Kathmandu: Janaki Global Foundation in association with Nepal Philippines Chamber of Commerce have launched a two-day ‘Nepal Investment Conference 2022’ at Nepal Tourism Board, Kathmandu.

The conference is expected to raise investment awareness and financial literacy in Nepal. The conference was organized with the objective of encouraging the experiences and ideas of successful Nepali investors, said Janaki Gurung, founder of Janaki Global Foundation.

"Through the conference, we will encourage national and international investors to invest in Nepal by looking for the best investment opportunities," she said. Gurung also said that the conference would inspire people to learn about Nepal's profit-driven sector and seize the opportunities.

Stating that domestic capital alone is not enough for high economic growth in Nepal, she stressed the need for guaranteeing investment while attracting public and private investment from abroad. she said that there is potential for investment in health, education and sports infrastructure as well. Adding that such conferences would prove to be a cornerstone for attracting investment in Nepal, she added that there is more potential for investment in Nepal's energy, tourism, infrastructure, and agriculture, among other sectors.

Addressing the conference, Shobha Gyawali, Director of Nepal Republic Media Pvt Ltd, said that the imports were 12 times higher than exports at a time of severe economic crisis due to trade deficit.

“"In the current scenario, the skyrocketing rate of import is a major concern for the country’s economy. Emphasis needs to be placed on products that can compete in the international market in order to reduce the need for foreign exchange for essential commodities for domestic consumption,” she said.

Stating that an environment conducive for domestic and foreign investment has been created in the country, Gyawali said that there is a lack of foreign investment and technology for industrialization, export growth and import substitution.

She said such conferences would provide an important opportunity to build a multilateral network between the government, domestic private sector and the public and private sectors abroad. Stating that Nepal is one of the best destinations in the world for return on investment, she stressed the need for encouraging private investment as public sector investment alone is not enough for development.

“Nepal, despite being an agricultural country, imports most of its market crops. This has led to two issues, one the land remains fallow and the other is the import of daily essentials increases.”

This poses a challenge to our productivity and entrepreneurship, she said. “Nepal has imported toothpicks worth over Rs 1.50 billion rupees. According to the data of 2021, Rs 1.25 billion worth of chewing gum was imported in the country,” she added.

Stating that the presence of a young population is very important for the development of the country, she stressed the importance of entrepreneurship where 40 percent of the total population are between the age group of 16 to 40 years.

“It is time to make the country self-dependent. We need to sell goods and services to others, not just import them from elsewhere,” Gyawali said.

Similarly, Hydro Solution Chairman Gyanendralal Pradhan stressed the need for prioritizing sustainable and reliable investment by advancing the agro-based economy in the face of increasing literacy and declining poverty in Nepal.

On the occasion, former Nepali ambassador to Israel, Anjan Shakya, and former CEO of Sanima Bank Bhuwan Dahal also addressed the conference. Similarly, delegates from various parts of the world, including Bangladesh, Moscow and the UK, also expressed their views on the investment conference virtually.