NRNs seek proactive role of government to attract investment

KATHMANDU:

Leaders of the Non-Resident Nepali (NRN) movement have sought a proactive role from the government in creating a conducive environment in the country to attract foreign and domestic investments.

Speaking during the NRN Day post-event session titled ‘NRN Investment in Nepal’, Jiba Lamichhane, immediate past president of Non-Resident Nepali Association (NRNA) said that the country has been losing huge opportunities as the government has been slow in setting up required infrastructures which are key for investment.

Citing an example of the 22 MW Sanima Mai Hydropower project, Lamichhane said that the project is all set to generate electricity but the government has yet to install transmission lines to evacuate power. “The nature of private investment is always profit oriented and the government needs to understand this realty,” he said, adding, “The Nepali diaspora is planning to collectively invest in 100 MW hydel project and they are seeking the government’s commitment to install transmission lines on time.”

There is another hydropower project — 27 MW Dordi Khola hydropower project in Lamjung district — which is being constructed on the initiative of the NRN community as well, Lamichhane informed. He also said that development of hydropower will foster investment opportunities in manufacturing and services sectors.

So far, the government has said it will install transmission lines for all hydropower projects by the time they are completed, which encouraged the investors to invest in hydropower projects.

Likewise, Founder President of NRNA Upendra Mahato has said that the government should have utilised the potentials of NRNs who are well equipped with not only financial resources but also with skill, knowledge and technology. “The NRN community is playing a catalytic role to attract investment in their country of origin,” Mahato said, adding, “They can fulfil the need of financing as per the government’s aim of graduating to a developing country by 2022, but the government should create a favourable environment to make investment happen.”

Addressing the session, Govinda Raj Pokharel, vice chairperson of National Planning Commission said that the country has to overcome infrastructure gaps to expedite economic growth. The country sorely lacks financing in infrastructures, where the NRN community can provide support to the government, he mentioned.

“An investment of $100 billion in mega infrastructure projects in the next seven years is necessary to remove infrastructure bottlenecks,” Pokharel said and expressed commitment that the government will soon address the issues raised by the NRN community. Saying that water resources, agriculture and tourism are inherent resources with tremendous potential, he urged NRNs to invest in these sectors.

Source: THT