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To begin, I congratulate Capt. Rameshwar Thapa for his brave and enthusiastic actions, flying through clouds of gunfire during hazardous bombardments. He is a dedicated and committed son of the soil, a brave national hero. Such individuals are rarely born, especially when the nation is in peril.

The people's revolution, which lasted for a decade, erupted sporadically across various remote regions of the Himalayan country. Threats and rising death tolls escalated fear and insecurity across the nation. My own hazardous experiences led me to frequently retreat to my dwelling as Maoists demonstrated even in the heart of Kathmandu. Fear and insecurity were pervasive throughout the country. I retired before negotiations flourished, something I can barely recall due to the toll age has taken on my memory.

Capt. Thapa, the author of Into the Fire, addresses 25 key issues in his work. His contributions are unparalleled, and his unwavering dedication to alleviating the suffering of others reminds me of Henry Dunant, the founder of the Red Cross. Capt. Thapa's selfless service to humanity is truly remarkable, akin to the legacy of Raja Jaya Prithvi Bahadur Singh of Bajhang, a devoted advocate of humanism during the time of Prime Minister Chandra Shumsher Jung Bahadur Rana. Singh, who represented Nepal at the 1933 World Parliament of Religions in Chicago, was a figure dedicated to the cause of humanism. Having read Into the Fire, I found myself transported back to my youth in the peaceful, serene landscapes of the Himalayan motherland, reflecting on my travels across Nepal.

The photographs at the end of the book added a personal touch, energizing me with their striking resemblance between Capt. Thapa and his mother. His family heritage and values have undoubtedly shaped his ability to carry out his tasks with great equanimity and care.

Before concluding, I consulted with my neighbor, retired judge Gauri Bahadur Karki. He quickly responded to my call and, in a heartfelt conversation, explained the chaotic situation in the western district of Jumla, where he had served under the High Court and Supreme Court. He provided clarity on the situation and even shared a book entitled Yuddha Biram: Barta “Bhumigat Rahar Hoina Badhyata” Janayuddha Serofero, published by Malabia Publications. This book, filled with hard truths, was a timely and powerful contribution to the ongoing discussions around the people's war.

Prime Minister KP Sharma Oli has said as the largest contributor of troops and police to UN Peace operations, Nepal is ready to further enhance its contribution to global peace and security.

Addressing the 79th Session of the United Nations General Assembly (UNGA), Prime Minister Oli called on the international community to march ahead without comprising the prosperity and happiness of future generations.

Explaining about Nepal's efforts for the establishment of peace after the armed conflict, he said that the Parliament passed the Transitional Justice Bill to settle transitional justice issues once and for all.

PM Oli shared, "The incumbent government, formed by the collaboration of two major political parties, is determined to secure stability while driving economic transformation for the inclusive and equitable prosperity to our people."

"We have been conducting our foreign policy with profound belief in ‘Amity with All, Enmity with None. Nepal is committed to further strengthening its close, cordial, and constructive relations with its immediate neighbors and beyond, rooted in the principles of mutual respect, sovereign equality, territorial integrity, non-interference in each other’s internal affairs, and peaceful co-existence", added the Prime Minister.

Prime Minister Oli stressed the need of resolving the Israel- Palestine conflict through peaceful dialogue.

"Nepal will be graduating from its LDC status by 2026 and we are diligently working towards achieving the Sustainable Development Goals (SDGs) by 2030. But there is a financial gap of about 24 billion US dollars to attain the 2030 Agenda, he opined.

First Lady Radhika Shakya, Minister for Foreign Affairs Arzu Rana Deuba, Prime Minister's Chief Advisor Bishnu Prasad Rimal, Foreign Secretary Sewa Lamsal, Permanent Representative of Nepal to the United Nations Lok Bahadur Thapa and other members are the in PM's official delegation.

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.

Prime Minister KP Sharma Oli of Nepal spoke at the World Leaders Forum on Monday in a talk titled “Nepal’s Journey to Democracy and Economic Prosperity.”

Jenik Radon, adjunct professor at the School of International and Public Affairs and drafter of the interim constitution of Nepal during the constitutional peace process, moderated the event, which was co-sponsored by the South Asia Institute.

University Provost Angelina Olinto introduced Oli at the start of the event and spoke about Oli’s role in Nepal’s political transformation.

“This includes the active role the Prime Minister has played as a political activist, a youth party leader, a parliamentarian, and a prime minister in this national transformation,” Olinto said.

Oli opened the event with a 12-minute speech discussing Nepal’s political and economic history as well as its goals for the future. He began by thanking Olinto and Columbia’s board of trustees.

“In our Nepali culture, we regard places of learning as temples of wisdom and when I am standing here, I feel as though I am standing in one of the greatest temples of all,” Oli said.

He touched on key milestones in Nepali history, noting that “the road to modernity and democracy was not a straight path.”

Oli spoke about the modern history of Nepal beginning in 1768 before talking about the 2015 constitution, which “enables us to focus on the next stage of our journey—the pursuit of economic prosperity.”

He described his “life-long struggle to freedom” as having centered on comprehensive democracy, which he defined as “an environment that guarantees equal rights, equal access to opportunities, social justice, and security as well as dignity for all.”

Oli answered questions from Radon and audience members for around 40 minutes and spoke on a variety of topics including climate change and Nepal’s relationship with India and China.

Radon asked two questions about swaths of Nepal’s youth leaving for employment and education opportunities abroad. Roughly one million people leave Nepal every year and 100,000 students study abroad, Radon said.

“The challenge is their education and development,” Radon said. “What steps will you be taking in the near future to make it a home for the million who are leaving as well as the hundred thousand who have left to get education elsewhere?”

Oli said that youth “flying away from the country” is an issue and that the trend is related to education, job opportunities, and economic development of the country, but he added that many who leave eventually return.

“People talk about the rush in the output, youths are going outside, outside, outside,” Oli said. “But they don’t take any account of the people coming back too.”

Radon then asked about climate change, to which Oli responded that the country is aware of the issue and pointed out the fact that Nepal has battled climate change by maintaining the natural form of the land.

Following Radon’s questions, students asked Oli about Nepal’s relationship to its neighbors, and one student asked about Nepal’s abstention on the U.N. resolution calling for Israel to withdraw from the Palestinian territories.

On the topic of the UN resolution, Oli did not directly respond concerning Nepal’s decision, but said that they “are always in favor of peace,” saying that Nepal is the “birthplace of Lord Buddha and the mountain of Buddhism.”

Referring to Nepal’s relationship with India and China, Oli said that they are between “two giant neighbors” with whom they have a friendship that is “undestroyable” and “lasting.”