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The recent change in the governing coalition has cast a shadow over the upcoming investment summit scheduled for April 29-30 in Kathmandu. Former finance minister Prakash Sharan, who was leading the summit preparations, has been replaced by Barsha Man Pun. Before the coalition shift, Sharan had been actively engaging with various international stakeholders to organize the summit. Now, the responsibility falls on Finance Minister Pun to ensure its success.

The government is relying on significant foreign investment to recover from the current economic crisis. However, with less than a month until the summit, preparations seem to be moving slowly. Despite pledges to amend numerous laws and regulations to create a more investment-friendly environment, officials report that progress in this regard has been sluggish.

Officials at the Office of the Investment Board Nepal (OIBN) note that the change in the ruling alliance has hampered preparations for the summit. While Finance Minister Pun has urged officials to expedite preparations, the process of amending laws has not gained momentum, partly due to the federal parliament being preoccupied with political issues. 

In addition to summit preparations, the Ministry of Finance is busy with drafting principles and priorities for the fiscal year 2024/25 budget and a new five-year plan. This leaves Finance Minister Pun with limited time to focus on the investment summit.

Several committees have been formed by the government to prepare for the summit, each with specific responsibilities. The finance minister leads the Steering Committee, while the chief secretary heads the Implementation Committee, the industry secretary leads the Technical Committee, and the CEO of OIBN leads the secretariat. 

The Steering Committee initially decided to amend 10 laws and two regulations to signal to investors that the investment environment in Nepal has improved. However, priorities seem to have shifted following the sudden change in power dynamics.

A task force, chaired by the Office of the Prime Minister Secretary Ek Narayan Aryal, has been established to propose amendments to laws and regulations related to foreign investment. Its recommendations include amendments to various acts and regulations, including the Industrial Enterprise Act-2020, Foreign Investment and Technology Transfer Act-2019, Special Economic Zone Act-2016, Forests Act-2019, and National Parks and Wildlife Protection Act-1973, to improve the investment climate in Nepal.

Additionally, the task force has also suggested amendments to the Lands Act-1964, Land Acquisition Act-1977, Environment Protection Act-2019, Electronic Transactions Act-2008, Civil Aviation Act-1959, Foreign Investment and Technology Transfer Regulations-2021, and Forest Regulations-2023.

In addition to the amendments to laws, officials say the process of selecting projects for the summit has also been affected. While the implementation and technical committees have evaluated approximately 130 projects, final selections have yet to be made.

Notable projects evaluated by the committees include the Rs 104bn China-Nepal Friendship Industrial Park, the Rs 85.83bn Upper Marsyangdi-2 Hydropower Project, and the $21.02bn 40 MW solar project in Kohalpur and Banganga. Several other projects like industrial zones, special economic zones, hydropower projects, solar and wind energy projects, and reservoir projects have also been submitted for consideration to the Investment Summit Secretariat.Besides, provincial governments and the private sector have also submitted projects for inclusion in the summit. 

In the 2019 Investment Summit, the government had showcased 77 projects, including 27 from the private sector, covering sectors such as energy, infrastructure, agriculture, education, and health. Although investors expressed interest in over three dozen projects, investment agreements were signed for only 15 projects.

International investors have expressed concerns about Nepal's bureaucratic hurdles and various restrictions, hindering their willingness to invest.

For instance, American private investors are keen to invest in Nepal’s tourism, medical, and other sectors. But they are unsure about the investment environment in Nepal. Prospective investors in China and India too have concerns about funding projects in Nepal. Their concerns range from a bad investment environment to unstable politics to problems related to labor issues and exit plans. 

This will be the third summit in recent history, following those held in 2017 and 2019, with the government aiming to showcase Nepal as an emerging destination for global investors, particularly in green energy, tourism, agribusiness, and the IT sector.

Minister Pun emphasizes the government's commitment to ensuring the protection and security of investments, as well as providing efficient facilitation throughout the business cycle.

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Proposed areas for international investors 

• Agro processing 
• Education 
• Health 
• Energy 
• ICT 
• Manufacturing 
• Mines and minerals 
• Tourism 
• Transport 
• Urban development 

Why is Nepal a preferred destination for investment?

