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Nepal has received foreign investment commitments, totaling Rs 22.85bn, for 199 business ventures in the first four months of the fiscal year 2023/24.

According to the Department of Industry (DoI), foreign investors have pledged investments amounting to Rs 18.35m across 178 new industries. Additionally, commitments totaling Rs 3.72bn have been made for 21 existing industries.

In the fourth month (mid-Oct to mid-Nov) of 2023/24 alone, foreign investors expressed a commitment to invest Rs 2.74bn. This includes Rs 1.75bn earmarked for 27 new industries and Rs 56.3m dedicated to share purchase agreements (SPA) and share subscription agreements (SSSA) in two existing industries, according to the DoI.

However, the actual investments received by Nepal are notably lower. According to Nepal Rastra Bank (NRB), the central monetary authority, the country received foreign investments amounting to Rs 3.37bn in the first three months (mid-Sept to mid-Oct) of 2023/24.

In the first four months of 2022/23, Nepal attracted foreign investment commitments of Rs 33.14bn. The DoI approved 327 foreign investments during that period, promising the creation of 17,012 jobs. The commitment figure stood at Rs 54.14bn in the first four months of 2021/22.

The breakdown of foreign direct investments (FDIs) in the first four months of 2023/24 reveals commitments for 170 small industries, five medium-sized, and three large industries. The tourism sector received the highest investment commitment, followed by the service, manufacturing, ICT, and infrastructure sectors.

As of mid-July 2022, the total stock of FDI in Nepal reached Rs 264.33bn, as per the central bank, with contributions from 57 different countries.

However, the trend of repatriations by foreign investors from Nepal continues to outpace the FDI received. In the first four months of 2023/24, foreign investors repatriated Rs 748.67m as royalty and Rs 1.41bn as dividends. In the same period of the fiscal year 2022/23, foreign investors took home Rs 2.12bn in dividends and Rs 875.40m in royalty.

According to the central bank, foreign investors repatriated Rs 26.7bn as dividends in 2020/21.

The price of gold has dropped by Rs 200 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 116, 300 per tola today. It was traded at Rs 116, 500 per tola on Thursday.

Meanwhile, tejabi gold is being traded at Rs 115, 750 per tola. It was traded at Rs 115, 950.

Similarly, the silver is being traded at Rs 1,450 per tola today.

Toni Hagen needs no introduction, given his huge contribution to Nepal. In the 1950s and '60s, first as a Swiss development officer and later as a United Nations expert, he trekked through a largely uncharted country and introduced it to the world. He was an acute observer and sympathetic critic of the process of modernization and change in Nepal. His legacy is being continued by his daughter Dr Katrin Hagen through the Toni Hagen Foundation and other initiatives. She talks with Kamal Dev Bhattarai of ApEx about Nepal and Nepali society.    

Please tell us about your first visit to Nepal.

When I first came to Nepal, I was very small and it was 1953 so I remember very few things. What I remember is because I have seen the photos and I was told many things by my father.

Kathmandu at that time was totally different. There was no road connection with India, there was a flight three times a week. Soon the airport was built in Pokhara and sometimes we used to go there. At that time, in Pokhara, there were no hotels, nothing, only the old villages.

How many times have you been to Nepal?

The first time I came was in 1953 and the second time I came in 1962 when my father was in charge of Tibetan refugees again I came in 1975 for the trekking and since I have been coming to Nepal regularly, maybe more than 40 times. In the last 20 years, I came to Nepal two times a year except there was the Covid-19 pandemic.

What is your observation about Nepal that was in the 1970s and now?

Obviously, there is a big difference. In this period, Nepal’s forest is growing. At that time, forests used to belong to the government so everybody wanted to chop down trees and they did not care about the forest.  As soon as it was handed to the community forest, then they took care of it and the areas of the forest increased. When you see the photos of Shivapuri taken in 1960 and current photos, you can see more trees.

What is your overall impression about Nepal?

There are many problems here but there are many good things as well. You always compare Nepal with Switzerland and have some similarities as well.  Nepal is four times bigger than Switzerland, its  population is four times bigger, and the percentage of cultivable land and land that is not possible to cultivate is around the same percentage. About politics, I do not speak, it is very unstable but it is not only in Nepal. Politicians around the world look for power and money. There are many non-governmental organizations and many Nepalis who want to do something and there are people who are doing something for Nepal. One thing that I still admire very much is Nepal is unique, you have press freedom and you can say what you want.  There is diversity, different religions go together and do not fight each other. I hope it will not be influenced by India where Hindus have started fighting against Muslims. My father used to talk about Nepal’s multi-ethnicity and religion.

What are the major challenges in Nepal’s mountain area?

