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Nepal Prime Minister KP Sharma Oli on Monday urged Indian industry to invest heavily in the Himalayan country, notwithstanding the recent border blockade that adversely impacted bilateral trade following the Madhesi unrest.
“When it comes to investing in Nepal, Indian investors have natural advantages... Nepal follows a liberal investment policy and we have many other things to offer,” Oli said India while addressing FICCI, CII and Assocham here on Monday.
Initiatives by NepalHe said the Nepal government was setting up a National Investment Board that will grant single-window approvals to foreign investments. He added the government is also planning to set up Special Economic Zones (SEZs) and industrial parks near the Indo-Nepal border areas.
“Railway connectivity between India and Nepal is being developed, and cross-border roads are being improved. Besides, hydropower, solar energy and biomass hold immense potential between us,” he said.
He said Nepal is also undertaking trade facilitation measures. “We must emphasise that commerce and connectivity must not be affected by considerations other than economics,” he said.
Nepal is trying to overcome the problems of poverty and underdevelopment and will also offer lower tax rates to foreign investors, he added.
Oli, who is on a six-day visit to India till February 24, is visiting Mumbai on Tuesday where he will be meeting the business community. He will also be visiting Hindustan Unilever Ltd’s industrial park there.
Earlier on Sunday, Oli told reporters that the he was able to clear the “misunderstandings” between both nations during his meeting with Prime Minister Narendra Modi on Saturday.
He was referring to the agitation led by the Indian-origin Madhesis against their newly promulgated Constitution. Their main complaint was that the constitution failed to give them a greater say, including specially-designated states for them.
India and Nepal have signed nine agreements related to grants meant for Nepal’s reconstruction post the earthquake, power, trade and railway connectivity.
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