• 57 percent population is between 15-59 
• Low-cost of Labor 
• Nepal is a member of SAARC 
• BIPPA agreement with five countries 
• DTAA agreement with 11 countries 
• Treaty of Trade and Transit with India
• Treaty of Transit and Transport with China 
• 100 percent ownership to foreigners 
• Repatriation holiday 
• Competitive corporate tax system 
• Private-sector friendly laws
• Market access to two Asian giant India and China 
• Easy visa service

On a fine Sunday morning, as I sat braiding the hair of my five-year-old sister, she looked up at me with big, hopeful eyes and asked if I could give her a makeover to make her look as beautiful as Cinderella. I asked: Why? Still a cute little baby, she said: “So that I could find a prince who will make me a queen.”

This seemingly witty response of my sister made me ponder upon how these fairy tales have been shaping highly flawed and toxic gender norms and standards for beauty even in today’s society. That a woman’s goal is only to be “accepted” by a man, as someone who cannot ever stand on her own. She is in a perpetual struggle for the mercy of a man—somebody must take control of her. In fact, she has been learning so much before she would start her formal education, which hardly enables young brains like hers to question any such conventional norms.

As a child, anyone would be captivated by the story of a young Cinderella who overcomes difficulty and finds her prince and lives happily ever after. Every child, even in today’s modern society, does yearn for his or her own fairytale ending, just like Cinderella’s. But as one grows up and gains a deeper understanding of the surrounding, one starts questioning the underlying messages embedded within Cinderella’s story — only if the education system develops in them a faculty for critical thinking. The realization that Cinderella is a narrative that conserves the notion that a woman’s identity is shaped solely by societal expectations and the acceptance of a man. It fails to embrace the concept of female independence and empowerment.

For real empowerment, there is a need for instilling a thought in our young generation to discern the inconsistencies that exist within Cinderella’s story. Why did Cinderella feel the need to adapt and change herself to fit into those stunning glass slippers? Why was her worth so closely tied to a prince’s recognition and validation? These questions should also be naturally popped up among growing young minds, in order to prompt a deep introspection and a desire to challenge the limiting beliefs imposed upon women.

One aspect that troubles child psychologists is Cinderella’s physical transformation, which plays a key role in her story. It emphasizes the significance placed on external beauty and continues to nurture the harmful notion that a woman’s worth is determined solely by her physical appearance. This narrative supports society’s pressures to adhere to narrow beauty standards, hindering the worth of a woman’s inherent value beyond her looks. It is high time we beat these restrictions and let both boys and girls embrace their true identities.

Cinderella’s story propagated the belief that a woman’s happiness and fulfillment revolve solely around finding a prince to save her. However, authentic relationships are built on mutual respect, equality, and the acceptance of one another’s true selves. Let a free mind of the 21st century, of whatever sex or gender, seek partnerships that celebrate their individuality, cherishing themselves for who they are rather than who they are expected to be. The flawed fairy tales should be deconstructed to let our new generation no longer wait for someone to hand them the key to their dreams. Instead, we should take charge of our own destiny. True empowerment originates from within—it comes from believing in our own abilities and trusting our intuition.

We, as women, are the authors of our own stories. We possess the capability to achieve greatness and create our own happily ever after on our own terms. So, let us free ourselves from the confines of Cinderella’s story and rewrite our own narratives that celebrate our strength, resilience and unwavering independence.

Among the busy crowd of bustling Kathmandu, I corner my scooter aside to the pavement and check my phone for calls. A pedestrian prances along and asks ‘Pathao ho?’—I deny. Just minutes later the same question was asked. I retorted, “I am not a Pathao driver.”

It sure becomes infuriating when I am a college student waiting for my future to clear out like the Kathmandu road but am nagged with people when I come to a halt. Their only assumption of me being a Pathao driver is the arachnoid mobile holder—I don’t have it, and yet again the question is presented.

I take off my helmet to act cool and nonchalant but people can be brave and reluctant with hurried questions. They are more disgusted by me not being the driver much more than I am pretending to not be one. The questionnaires are used to being asked by the drivers in a larger monopolistic way to take anyone from anywhere to everywhere.

Are people not phased with the threats that come with offline usage? The rampant entrusting of your security is whittled to a stranger. According to some customers, platform-based ridesharing fills an important void in the poorly provided and poorly functioning public transport sector of Kathmandu (Pg-21) yet the trust is frayed. You can only rely on the Nepali hospitality and humility. It is widespread now, for walkers to save money and go off the record with the vacant pillion seats as much of the fares demanded are lessened offline.

Section 8 (2) of the Vehicle and Transport Management Act 1993 states that no private motor vehicle shall be used for the transport service.  Section 12 (1) of the Act also states vehicles registered for one purpose cannot be used for another. So, I can’t be malevolent, can I?

