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Minister for Foreign Affairs Arzu Rana Deuba has urged the G20 member countries to increase financial support for the Least Developed Countries (LDCs) to address the damaging impacts of climate change.

Reflecting on the problems faced by LDCs due to climate change, Minister Rana said, "These countries have suffered from multi-faceted crises, including the COVID-19 pandemic, climate change and geopolitical tensions. As a result, these countries have been pushed further into extreme poverty in the last two decades."

The Minister for Foreign Affairs was addressing the G20 Foreign Affairs Ministers Meeting in New York on Wednesday on the sidelines of the 79th Session of the United Nations General Assembly.

Minister Rana delivered these remarks on behalf of the Group of Least-Developed Countries, of which Nepal is the current chair.

The minister urged the G20 to take a leading role in promoting inclusive growth, accelerating the 2030 Agenda, enhancing global health security, leading climate action, driving digital transformation, bridging digital divides, fostering multilateral cooperation, and addressing the challenges the world is facing.

She also lauded Brazil's initiatives in hosting this meeting as the chair of the G20 with a focus on social inclusion, poverty alleviation and sustainable development while welcoming its proposal to launch a Global Alliance against Hunger and Poverty.

Minister Rana urged the establishment of a formal mechanism for LDC representation in G20 meetings and working groups, including regular invitations for the LDC Chair to G20 Summits, which she said provides a vital platform for allowing the perspectives of LDCs to shape G20 deliberations and outcomes.

Additionally, she requested the establishment of a G20-led fund to support climate adaptation and resilience-building in LDCs, with a focus on grant-based financing and capacity building for project development and implementation.

She also called on G20 members to provide duty-free and quota-free market access for all LDC products, which she believed would help LDCs better integrate into global value chains and boost export revenues. She stressed the urgent need for G20 countries to recognize that LDCs have been severely hit by the recent increase in extreme poverty, calling for collective efforts to support these countries.

The Nepal Stock Exchange (NEPSE) plunged by 32. 81 points to close at 2,486.76 points on Thursday.

Similarly, the sensitive index dropped by 5. 34 points to close at 447. 45 points.

A total of 13,691,596-unit shares of 322 companies were traded for Rs 4. 84 billion.

Meanwhile, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the top gainer today with its price surging by 9. 85 percent.

Likewise, Green Ventures Limited (GVL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 95 trillion.

Since 2018, the government has been operating an aerial rescue service targeting pregnant and postpartum women in life-threatening situations in remote areas. This service is being implemented under the President's Women's Upliftment Program in 19 districts and selected areas of another 29 districts.

However, people have complained that the districts and local governments selected by the government for the program are insufficient. They argue that providing the service in local units with similar geography while not in others amounts to discrimination by the government. While the aerial rescue service has proven to be a blessing for women in remote areas with poor economic conditions, there are suggestions that it should be implemented based on the patient's conditions rather than limiting it to specific geographies and regions.

Laxmi Sen (34), a six-month pregnant woman of Aglung in Madane Rural Municipality-1 in Gulmi district, experienced severe abdominal pain on Sept 18. She went to the Madane Community Health Center in Banjhkateri. During check up, it was discovered that the embryo was growing in the fallopian tube instead of the uterus.

Since he treatment was not possible at the health center, Laxmi needed immediate transfer to the district hospital or another facility. Madane is one of the most remote areas in Gulmi where transportation is not readily available. Hours passed searching for an ambulance as Sen's condition worsened.

Unable to find an ambulance, Health Assistant Yamlal Bhusal, the in-charge of the health center, requested the Chief District Officer Krishna Prasad over the phone for immediate evacuation of the patient. After inquiring about the situation, CDO Sharma asked Bhusal to first ascertain the patient's financial condition as the free aerial rescue service provided under the President's Women's Upliftment Program was not applicable in Madane Rural Municipality. "If it were Malika Rural Municipality, we could have arranged a free aerial rescue for her," Sharma said.

Sharma's response dashed the hopes of arranging an air rescue for Sen who comes from a poor family. Spending hundreds of thousands of rupees for helicopter rescue is something that her family cannot even imagine. Bhushal somehow managed to call an ambulance and arranged to transport her to the Gulmi District Hospital in Tamghas. The medical team, who were on standby, performed successful surgery which took two hours. Although the mother could be saved, her dream of having a fourth child after three daughters remained unfulfilled.

