Will keep exploring investment opportunities in Nepal: ITC
KATHMANDU, APR 08 -
ITC Limited, the parent company of Surya Nepal Pvt Ltd, has said it will keep exploring investment opportunities in Nepal, despite its Nepali venture facing several hurdles.
Sanjiv Puri, who heads the tobacco division of ITC, said his company was interested in investing in the tourism sector once industrial peace is established. ITC is considering setting up a business in Biratnagar, apart from establishing Surya Nepal’s cigarette manufacturing plant in Tanahun, according to Puri.
Surya Nepal shut down its garment unit in Biratnagar following labour problems last year.
Referring to labour problems in Nepal, Puri said it was normal at a time when the country itself is going through political and policy-related transition.
Puri was one of the members of the Confederation of Indian Industry (CII)’s CEOs Mission to Nepal that was recently here to take part in the International Trade Fair 2012.
“As Nepal has just gone through a massive political change, such hiccups are normal,” said Puri at a press meet organised by CII here on Saturday. “But we aren’t discouraged with the situation here and hope it will change for better soon.”
At the programme, members of the CEOs Mission to Nepal expressed their willingness to invest in Nepal, provided that an investment-friendly climate is created. They also expressed hope that peace and stability would be established in Nepal in the near future.
Addressing the press meet, B Muthuraman, president of CII and leader of the mission, said they were confident that Nepal would draw foreign investments from countries like India and China. “The biggest potential of this country is hydro, and it would attract investors from across the globe,” said Muthuraman.
Muthuraman, who is also the president of the Joint Economic Council of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and CII, said Indian businessmen were also willing to invest in Nepal’s mining, tourism, health and agriculture sectors.
He expressed confidence that Nepal would move towards economic prosperity after concluding all tasks related to peace and constitution-writing, and said he was encouraged after holding talks with the President, the Prime Minister and the Industry Minister.
He said he would take the message that the Nepal government wants to convey by declaring Nepal Investment Year 2012-13 and forming the Investment Board to Indian investors. “We will ask Indian investors and businesspersons to visit Nepal and consider the gradually bettering investment environment here,” said Muthuraman.
Source: Kantipur
