Kathmandu, March 3: Union Finance Minister Arun Jaitley has said, India is committed for socio-economic development of Nepal. Addressing Nepal Investment Summit in Kathmandu on Thursday, he said, Nepal has great potential for development and Indian businessmen will be very happy to invest in that country.
Jaitley said that India is committed to partner with Nepal in its aspirations for growth, to invest in hydropower, to connect with India's rail network, irrigation, health and education sectors, transmission lines, roads and bridges and others.
India has proposed five cross-border railway lines with Nepal and two direct rail links between Kathmandu and Delhi, and Kathmandu and Kolkata.
While giving a mantra for development, Jaitley said "Hardworking people of Nepal, the government and the positive policy framework are a great opportunity for investment.""Nepal can be developed through proper utilisation of natural resources," Jaitley said, adding that there were investment opportunities in Nepal's energy, agriculture, tourism and irrigation sectors. He also said there was scope for investment in cultural and religious tourism as well.
Jaitley also stressed the need for policy reforms for attracting more investment as well as infrastructure development, adding that the state should adopt a durable tax policy for expanding investments.
Over 250 investors (individual and from organisational level) from India, China, Bangladesh, Sri Lanka, Singapore, Hong Kong, Malaysia, America, Russia and Canada are taking part in the Summit. Prior to this, the then government led by Prime Minister Girija Prasad Koirala for the first time in 1992 held an international summit to bring in foreign investment.The highest number of participants in the summit is from China. Representatives of 89 famous companies of China are attending the event. Similarly, representatives of 21 companies from India, 20 companies from Sri Lanka, 14 companies from Malaysia, 13 companies from Japan, 12 companies from Canada, 10 companies from Hong Kong, eight companies each from Britain, South Korea and Vietnam, seven companies from Russia and six companies from United States of America will participate in the summit.