Financial Daily from THE HINDU group of publications
Saturday, Mar 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Mar 23, 2002 |
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Industry & Economy
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Foreign Trade Nepal ensures safety for Indian investments Our Bureau
The Prime Minister of Nepal, Mr Sher Bahadur Deuba, flanked by the Vice-President of FICCI, Mr Y.K. Modi, and Mr Jagdish Khattar, Chairman-elect , CII, northen region, at a meeting with businessmen in the Capital on Friday.
NEW DELHI, March 22. NEPAL, which already has strong company laws, plans to promulgate Parliamentary laws to provide more security to foreign investments coming into the country, the Nepalese Prime Minister, Mr Sher Bahadur Deuba, has said. Urging the Indian industry to invest in Nepal, the Prime Minister called on the business and industrial community of the two countries to create a business atmosphere that would benefit both sides. "We are happy that over the years there has been a welcome increase in Indian investments in Nepal. I wish to assure the leaders of the business community that the Nepalese Government will do everything possible to further encourage this trend," Mr Deuba said. The Prime Minister was addressing a luncheon meeting organised jointly by the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) here on Friday. He added that there were unlimited opportunities for cooperation between the two countries in economic fields. "Business leaders of the two countries could think of developing import substitution industries, on the one hand, and promoting export-oriented industries with an eye of the vast Indian market, on the other," Mr Deuba said. He felt that there were several industries including those relating to the tourism sector, information technology, agro enterprises based on cereals, horticulture, floriculture, sericulture, herbal and livestock products, pharmaceuticals and services which had great growth potential in Nepal. Further, Mr Deuba pointed out that Nepal had a large potential for hydropower generation and could offer some of South Asia's economically most attractive multipurpose projects. While acknowledging that India is the largest trading partner of Nepal and the volume of trade with India had increased significantly in recent years, Mr Deuba pointed out that Nepal was still in a huge trade deficit. "Nepal wants this trade gap to narrow down as early as possible," the Prime Minister said.
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