This spring, I was in Dailekh and then I visited Jumla.  Of course, the road there was very bad. One thing I said and which my father used to say is that road building is okay because you can bring your products to the big towns, but it is not good if it is only used to bring Chinese and Indian goods in the valleys. There is no development for you.  In the market, I see very nice apples in plastic which are from China and are not good for the environment. There are many projects to bring apples from Jumla to Kathmandu and other markets but people do not buy them because they do not look nice. My father, always, used to say farmers should be provided the proper price of their products so that they can survive.

What is your view on social inclusion and gender equality in Nepal?

We have to invest more on women's projects in farming. In the rural areas, women are working in the fields and men are in the Arab countries. We have to strengthen them even more.

What are the Toni Hagen Foundation’s major areas of work in Nepal?

We have two projects. One is related to a medical project where we support mostly orthopedic medical camps all over the place. For this, I have visited many remote places and villages in Nepal.  Through the Toni Hagen Foundation, we want to provide knowledge to the underprivileged group about democracy and what it means for them. Even now, we are trying to do something in the youth Parliament to ensure that the youths are more involved in politics. Besides these, of course, my father’s main speech was “Now we all have experts but no farmers who can speak about farmers.” Now, the excessive use of fertilizer is damaging the soil and now there is climate change. What I heard already from different projects is that farmers are not getting water at the right time, and there are more landslides.

How do you evaluate Nepal’s democracy?

On paper, it is very good.  You have press freedom which is one of the most important things in Nepal.

Is Nepal’s democracy strong?

I am not a politician. I do not want to be involved in Nepal’s internal politics. Compared to other countries in the region, Nepal is very good at democracy. Compared to democracy in Switzerland, and Germany, Nepal’s democracy is medium.

What were the dreams of Toni Hagen about Nepal?

One of the things that my father adored was that Nepal is a multicultural country. Nepal’s multi-religion, multicultural and multi-ethnicity is one of the unique things in Nepal. He was very much concerned about the Hindu king, the Hindu religion which means one religion is more important. But he was of the view that all religions should be treated equally. We do provide support for the protection and promotion of all religions and ethnicities to create awareness. This is unique in the world and you should keep it, not destroy it like in India now. There should not be domination of a single religion like in India. Of course, there is one language i.e. Nepali but other languages should be protected too.

Police have arrested the supporters of controversial businessman Durga Prasain who came to attend a pre-scheduled program at Tinkune under the “Rastra, Rastriyata, Dharma-Sanskriti and Nagarik Bachau Andolan.”

According to eyewitnesses, police have rounded up eight-nine supporters of Prasain who came to attend the program.

Police have also launched a search operation in the Tinkune area.

Earlier on Thursday, Prasain had announced that they would hold programs at Tinkune from today by organizing a press conference.

Meanwhile, issuing a statement on Friday, the District Administration Office, Kathmandu said that stringent action will be taken in accordance with the law against those found indulged in disturbing peace in the society.

The administration also said that it has not granted a permission to Prasain to hold programs in Tinkune.

Security forces have put Durga Prasain, a medical entrepreneur turned monarchist, under house arrest to prevent him from leading the protests.

In a show of strength, Prasain on Thursday organized a mass meeting in Balkhu.

In the meantime, supporters of Prasain clashed with security personnel while they were attempting to march toward Singhadurbar to press for the restoration of monarchy and Nepal as a Hindu state. 

This came after clashes between the supporters of Yuwa Sangh, the youth wing of the CPN-UML, and Prasain’s supporters.

Immediately after Prasain’s address in Balkhu where he told supporters to picket Singhadurbar and thrash leaders of major political leaders, police fired teargas canisters and water cannons at the supporters marching toward Singhadurbar, resulting in minor injuries on both sides.

Prasain has been courting controversy for making objectionable comments in violation of the law of the land.

Recently, he organized a program by playing Nepal’s monarchy-era national anthem and undermining the republican anthem, apparently in violation of the Constitution of Nepal 2015.

Section 15 of the Procedure for Use of the National Flag and National Anthem (First Amendment), 2076 has prohibited the use of the national anthem in an insulting and inappropriate manner, whereas Section 17 of the procedure has assigned the responsibility of monitoring and regulating it to the Chief District Officer.

Also, Prasain has made remarks targeting a specific community. In many interviews, he has urged people to join his campaign, promising that individual bank loans up to Rs 2m will be written off on the night the republican order becomes history.

Mustang district has witnessed an impressive number of tourists last month. Almost 80,000 tourists visited the mountainous district during the month of Kartik.

The number of domestic tourists is very high, thanks to the festive season.

According to the record of the District Police Office, a total of 5,504 international and 73,879 domestic tourists visited Mustang in Kartik.