The aerial rescue service for women in remote areas, provided by the federal government, has saved the lives of many women from untimely death. Hundreds of women. However, this same program has discriminated against women in remote villages like Madane.

After learning that the program did not cover Madane, CDO Sharma also tried to check if the provincial government had any such program. But the Lumbini Province government has not introduced such a program yet. Like Laxmi, who got a new lease on life, hundreds of women in remote areas are forced to lose their lives prematurely due to lack of timely treatment.

"Specifying certain geographies and regions for the aerial rescue program has created problems for us too," said CDO Sharma. "Malika Rural Municipality, where the program is implemented, is adjacent to Madane Rural Municipality. Geographically, both municipalities are similar. Malika might even be more accessible. We have verbally informed the ministry about the issues in designating remote areas. We will also send it in writing."

Sharma informed that the aerial rescue service program for pregnant and postpartum women has been implemented only in Malika and Kaligandaki rural municipalities.

751 rescued in six years

Over the past sex years since the program's inception, a total of 751 pregnant and postpartum women have benefited from the service. Some women have died during the rescue process. Under the program, the government arranges to transport rescued women to health facilities and provides free treatment.

So far, a total of Rs 196.6m has been spent under this program, according to Indira Acharya, President's Women's Upliftment Program Coordination Unit Section Chief and Aerial Rescue Contact Person at the Ministry of Women, Children and Senior Citizens. A total of Rs 259.9m has been allocated for this program so far. About Rs 65 m of the allocated amount remains unspent.

"We receive calls to rescue women from many villages in districts where the program is not implemented," said Acharya. "But we can't provide the service where the program doesn't exist. It is unfortunate, but we can't go beyond what the guidelines allow."

According to Acharya, the program has been in place since 2018, and the guidelines created in 2020 have not been amended. She, however, added that they were working to ensure that no women in remote areas at risk are deprived of the service. "The upcoming amendment will include new districts and municipalities," Acharya said. "The guidelines state that this program should address only women who lack road access, have no access to hospitals, are poor, and are at risk."

Karnali sees highest rescue flights

Over the six-year period, women from Karnali Province have benefited the most from this program. A total of 229 pregnant and postpartum women from the province have received the service since the implementation of the program in 2018.

According to the Ministry, the number of women receiving the service is the lowest in Lumbini. Only 14 women have received the service in Lumbini over six years. In Lumbini, the program has been implemented only in Gulmi, Pyuthan, Rolpa, Rukum East, and Nawalparasi (West).

A total of 211 women have received the service in Koshi, 107 in Bagmati, 35 in Gandaki and 117 in Sudurpashchim. Madhesh Province is not eligible for the service.

Call to amend the program

Bishnu Kumar Giri, president of the Lumbini Province Committee of the National Association of Rural Municipalities and the chairperson of Gaumukhi Rural Municipality, said the program should be implemented considering women's health vulnerabilities rather than based on specific geography and regions.

"It's not right to say that women in one geography face problems while those in another don't," he said. "It would be better if the ministry coordinated with local levels to implement this program."

According to Giri, he does not understand why Naubahini Rural Municipality of Pyuthan is eligible for the program but adjoining Gaumukhi Rural Municipality is not. "Geographically, many wards of Naubahini and Gaumukhi are similar,"he said, adding that Gaumukhi has even constructed a helipad in Libase with its own investment of Rs 800,000.

"We have demanded inclusion of remote local units that were left out," Giri said. "The state should not discriminate against citizens in providing services."

The government has also designated specific hospitals for treatment of women rescued through the air service. The ministry has signed agreements for treatment with Surkhet Provincial Hospital, Koshi Provincial Hospital, and Paropakar Maternity and Women's Hospital, Thapathali. After treatment at the designated hospitals, the ministry also provides Rs 20,000 as transportation expenses to the patient's family through the hospital.

In the fiscal year 2024/25, foreign direct investment (FDI) commitments in Nepal reached an all-time high, doubling from the previous year. The Department of Industry reported FDI commitments of Rs 61.9bn, compared to Rs 30.7bn in 2022/23. Despite this, actual investment inflow has remained low, with only Rs 8.4bn invested last year.

