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The government showcased different projects with a target of attracting investment commitments of over Rs 600bn during the third Nepal Investment Summit held in Kathmandu on 28-29 April 2024. However, most of the projects showcased during the event failed to attract serious interest from investors.

One year on, the Office of the Investment Board Nepal (OIBN) has admitted that foreign investor response has fallen short of expectations. “Although many projects were showcased during the summit, investor interest has not materialized as anticipated,” said Pradyumna Prasad Upadhyaya, the spokesperson for the OIBN. He, however, added that overall sentiment toward investing in Nepal remains positive. OIBN is the specialized government body to handle projects above Rs 6bn and hydropower projects exceeding 200 MW. 

Nepal first organized the investment summit in 2015, primarily to support post-earthquake reconstruction. The first summit generated commitments of around Rs 1.4trn whereas the second investment summit held in 2019 saw investment pledges worth Rs 3.2trn.

Investors from China, India express interest

Neighboring countries China and India have shown willingness to invest in select projects. Chinese investors are close to signing a Project Development Agreement (PDA) for the Damak Clean Industrial Park. They have also shown interest in the Panchkhal Special Economic Zone (SEZ) in Kavre and submitted a proposal to start a processing zone in Nuwakot. Meanwhile, Indian investors have proposed establishing an edible oil company in Janakpur and submitted proposals for IT parks around Chobhar, Khumaltar and Nuwakot, along with a solar energy project.

The Muktinath Cable Car, spanning roughly 81 km from Birethanti on the Kaski–Parbat area to Muktinath Temple of Mustang is also moving forward. The project is currently in the environment impact study phase with the Detailed Project Report finalized.
Other progressing projects include the long-stalled West Seti Hydropower Project and the SR6 hydropower project, which is close to the final DPR submission stage. The OIBN has also received a proposal for a fertilizer plant in Bardaghat that will consume 300 MW.
Upadhyaya said they have received proposals for unique projects like seabed mining. Korea’s railway company, KORAIL, has shown intent to invest in Nepal’s railway sector. “Though exact figures on the investments received are not available, many project negotiations have made significant progress,” he added. Former OIBN CEO Sushil Bhatta, who led the Board during the third summit, explained that large investments often begin with expressions of interest and take time to materialize. “Rather than asking how much investment has come, we need to evaluate how projects are progressing,” he said.

FDI inflow of Rs 141bn

Since the third Nepal Investment Summit, Nepal has attracted Rs 141.14bn in foreign direct investment (FDI). However, this inflow is not directly tied to projects showcased at the third summit. Most investments are in projects under the Rs 6bn threshold. Before the summit, the government amended several investment-related acts via ordinance. 

The private sector had previously identified 52 acts and regulations as barriers. Although most of these legislations were revised, lack of accompanying procedures and guidelines has slowed progress in implementation. “Investors frequently ask us why procedures and directives have not followed legal amendments,” said a senior official from the Ministry of Industry, attributing delays to poor coordination among government agencies.
Upadhyaya said while drafts of some working procedures are in progress, the OIBN’s limited autonomy, having to rely on the Prime Minister’s Office for decisions, has complicated matters. “Policies evaluated by the OIBN are often misunderstood or delayed by other agencies,” he said.
Former OIBN CEO Bhatta said that procedural, legal and institutional reforms must be followed by behavioral reforms to ensure smoother project transitions. “Our credibility will be enhanced if projects in the pipeline goes into implementation as per the set timelines,” Bhatta said. “We also need to learn from international experiences on these aspects.”

Will graylisting affect FDI?

Nepal was recently placed back on the Financial Action Task Force (FATF) “gray list” for deficiencies in curbing money laundering and terrorist financing. Though this does not block investment outright, it can raise doubts among investors. “Nepal needs to address these concerns seriously,” said Upadhyaya: At a time when investor interest is growing, reputational risks could affect future FDI flows.

Europe Day is a powerful reminder of the day, 75 years ago, when Europe chose cooperation over conflict. In the aftermath of a war, we chose peace. And that choice became the foundation of the European Union.

Today, more than ever, that choice continues to guide us. In a world full of uncertainties, people across the globe are suffering because of climate change, conflict and inequality. The need for a just and lasting peace in Ukraine has not diminished. Conflict in the Mideast continues to bring misery to millions. Closer to us, an increasingly hostile climate threatens lives and livelihoods.