The Annapurna Conservation Area Project (ACAP) offices at Jomsom and Lhomanthang keep the record of the international tourists visiting the district while the Ghasa Police Post and Lete Police Post maintain the record of the domestic tourists.

Deputy Superintendent of Police (DSP) of Mustang Bhojraj Pandey said that the district witnessed queues of tourists in the festivals of Dashain, Tihar and Chhath adding that almost 14,000 vehicles entered the district by carrying tourists in Mustang in a month.

Besides Beni-Jomsom route, the travelers arrived here from Pokhara-Jomsom air route too.

Hotelier Surendra Gauchan of Hotel Ranipauwa at Muktinath said tourist arrival remained exciting in Kartik month. "Tourists did not come as expected during the last year's festive season due to rain but this time the tourists preferred Mustang for their short trip due to better road network and clear weather," Gauchan argued.

Autumn is considered an appropriate time for Mustang visit.

With this impressive number of tourists in the district, the hoteliers and stakeholders here have expressed their satisfaction at the tourism bounce-back in Mustang.

Muktinath, Jomsom, Kagbeni, Lhomanthang, Marpha, Thini and Dhumba Lake are the key tourist and religious attractions for visitors in Mustang.

In the far-flung districts of Jajarkot and West Rukum, the Nepali state is virtually non-existent. 

What used to be houses and sheds have turned into rubble, thanks to the 6.4-magnitude earthquake that struck at midnight on Nov 3, killing around 160 people (more than half of them children) in the immediate aftermath, leaving thousands injured and destroying vital physical infrastructure like school buildings and local government facilities.

Three weeks into the disaster, more deaths have occurred even as the survivors, with foodstucks, warm clothing, utensils and medicine buried under the rubble, continue to brave a cruel winter without vital supplies.

What is the ruling elite in Kathmandu doing for the survivors other than providing token relief? Rather than rushing supplies essential for sustaining life after an early ‘completion’ of the search and rescue operation, the VIPs and the VVIPs seemed interested in chopper flights to the affected areas where they made generous promises to the survivors. 

Despite those lofty promises, aid is barely trickling among the survivors. Media reports, including those published in this daily, suggest that various factors continue to affect relief distribution, particularly in far-flung areas of the affected districts. Worryingly, dirty politics is playing spoilsport, together with unwillingness on the part of representatives of relevant organizations to visit remote areas and local authorities’ undeclared policy of distributing relief only to house-owners and not to the renters.

While the post-quake scenarios at Jajarkot and West Rukum deepen fears of an evolving humanitarian disaster, a divided Center continues to act as if nothing has happened. Its immediate priority is on reining in the anarchy reigning supreme on the streets of a more or less curfewed Kathmandu where rival political forces continue to ‘display’ their strength, throwing life out of gears.  

Even in a crisis situation like this, our top political leaders continue to act like warlords instead of working together to deal with fresh crises facing a country already reeling under malgovernance, corruption, nepotism, inflation, instability and the breakdown of law and order. 

Sooner than later, the top brass should mend ways and act together to bring stability back to this trembling republic instead of fighting like the kilkenny cats if they want history to be merciful to them. 

Supporters of Durga Prasai, a  medical entrepreneur turned monarchist, clashed with Nepal Police personnel at Balkhu on Thursday while they were attempting to march toward Singhadurbar to press for the restoration of monarchy and Nepal as a Hindu state.  

This came after clashes between the supporters of Yuwa Sangh, the youth wing of the CPN-UML, and Prasain’s supporters. 

Immediately after Prasai’s address in Balkhu where he told supporters to picket Singhadurbar and thrash leaders of major political leaders, police fired teargas canisters and water cannons at the supporters marching toward Singhadurbar, resulting in minor injuries on both sides. 

Political observers say Prasai’s recent statements and activities are in clear violation of the Constitution and laws. He is trying to fulfill vested interests by inciting violence in the valley but we are exercising restraint, said a senior Nepal Police officer: We are closely monitoring the activities of his group. 

At Tinkune, youth and students staged a demonstration against the government and ‘anarchists’. 

Prasai has been courting controversy for making objectionable comments in violation of the law of the land.

Recently, he organized a program by playing Nepal’s monarchy-era national anthem and undermining the republican anthem, apparently in violation of the Constitution of Nepal 2015.

Section 15 of the Procedure for Use of the National Flag and National Anthem (First Amendment), 2076 has prohibited the use of the national anthem in an insulting and inappropriate manner, whereas Section 17 of the procedure has assigned the responsibility of monitoring and regulating it to the Chief District Officer.

Also, Prasai has made remarks targeting a specific community. In many interviews, he has urged people to join his campaign, promising that individual bank loans up to Rs 2m will be written off on the night the republican order becomes history.