According to the Department of Industry and Nepal Rastra Bank (NRB), the situation is gradually improving, with Rs 12.12bn in FDI commitments made in just the first two months of the current fiscal year. Nepal has received a total of Rs 524.02bn in foreign investment so far, with 6,364 projects approved. These commitments could potentially create 333,908 jobs if the proposed projects are executed. However, the trend shows that actual FDI inflows have lagged behind commitments, despite several years of optimistic projections. Although recent legal reforms aimed at making Nepal more investment-friendly have contributed to an increase in approved FDI, the inflow of funds remains a challenge.

Arjun Sen Oli, director and information officer at the Department of Industry, noted that while investment commitments are promising, only 32-35 percent of committed funds have been invested so far. “Investment commitments are encouraging as they indicate that more funds are on the way,” he said.

In May, the government held its third investment conference, aiming to position Nepal as a prime investment destination. Both large and small investments are expected to materialize, though NRB data indicates that only a fraction of the committed investments has been realized.

Stakeholders believe that a stable government and consistent policies are crucial for further improvement. The Department of Industry has introduced a streamlined system for processing foreign investment proposals, making it easier for investors to apply from any country without needing to be physically present. This has helped create a more conducive environment for foreign investments. “This new system simplifies the proposal process and has enabled the government to foster a more investment-friendly market,” said Oli.

Additionally, the government has lowered the minimum threshold for foreign investments from Rs 50m to Rs 20m and removed limits on foreign investment in the IT sector. This has led to a surge in IT sector investments.

Inward foreign investment improves

Foreign investment into Nepal increased by 36.1 percent in the last fiscal year, according to data from the NRB. Although the government has introduced reforms to reduce investment fees and remove limits on IT sector investments, overall FDI inflows remain modest. In 2022/23, Rs 6.17bn was received, rising to Rs 8.40bn in 2023/24. However, this is still significantly lower than the Rs 18.56bn received in 2021/22, and other years have seen similarly fluctuating figures.

Economist Dilliraj Khanal believes that while recent commitments are encouraging, it will take time for these investments to materialize. “The commitments made last year are only now being implemented,” he said, adding that the government’s recent reforms have had a positive impact on IT investments, though overall FDI inflows remain underwhelming. He stressed that there is a significant gap between committed and actual foreign investment.

Khanal also noted that political stability and consistent policies are essential to attract more foreign investment. “The recent growth in investment is not surprising, given the lack of political stability and effective implementation of amended laws. The government's win-win approach is still not functioning effectively, making it harder to attract FDI.”

To build investor confidence, there is a need for more agile and transparent procedural arrangements, as well as an improved investment environment. Industry, Commerce, and Supply Minister Damodar Bhandari acknowledged that the investment environment has not developed as expected since the last investment conference. He cited political instability and the absence of a stable government as major obstacles. Bhandari recommended revising key policies, including the Mining Act, Commercial Policy, and the 2013 Industrial Policy.

Repatriation of foreign investment returns

A survey by the NRB revealed that in the fiscal year 2021/22, while Rs 18.56bn was committed, only 34.3 percent of this amount actually entered Nepal. Meanwhile, Rs 15.67bn was repatriated as dividends. In 2020/21, dividend repatriation exceeded FDI inflows, indicating a tendency for foreign investors to withdraw profits rather than reinvest.

Over the past 27 years, a total of Rs 411.5bn in FDI has been approved for Nepal. However, only 36.2 percent, or Rs 148.99bn, has actually entered the country. This highlights significant weaknesses in Nepal’s foreign investment sector, exacerbated by political instability and inconsistent policies. Economists argue that these challenges have limited Nepal’s ability to attract and retain meaningful foreign investment.

Newly elected President of Nepal-India Chamber of Commerce & Industry (NICCI) Sunil KC said that Nepal and India share immense potential to strengthen economic cooperation.

He, however, said that there are gaps that still need to be bridged, particularly in attracting more Indian private investments into Nepal, which have declined recently.

KC said so during a gathering held in Kathmandu on Thursday.

He went on to say that the private sector must play a pivotal role in the economic partnership, especially in areas like infrastructure, energy, tourism, digital economy, manufacturing, and innovation.

“We at NICCI are committed to fostering these collaborations,” he added.