There are currently more live conflicts than at any time since World War II. Despite, and perhaps because of these conflicts, Europe Day should inspire us today to believe in and work for peace and unity.

The European Union remains a strong voice for peace, and we are proud to call Nepal a trusted and valued partner in that journey. Together with our member-states, under the Team Europe approach, we stand alongside Nepal in its efforts to pursue the transitional justice process in the spirit of reconciliation and permanent peace. As a trustworthy friend, we also stand with Nepal in its efforts to avert climate crises and respond to natural disasters.

In its challenging quest for prosperity, Nepal can also count on the EU. Nepal’s graduation from Least Developed Country status in 2026 means it needs to attract investment to foster economic growth. This is not an easy task when migration has become the path of choice for so many Nepali youth. But a solid commitment to improving the investment climate is crucial for realizing Nepal’s considerable economic potential and creating the business and employment opportunities young people need to build the future Nepal.

The European Union is supporting Nepal’s prosperity agenda through its “Global Gateway” initiative, together with the European Union member-states and European Development Finance Institutions. Global Gateway can support Nepal’s progress and narrow the investment gap through smart, clean and secure investments in quality infrastructure and connectivity.

In a rapidly changing, increasingly fragmented world, international cooperation has turned into global competition. The EU also needs to become more strategic and resilient. But we stand firm on the universal values we have built together with the UN since 1945, and on our commitment to multilateralism. As global challenges grow, so does our determination to remain a reliable, consistent, and principled partner. So tonight, as we celebrate Europe Day here in Nepal, let us also celebrate what connects us. The friendship between our peoples. The commitment to a more peaceful and just world. The belief—borne out of our own experiences—that cooperation can overcome even the toughest challenges.

The author is the EU Ambassador to Nepal

‘Norwegian Wood’ is the book that made Haruki Murakami a household name in Japan (as well as the rest of the world after it was translated into English in 2000). It’s a book everyone in Japan has read according to Jay Ruben, the book’s translator.  And that says a lot about the book’s popularity considering Murakami has written several novels, short story collections, as well as memoirs.

Murakami’s readers shot to millions after the publication of Norwegian Wood but it apparently depressed the author. He could deal with fame but the sudden stardom was too much for him so he moved to the United States in 1991. It was only in 1995 that he returned to Japan but he had his terms and conditions: He would not appear on television to talk about his work.

One would wonder what a masterpiece Murakami must have written to have a whole nation going crazy over him. Norwegian Wood was different from everything he had written till then. He had never written a straight, simple story. It was a challenge for him. But he enjoyed writing it and it was perhaps that joy of telling a story that lent his writing a whole other dimension. It was also perhaps what made readers connect with his work.

Norwegian Wood is essentially a story about love, loss, and longing. And we all can relate to these emotions pretty well. It’s written in first person narrative style. The main character is Toru Watanabe and he reminisces about his college days in Tokyo when he was in love with a girl. The book explores his relationship with two women, Naoko and Midori Kobayashi. Each of the three characters experience loss and grief and have his/her own ways of dealing with it. You could also call it a coming of age story of a sensitive young man who doesn’t fit into the conventional norms of society.

I had read Norwegian Wood when I was in college. I remember enjoying it but it didn’t get me hooked on Murakami as it did for some of my other reader friends. I had a few friends who read Murakami back to back because they were so bowled over by Norwegian Wood. I didn’t pick up Murakami’s other works until much later. But reading his other works made me want to reread Norwegian Wood. Most of his stories are bizarre and you need time to wrap your head about them. So I can understand the appeal of a simple story like Norwegian Wood, where things feel relatable but there’s still the Murakami style intrigue that you have come to expect and love.

Rereading Norwegian Wood as an adult felt surreal. I got the feeling of ‘been there done that’ that brought lost memories to mind and forced me to ponder over some of the things I had done. I feel it’s a good book to pick up in your late teens or early 20s, when you are trying to make sense of the world and where you fit in it. But if you haven’t read Murakami and you aren’t in your teens or early 20s, don’t let that stop you from reading the book. It’s not a fun story. It’s intense, complicated, and sad too. But it’s a good story that is well worth your time. 

