Kathmandu, Apr.29

Visiting US special representative for commerce and business affairs under the US Department of Business Affairs has said that entrepreneurship development is essential for sustainable economic development of any country.

"More American investments will come to Nepal after concluding the peace process and promulgation of the new constituent in the country," special representative Lorraine Hariton said.

Speaking at an interaction organized by the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) in the Capital on Sunday, she said that the American investors have been waiting for peace to be established in Nepal.

"This country holds a lot of prospects for investment because of the closeness to the two giant markets—India and China," she added.

She also called for mobilizing youths for the economic development.

Highlighting a positive role of FNCCI for entrepreneurship development in Nepal, she assured of extending necessary support to Nepal for it.

Welcoming the US delegation, Suraj Vaidya, president of FNCCI, said that the Nepal has needed a lot of foreign investments for creating more jobs and accelerating the country’s economic development process.

He said that the FNCCI was actively working with the Government of Nepal and foreign donor agencies for creating job opportunities.

Vaidya said that the newly signed Memorandum of Understanding (MoU) between the US Department and FNCCI-TiE Partnership would enhance youth entrepreneurship in the country.

He said that the new agreement would play a crucial role in linking the network the two parities and creating jobs, attracting more investments and increasing the level of awareness among the people about entrepreneurship.

Chaya Sharma, president of Women Entrepreneurship Committee at FNCCI, stressed the need to enhance women entrepreneurship for the economic development of the country.

She said that the women entrepreneurship would help rural and urban development because more women were involved in small and medium enterprises.

The purpose of the MOU is to identify the responsibilities of the signatories as they relate to promoting entrepreneurship and job creation in Nepal.

Besides, the MoU intends to create economic opportunities in Nepal through reaching out to entrepreneurs, educational institutions and businesses, and assisting in their growth and global competitiveness.