The website Pathao clearly mentions that the riders are ‘not the employees of Pathao’ and are based on a freelancing model and only the concerned individual parties shall be solely responsible for the claims, judgements and liabilities that result from any accident, loss or damage, and not the company or Pathao. 

Another famed app InDrive, mentions on its General Terms of Use that any decision to offer or accept the Services is an ‘independent decision’ made in each user’s sole discretion at the user’s own risk. InDrive has a plus point as passengers offer the price and the drivers counteroffer seemingly as a colloquial Nepali style of bargaining. Less fares yet the company is not responsible for any damages or losses incurred. The initial fare, as should be determined based on a minimum distance of three kilometers. 

Some of these drivers are incautious and unwary of the traffic around, as they swerve across lanes without giving a side light increasing the risk to not just the passenger but to other common drivers and pedestrians. I know this because I have ridden on one.

The ride-sharing companies do give ample employment but the malice and greed of the drivers to earn a little bit more ruins everything. Even mixing in the honest working class.

Wonder if I could charge the galling people with my expensive petrol money… or play the bargain game which I am bound to lose. But unfortunately, I am not a Pathao driver.

The author is a student of Journalism and Mass Communication at St Xavier’s College, Maitighar

Honorable Finance Minister,

You might not be an economist, but as an experienced political leader, I am very hopeful about the upcoming budget of fiscal year 2081/082 BS. There isn’t any special formula for achieving prosperity, for it requires courage and competence in equal measure. In your second term as finance minister, you being a leader who has repeatedly won elections, are a close witness to our nation’s poverty. Hence, I am even more enthusiastic; will you this time introduce new measures for prosperity.

The budget is not just the financial exercise of the nation; it’s an outline and strategy document for solving the most complex issues of the nation, where the management of resources must be done with justice and wisdom. I find our national budget comprising remnants of the past goods, incomplete, inadequate present, and plan-less future.

So I want to ask you this Honorable Finance Minister: Why does the budget always seem so stale? Why can’t the budget makers become allies of public enthusiasm? Isn't this a beautiful opportunity to awaken the common people? Why can't budget makers become engineers of national transformation?

I lack any formal education in economics. However, as an entrepreneur and a citizen of Nepal, I could not help but offer my two cents worth of suggestions for the upcoming budget. And, I have presented some suggestions. I feel, we are in various circumstances, and these diverse suggestions will indeed be helpful.

Communicate hope

Social despair is more detrimental than economic despair. Please manifest hope and enthusiasm in your programs. In every allocation of your budget, ask yourself, ‘What energy does this bring?’

Address the youth

There is a significant gap between youth and national budget programs. Present programs for high-level youth development that can yield results in two years. Introduce ideas and schemes to control human capital flight. Correct the past tendency of discouraging youths and upstart entrepreneurs. 

Be courageous

The position of finance minister is very important. It's a place to showcase one's leadership and brilliance. Corruption in national resources distribution due to excessive politicization has created many problems in the past. To break this trend, it's necessary to show courage. Do something new, even if it seems impossibly ambitious. Do not allow budgetary programs to be mere election slogans.

Show empathy toward entrepreneurs

Business is not just about making money; it’s about growth. Nurture and promote entrepreneurship. The business sector is affected by incursions from various bodies of the state. It is in the grip of an economic recession. Seek various means of national revenue. Taxation is one face of the coin; the other is subsidies and facilities.

Don’t intimidate entrepreneurs in the name of taxes. Rather, motivate them to earn and contribute more. 

Invest in education

Provide opportunities for existing educational institutions to transform themselves. Prioritize educational governance. Invest in programs that create a better future rather than long-term productivity programs. We have omitted many things in education, which could be the sole significant medium for national prosperity.

Digital transformation

Digitalization is a weapon against corruption—use it. Be ambitious. Aim to become influential. Dare to reach your goal. Invite global information technology companies and donors for nation-building. However small contribution there may be, it will sow the seeds of prosperity.

Become a guardian

Save Nepal. Be a guardian to all of us. Listen to interest groups but verify from independent analysts. Make the budget inclusive and participatory. Analyze the potential decisions in favor and against. Be bold and be ready to address every concern of stakeholders.

My eighth suggestion, please spend at least one day studying and analyzing the trends, weaknesses, strengths, and obstacles of programs of the last two decades at the international level, along with their impacts. You will find more guiding principles from there than your economic advisors. Time provides an opportunity for a person to do something great. That time is now for you. Don’t miss the opportunity to become the ‘architect’ of a prosperous Nepal.