Private sector showcases 53 projects for FDI

Private sector showcases 53 projects for FDI

The private sector proposed more than four dozen projects that could help not only create jobs but also guide the country towards the prosperous future. Some 53 projects showcased by the private sector today would attract some $200 billion in the country, said the president of Federation of Nepalese Chambers of commerce and Industry (FNCCI) Suraj Vaidya. These projects, launched by the Prime Minister Sushil Koirala here during the Nepal Business Conclave 2014 today, are selected from the seven sectors that have huge potential of growth. The full operationalisation of these projects will create massive employment in the country and help check the outflow of the youths in search of greener pasture in Gulf and Malaysia, he said. Currently, some 1,500 youths leave country in search of employment. The domestic investors will discuss on the projects – during the two day conclave and would try to convince foreign investors to joining hands and invest on them, the private sector chieftain added. FNCCI has profiled seven sectors including agriculture with 10 projects, tourism with eight, infrastructure 12, manufacturing five, hydropower 10, service sector seven, mining and precious stones one projects making it to a total of 53 projects. "If these projects could be realised, the country will see a miraculous development," Vaidya said, adding that the conclave will also discuss legal and business environment in Nepal and try to lure foreign investors to invest in Nepal. Though Nepal is the second lucrative destination for foreign investment – according to the Doing Business report of the World Bank – in South Asia, prolonged political transition and policy confusion created dilemma among the domestic and foreign investors. However, there is a ray of hope at the tunnel's end due to a successful second Constituent Assembly (CA) election that seemed to have ensured a majority government due to alliance between Nepal Congress and CPN-UML. "There is some hope that the country will see some stability and the private sector is also optimistic," Vaidya said.
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