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New Delhi : Union Finance Minister Arun Jaitley shared India’s experience in reforming its economy and attracting foreign direct investment (FDI) at the Nepal Investment Summit 2017 held at Kathmandu on March 2-3, 2017. He stated that India and Nepal share deep-rooted historical, cultural and religious ties which have enabled extensive cooperation in trade and economic fields between the two countries.
Addressing the Nepal Investment Summit 2017, Jaitley stated that India and Nepal have wide ranging engagement in trade and investment and that Nepal is well poised to attract further FDI from India by creation of a conducive legal and regulatory framework. India is Nepal’s largest partner in trade and investment with more than 2/3rd of Nepal’s trade being with India and India accounting for nearly 40% of total FDI in Nepal. The two countries have open border, grant national treatment to each other’s citizens and millions of Nepali citizens live and work in India.
Nepal has several important sectors such as hydropower, transmission lines, road and rail networks, health, education, tourism, irrigation etc in which it can attract Indian investments. India is ready to invest in the projects of Kathmandu-Nijgadh fast track road, second international airport at Nijgadh, Koshi High Dam etc, according to a PIB release.
During his official visit, Jaitley called on the President of Nepal Bidya Devi Bhandari and PM Pushpa Kamal Dahal ‘Prachanda’. He also held meetings with Deputy Prime Minister and Finance Minister of Nepal Krishna Bahadur Mahara and Industry Minister Nabindra Raj Joshi. Jaitley also paid obeisance at the Pashupati Nath Temple.
In his bilateral meetings, Jaitley conveyed India’s abiding commitment to partner with Nepal in meeting its aspirations for socio-economic growth. Recalling the construction of several Integrated Check Posts, rail links, Hulaki roads, schools, health posts, etc with Indian assistance, Jaitley stated that India stands ready to make available more soft loans for new infrastructure projects which would enable Nepal grow at a fast pace, according to the PIB release.
The Nepali leaders thanked Jaitley for India’s development assistance and highly appreciated India’s assistance for post-earthquake reconstruction of Nepal.