President calls for investment in Nepal

President Dr Ram Baran Yadav has asked the visiting delegates of the 20 Asia and Pacific nations to invest in Nepal.

"From the country of the glorious Himalayas and hardworking people, I invite you all to invest in Nepal," said the President while inaugurating the 26th conference of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) here today.

Nepal is a welcoming country, he said, adding that it is observing 2012-13 as the Nepal Investment Year to encourage local as well as foreign investment.

"Nepal has huge potential in hydropower and tourism," he added. "Though, the country is in the process of drafting a new constitution, it is economic development that is key to prosperity."

The conference — held after 12 years in Nepal — with a theme 'A Vision for Shared Prosperity', aims to provide a platform for CACCI members to share their ideas on how they can help their respective countries in strengthening the economies of the Asia-Pacific region and spreading the benefits of regional cooperation while playing a substantial and constructive role in global economic leadership.

"Our region shares almost half of the world's population and there are also huge opportunities here," the President said, adding that with mutual cooperation, we can ensure the welfare of our people.

Similarly, United Nations Conference on Trade and Development (UNCTAD) general secretary Dr Supachhai Panitchpakdi said that Nepal has great advantages. "I am looking forward to working with Nepal — that is blessed with hydropower, culture and hardworking people — for its prosperity," he said, adding that Nepal and the Asian region have to work jointly for the prosperity of the region that is growing at an average of four per cent. "However, it needs a growth model."

Asia and the Pacific region is rising but the rise of the private sector is a must for the development of the region, Supachhai added.

It is businesses which can ensure prosperity for the nations and better lives for the people, said president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Suraj Vaidya.

"The conference provides an opportunity for us to network with businesses, discuss possibilities, identify new potential partners, and cement the friendship and make business deals," he said, hoping that by the end of the conference, some new ventures will be able to germinate spanning across the countries of the region.

Over 150 delegates from 20 countries are taking part in the conference that will last till Friday.