During the event, he highlighted a long-standing challenge of exporting Nepali products to India. For instance, some Nepali shoe brands and agro-products like ginger and cardamom face numerous barriers that need resolution. Addressing these will not only boost Nepal’s economy but also ensure that Indian consumers can benefit from the high-quality goods Nepal produces, KC further said.

He urged all stakeholders to prioritize this matter and work on a sustainable solution.

Furthermore, the NICCI President said that the promotion of joint ventures in Nepali power projects is another key area where both nations can win. Nepal’s vast hydropower potential, when coupled with Indian expertise and investment, can lead to mutual prosperity.

KC stressed on the need of greater collaboration in this sector to harness our energy resources more efficiently.

He underscored that a Nepal-India Partnership Summit should be held every two years to institutionalize dialogue and progress.

 Such a platform would allow stakeholders from both sides to discuss, debate, and resolve critical issues like foreign direct investment, trade facilitation, and economic growth. Regular interaction is essential to building trust and addressing concerns on both sides, he said.

“We also see immense value in establishing targeted partnerships with Indian state governments to focus on attracting FDI in specific sectors. Each Indian state offers unique opportunities, and fostering such collaborations will allow us to tailor investments to meet regional needs and goals,” KC added.

He was of the opinion that the time has come to focus on the future by setting up the Nepal-India Innovation and Entrepreneurship Center. This initiative will support startups, promote innovation, and create opportunities for young entrepreneurs to collaborate across borders, driving sustainable growth and technological advancement.

“We propose establishing a NICCI branch office in New Delhi to create a permanent channel of communication between Indian and Nepali businesses. This will facilitate smoother trade and investment processes and provide a central hub for resolving any business-related issues,” KC said.

The energy minister, the Indian ambassador and former ministers among others were present in the program.

Prime Minister KP Sharma Oli and Chief Advisor to the Interim Government of Bangladesh Muhammad Yunus held a meeting on the sidelines of the 79th General Assembly of the United Nations in New York on Wednesday.

During the meeting, Nepal-Bangladesh relations with a focus on energy and transit cooperation, tourism, cultural exchanges, educational ties and cooperation in regional and multilateral forums were discussed, according to Bishnu Rimal, Chief Advisor to the Prime Minister.

Gold price has set a new record in the domestic market today.

According to the Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 160, 700 per tola. It was traded at Rs 160, 400 per tola on Wednesday.

Likewise, the silver is being traded at Rs 1, 955 per tola.

Nepal-China joint military drill is taking place in Southwest China's Chongqing municipality, with a type of ball-shaped reconnaissance drone making its debut.

An opening ceremony was held for the Sagarmatha Friendship-2024 joint army drill at a training base in Southwest China's Chongqing Municipality on Sunday, the Xinhua News Agency reported. It is the fourth edition of the Sagarmatha Friendship series of exercises between the Chinese and Nepali militaries, with the previous drill held five years ago in 2019. The drill began in 2017.

Under the theme of joint anti-terrorism operations in urban blocks, the joint training will include light arms shooting, anti-terrorism group tactics, drone operations, emergency rescues and a comprehensive anti-terrorism exercise, with the aim of boosting capabilities in fields such as multidimensional search, mobile infiltration and armed rescue in joint operations, according to Xinhua.

 After the opening ceremony, the Chinese side displayed more than 20 pieces of equipment in three categories, namely light arms, reconnaissance gears for anti-terrorism missions and equipment, China Central Television (CCTV) reported.

Intelligent reconnaissance equipment attracted particular attention, including a type of robot dog, a type of through-wall radar and a type of self-propelled ball-shaped reconnaissance drone, the report said. The gear will provide extra combat capabilities in the joint exercise, CCTV said.

A CCTV clip showed that the ball-shaped reconnaissance drone, equipped with a camera and sensors, can be held with one hand. After viewing the clip, a Beijing-based military expert who requested anonymity told the Global Times on Sunday that the mini ball-shaped drone can move through urban areas by rolling on the ground with little noise and avoiding hostile detections. The small drone is expected to cost little, but can significantly reduce the risk of personnel exposure under dangerous environments, the expert said.

During the exercise, the two sides will also conduct exchanges on disaster relief operations, tackling natural disasters such as earthquakes, snow damages and debris flow, in addition to a series of cultural exchanges to enhance mutual trust and understandings, Xinhua reported.