The Nepal government and private sector representatives visited Malaysia and Singapore this week to learn about reforms, investments, and growth in those countries, and to highlight foreign investment opportunities in Nepal ahead of the Nepal Investment Summit on March 29 and 30.
The delegation, hosted by the Malaysia and Singapore offices of World Bank Group, met with Malaysian Finance Minister Lim Guan Eng and with private investors in Malaysia and Singapore.
Events with 50 investors in Kuala Lumpur and Singapore showcased Nepal’s potential projects and legal and regulatory reforms to enhance the investment climate and make it easier to start and operate a business in Nepal.
The delegation also discussed best practices to promote investment and development with several private- and public-sector entities.
The upcoming Nepal Investment Summit, to be hosted by the government, will bring together policymakers, investors, diplomats and development partners such as the World Bank Group to identify avenues for maximising financial resources in ways that impact large segments of the population and have long-term impact.
“This is a new era for Nepal. After decades of political transition and the setbacks of the 2015 earthquake, Nepal is now in a position to carry out a long-term development vision,” said Faris Hadad-Zervos, World Bank Nepal country manager.
“Nepal has a window of opportunity to make changes that could not only result in more investment and economic growth, but achieve greater financial and social inclusion, regulatory and legal transparency, and good governance. The World Bank Group stands ready to help.”
Birendra Raj Pandey, a member of the Confederation of Nepalese Industries, said the delegation’s visit was both a learning experience and an opportunity to convey the changed scenario of the business environment in Nepal.
“The private sector in Malaysia and Singapore seem to be keen on exploring opportunities for investment. The delegation also learned in great deal from our interaction with the Malaysian Investment Development Authority, PEMANDU, and the Malaysian finance ministry on how Malaysia transformed its economy by enhancing both domestic and foreign investment,” he said.