Bhattarai has said that the double-digit economic growth the government has promised will not be possible without the support of non-resident Nepalis ( NRN s) and foreign direct investment (FDI). He urged NRN s to bring advanced technology and large investments.
Addressing a ceremony organised to mark NRN Day 2012 on Thursday, PM Bhattarai said that domestic resources were insufficient to invest in projects that help achieve economic growth. “We are doing the final preparation to make 50 projects attractive for investment,” he added.
This year, NRN Day was marked with the theme “Foreign Employment — Opportunities and Way Forward”. On the occasion, NRN s announced charity projects related to health and education in five development regions in the country. NRN s have been investing in different sectors including education, health, banking, telecom, hydropower, tourism, media and garment. Recently, they have also registered a company, NRN Investment Limited, to promote investment in Nepal coinciding with Nepal Investment Year 2012-13.
Jiba Lamichhane, president of the Non-Resident Nepali Association ( NRN A), said that as the government had fixed the minimum investment at Rs 5 billion for FDI, they had established a company to collect resources for investment. “Our investments in education and health have increased, and our friends Bhagwan Bhatta has investments in BB Airways and Shesh Ghale has announced investing in a five-star hotel here,” he said.
NRN s have said they are also inte-rested in investing in infrastructure projects in cooperation with the private sector. “We are working closely with the private sector here to invest in the Kathmandu-Hetauda Tunnel Highway through Nepal Purbadhar Bikas Company, and there is also a plan to invest in the hydropower sector jointly,” said Lamichhane.
Meanwhile, NRN s have planned to build a 100 MW hydroelectric project. The scheme has received an enthusiastic response from NRN s across the globe, and an initial fund of Rs 200 million was collected within a few days of the announcement last month in Australia. Founding president of the NRN A Upendra Mahato has pledged to invest at least 50 percent of the total cost of the hydro project.
Mahato said that the country lagged behind in financial and intellectual investments even though there were opportunities. He said that if locals and NRN s make investments with an open heart, the country can progress to be a developed country within the next 10 years. Mahato had also demanded that the government continue the dual citizenship provision for NRN s as it had become a necessity for Nepal rather than for Nepalis living abroad.
Source: The Kathmandu Post
