There has been an interesting debate on Prime Minister KP Oli’s participation in the annual gathering of the World Economic Forum (WEF), a global talk-shop set up in 1971 with donations from rich individuals and companies. The annual meeting in Davos, Switzerland brings together political leaders, entrepreneurs, journalists, celebrities and the global ‘who’s who’ to discuss issues of common concern. Those close to PM Oli are projecting his participation in this prestigious international forum as a singular achievement for Nepal. It may be. But also remember that the WEF invites participation from Nepal every year. Earlier, Nepal used to send top diplomats and ranking bureaucrats to the forum. This year, the prime minister chose to go himself. We can read this in two ways. One, hounded by critics at home, PM Oli wants to project to his countrymen the image of an important global leader whose voice carries weight with some of the most powerful political leaders and businessmen in the world.
Two, in a more charitable reading, and one which the government is trying to promote, PM Oli genuinely believes the global forum will help him portray Nepal as a stable and peaceful democracy, with complete press freedom, and hence a perfect investment venue. What better way to attract the much-needed FDI, right? But there is a wee problem with this reading.
The best way to attract quality FDI would be to improve the country’s business climate. But the World Bank has recently indicated that Nepal’s business climate is getting worse. The various cartels that stifle competition in just about every sector remain alive and kicking, despite PM Oli’s commitment to quash them soon after assuming office. Pervasive corruption is sapping vitality from the economy—an economy the PM vows will soon be among the ‘fastest growing’ in the world. On rule of law, post-Nirmala Pant, the lesser said the better.
This is needlessly cynical, one might argue, in a country where leg-pulling is a national obsession. Maybe the canny prime minister will prove us all wrong. Perhaps post-Davos Nepal will be an investment haven. Perhaps, then, good FDI will chase out the laundered sort. But, again, the weight of evidence is against this simplistic reading. It does not augur well when a country’s head of government feels the need to shine abroad to please his domestic constituencies.