Fiction

Norwegian Wood

Haruki Murakami

Translated in English by Jay Ruben

Published: 1987

Publisher: Penguin Random House UK

Pages: 389, Paper

An international conference on snow leopard conservation, convened in Nepal recently, brought together experts, academicians, researchers, and policymakers from the 12 snow leopard range countries to strengthen scientific collaboration and conservation efforts. The conference focused on cross-border coordination and knowledge exchange to ensure the long-term survival of the snow leopard.

Current population estimation by Global Snow Leopard & Ecosystem Protection Program (GSLEP) shows there are 4,000 to 6,500 snow leopards globally. China has the highest number of snow leopard population with an estimate of 2,000-2,500. There are between 100–200 individuals in Afghanistan and Bhutan, 718 in India, 100–110 in Kazakhstan, 150–500 in Kyrgyzstan, 127 in Mongolia, 200–420 in Pakistan, 70–90 in Russia, 180–220 in Tajikistan and 20–50 in Uzbekistan. The species is currently listed as ‘Vulnerable’ on the IUCN Red List category.

However, habitat fragmentation, climate change, human-wildlife conflict, illegal trade and linear infrastructure development have emerged as growing threats to the survival of these species in the range countries. During the three-day conference—jointly organized by Peking University, National Trust for Nature Conservation (NTNC), Tencent Foundation and the Shan Shui Conservation Center—participants shared national efforts, scientific findings and regional challenges. The conference concluded with the adoption of the six-points ‘Kathmandu resolution on collaboration for snow leopard conservation’ that focuses on community-based conservation, transboundary cooperation, climate change mitigation, conflict resolution, feral dog threats, disease control and technology transfer.

GSLEP has aimed to secure at least 24 snow leopard landscapes across its range. The Snow leopard landscape is defined as an area with at least 100 breeding age snow leopards supported by connectivity and adequate prey populations. Nepal has three out of the 24 snow leopard landscapes- Eastern, Central and the Western landscape.

There are many actions that can be taken in snow leopard conservation on a regional scale. By strengthening trans boundary collaboration and habitat connectivity can secure the snow leopard habitat. It will also help to know the behavior and moment status of this range species. Sharing the data and creating a common data sharing platform will help to know more about this species in the high mountain. During the conference, participants urged to develop a policy recommendation for wildlife friendly border management practices and trans boundary peace parks. If the range countries’ governments agree on it, this will be a giant leap not only in snow leopard conservation with the whole wildlife species.

Engaging local people in conservation can help to secure the wildlife habitat. For example, Other effective area based conservation measures (OECMs) declaration can be a way to engage the local people in conservation thereby engaging locals in wildlife monitoring, citizen scientists methods, partnership and regular patrolling activities. Creating OECMs can be a new practice. As we are in the brink of a climate crisis, vulnerability assessment is a key indicator to know the habitat status so that resilient habitat can be protected. One of the best measures is to promote the use of technologies. Technology advancement and data sharing will help to manage the population and ecosystem habitats.  Creating a foraging habitat for prey species and rangeland management can increase the prey species’ ungulates population which can help to reduce the livestock predation.

As discussed in the snow leopard conference, we need to address the issue of habitat fragmentation due to climate change, illegal trade, human-wildlife conflict, and infrastructure development. Cross-border cooperation is also another factor to be addressed as many snow leopard habitats span national boundaries.

Nepal's recent snow leopard survey has estimated 397 snow leopards which is about 10 percent of the global population. The survey is based on using the camera trapping, genetic analysis, spatial monitoring, use of citizen scientists and other advanced technologies and modelling. The population density is estimated at 1.56 individuals per 100 sq. km.

However there are still challenges as 42 percent of snow leopard habitats lie outside of protected areas where habitat fragmentation, human-wildlife conflict, and poaching. Around 60 percent of Nepal’s snow leopard population is found in the western region. However, due to climate change and habitat degradation, approximately 40 percent of its habitat has been lost. To address these issues, Nepal has made a six year Snow Leopard Conservation Action Plan 2024–2030 to strengthen conservation efforts and ensure long-term survival. The action plan envisions a budget of $14.24m but securing the fund is challenging in the present context.

Lastly, Snow leopards do not have their borders and their habitat should be protected beyond the political habitat to ensure their survival. Science must remain neutral and collaborative in the midst of political tensions between the range countries these days. Conservation is a result of long-term commitment so, saving the snow leopard is not only about conservation, it is about saving the souls of the Himalaya and High Mountain.