Kathmandu, July 7
Indian investors have shown their interest to invest in Nepal’s hydropower, cement and solar sectors.
The Indian investors had shown their interest to make their concern in Nepalese industries and trade at a seminar on "Doing Business with Nepal" organised jointly by the Embassy of Nepal, New Delhi, Consulate General of Nepal in Kolkata and the Confederation of Indian Industry (CII) in Kolkata, West Bengal, recently.
Speaking on the occasion, West Bengal, IAS Principal Secretary with Addl. Charge-Department of Commerce and Industry Alapan Bandopadhyay, focused on Nepal’s high potential as a tourist destination.
He considered Nepal as a beautiful and elegantly sublime country with rich cultural heritage which is yet to turn into a much sought-after holiday destination.
He said that the tourism industry is a great job creator and its significance in bilateral trade relations can hardly be exaggerated. "I firmly believe that if the South Asian countries can unite and join hands forgetting all differences, it can emerge as a strong cultural and economic entity and act as a united force."
Currently, Nepal enjoys the largest number of tourists from India.
Presenting a complete socio-economic overview of the country, Acting Ambassador of Nepal to India K.N. Adhikari said that the country accounted for a total GDP growth of 3.5 per cent amounting to Rs 845 million in the previous year.
"The total trade between India and Nepal accounted to Rs 309 billion in 2011. India includes 67.3 per cent of Nepal’s exports and 63.3 per cent of its imports and 44 per cent of approved FDI in Nepal," he said.
He said that there were immense potential which remains unexplored and India can largely benefit from bilateral trade with Nepal.
Consul General of Nepal
Consulate General of Nepal in Kolkata Chandra Kumar Ghimire said that there was favourable trading situation.
"Nepal and India enjoy special socio-cultural and socio economic relations. The no language barrier and facility of free movement of goods, services and people within the country and its close geographical proximity, availability of cheap and quality labour, surplus of goods and services can be pivotal for trade facilitation between the two countries," he said.
He further said that the signing of Double Taxation Avoidance (DTTA) between India and Nepal could be the most vital factor for strengthening of bilateral trade.
Representatives from Federation of Nepalese Chambers of Commerce and Industry FNCCI, Chairman CII Eastern Region R.K. Agrawal, Past President CII Rajiv Kaul were present in the gathering.
The government of Nepal has declared the year 2013 as Nepal Investment Year with the aim to attract more and more domestic and foreign investment in the country.