Submit your Article

Deputy Prime Minister and Foreign Minister Narayan Kaji Shrestha on Thursday hosted a breakfast meeting with the senior executives of leading Indian Multinational Companies operating in Nepal and associated with Nepal-India Chamber of Commerce & Industry (NICCI).

The meeting was coordinated by the Nepal-India Chamber of Commerce & Industry (NICCI).

The event began with welcome remarks from the Deputy Prime Minister.

During the meeting, the Chief Executives and representatives of the companies shared their success stories in Nepal and briefed their plans for future expansion, emphasizing their commitment to reinvest from the earnings locally, reads a statement issued by NICCI.

They also highlighted several challenges they face, including issues in the real sector, difficulties in remitting funds, payments to foreign suppliers, and the impacts of post-COVID economic sluggishness on construction and manufacturing sectors.

The mismatch in customs duties on raw materials versus finished products, which has increased manufacturing costs in Nepal, has created an uneven playing field. Despite repeated requests to address budget suggestions, these issues have remained unresolved.

Additionally, concerns were raised regarding the retention of earnings by Indian nationals working in these companies and the high tax rates in Nepal, which are among the highest globally. The representatives urged the government to address these matters to foster a more conducive investment environment in Nepal.

In response, Deputy Prime Minister Shrestha assured the delegates that he would convey their issues to the Prime Minister, as well as the Ministers of Finance and Industry, Commerce, and Supplies, to ensure that these concerns are heard and addressed, the statement further reads.

He expressed his concern over the reliance of Nepal’s economy on remittances and import duties, which has led our economy into a consumer-based economy. He emphasized the need to shift towards an import-substitution and export-oriented economy for long-term sustainability. Deputy Prime Minister Shrestha thanked all the multinational representatives for their presence and their insights into the current economic situation in Nepal.

The meeting was attended by Ravi Kumar Rayavaram, Managing Director of Surya Nepal Pvt. Ltd.; Amlan Mukherjee, Managing Director of Unilever Nepal Ltd.;  Abhiman Bararia, Managing Director of Asian Paints Nepal Pvt. Ltd., G. Gopalakrishnan of Asian Paints, Gorakh Rana, Deputy Chief Executive Officer of Standard Chartered Bank Nepal Ltd.; Rabi Bhakta Shrestha, Promoter Director of Unilever Nepal Ltd.; Saibal Ghosh, Management Consultant at Berger Jenson and Nicholson Nepal Pvt. Ltd.; Mayur Kumar, Financial Controller of Dabur Nepal Pvt. Ltd.; and Keshab Man Singh, Director General of NICCI.

On the occasion, the Director General of NICCI presented a copy of the "Investment Guide for Indian Investors, 3rd Edition, 2024” to the Deputy Prime Minister.

This guide book was prepared by NICCI in collaboration with the Embassy of India in Kathmandu and the Embassy of Nepal in New Delhi, was recently launched at the Investment Summit 2024 in April in Nepal.

It includes all the provisions and amendments made by the Government of Nepal up to the date of the Investment Summit 2024 through special ordinances to ease investment procedures in Nepal.

President Ram Chandra Paudel has left for Switzerland this evening to attend the inaugural Forum of the Global Coalition for Social Justice that will take place during the High-level Segment of the 112th Session of the International Labor Conference.

 Vice President Ramsahaya Prasad Yadav, Prime Minister Pushpa Kamal Dahal, deputy prime minister, ministers and high-ranking government officials had reached Tribhuvan International Airport to bid farewell to President Paudel.

The Ministry of Foreign Affairs has shared in a press statement that President Paudel will address the inaugural Forum of the Global Coalition for Social Justice on June 13.

Paudel is scheduled to hold bilateral talks with his Swiss counterpart Viola Amherd on June 12.

Similarly, President Paudel will leave Geneva for Berlin on June 15 for an official visit to Germany at the invitation of German President Frank-Walter Steinmeier.

Paudel is scheduled to hold official talks with his German counterpart on June 17, the Ministry added.

The President's spouse Sabita Paudel has  accompained the President during the visit.

He will return home in June 19.

Koshi Province Chief Minister Hikmat Kumar Karki has said the prolonged political instability has hampered the implementation of significant projects in the Koshi Province.

He made this remark while inaugurating a meeting of the Province Development Council today.

The Chief Minister said concerns to be raised during the meeting will be addressed through a new budget for the province. He proposed the idea of developing the Mahakumbha region which lies on the bank of the Koshi River to promote religious tourism.

Former Finance Minister Dr Yubaraj Khatiwada acknowledged the lack of coherence and coordination between the federal and the provincial governments in implementing development projects. He advised the Koshi government to do its best to explore development potentials in the areas of water resources, agriculture, and energy, setting an example. 

Council member and CPN (Maoist Center) Koshi Province Parliamentary Party leader Indra Bahadur Angbo said the effective enforcement of federalism is awaited and the provincial government is responsible for coming up with plans and projects capable of encouraging the young generation. 

Province Planning Commission's Vice Chair Dr Rajendra Adhikari was of the view of stabilizing the economic growth rate and enabling an atmosphere conducive to attracting foreign investment.         

Commission secretary Mimans Adhikari said submissions of 10,000 people were sought in the course of drafting the second Periodic Plan for the Province and the meeting aimed to further enrich the submission documents. 

The meeting was attended by province ministers, Commission office-bearers, and secretaries from various ministries, Council members, presidents of thematic committees in the Koshi Province Assembly, and mayors and chairs of the local levels.

The main opposition Nepali Congress lawmaker Rajendra Bajagain has sought information from the government about the condition of two youths of Gorkha who were arrested in Tibet, autonomous region of China.

Speaking at a Parliament meeting on Tuesday, lawmaker Bajagain said that he had got information that the Tibet police called Rapke Lama and Karma Cheden Lama of Lama Gaun, Chumanubri Rural Municipality-7, Gorkha to Tibet and took them under control one-and-a-half month ago.

Annapurna Post, the sister publication of The Annapurna Express, on June 9 had published the news about the arrest of two youths of Gorkha in Tibet.

After the news was published, lawmaker Bajagain of Gorkha urged the government to find out the whereabouts of the duo.

The Chinese government had closed Muladhyajan, the border point between Gorkha and Tibet, for the past five years.

It has been learnt that the two youths were arrested by calling them in the border even though the border crossing is closed.

Saying that the reason behind the arrest has not been known yet, Bajagain through the Speaker urged the Ministry of Foreign Affairs to take initiatives to find out their whereabouts and release them.

“Rapke Lama and Karma Cheden Lama of Chumanubri Rural Municipality-7, Gorkha got a call from Tibet, autonomous region of China, one-and-a-half month ago. The Chinese administration had asked to call them. They were urged to come to the Tibet border. They went to Tibet. And they were apprehended there,” he said, adding, “The Nepal government has no knowledge about it. What is their status? Whether they were alive or not. I would like to draw the attention of the Ministry of Foreign Affairs towards the incident and urge the government to take initiatives to search for them.”