Jinoos Shariati: Bankable projects will attract UK investors

Jinoos Shariati is the First Secretary for Trade and Investment at the British High Commission in Delhi, India. She previously served as Director of Trade and Investment at the British Embassy in Doha, Qatar, and led the Technology and Smart City Investment division at the UK Department for International Trade, where she collaborated with global tech giants and investors to attract their investments to the UK.

Shariati was in Nepal recently to participate in the Nepal Infrastructure Summit. Pratik Ghimire of ApEx talked to her about infrastructure, investment in Nepal, and UK-Nepal collaboration. Excerpts:

How has your experience been at the Infrastructure Summit and what are your thoughts on the current state of UK-Nepal bilateral trade?

Though this is my second time in Nepal, it is my first time attending a summit here. I have been very impressed with the quality of the speakers and the depth of the discussions during the summit, particularly following the success of the Investment Summit. By the first quarter of 2024, bilateral trade between the UK and Nepal reached 287m pounds. The UK’s total exports to Nepal amounted to around 95m pounds, marking an increase of 5.6 percent, or 5m pounds, compared to the same period last year. UK imports from Nepal were even higher, at 192m pounds in the fourth quarter of 2023 and through the end of Q1 2024. However, we aim to increase this bilateral trade between the UK and Nepal, which is why we are here.

It was great to see a blend of both international and local speakers. I was particularly impressed by the participation of notable experts, such as the former Foreign Minister of the Philippines and a renowned expert from South Korea. They brought a wealth of experience in infrastructure development in their respective countries and shared valuable insights on how to apply best practices as Nepal continues to develop its infrastructure.

How does your team support UK companies in navigating the business landscape in Nepal?

We have a department for business and trade, with a team based in the embassy whose primary role is to promote Nepal and its business opportunities to UK companies. Part of their job is to highlight the positive messages coming out of Nepal, particularly from events like the Investment Summit and this infrastructure summit. They also promote projects in the pipeline to UK companies across various sectors, including energy, infrastructure, healthcare, and education. So, while we focus on infrastructure and energy, we are also covering other sectors. If Nepal is opening up new markets, we are eager to promote those opportunities to British companies.

Essentially, our department’s mission is to promote business opportunities to British companies interested in Nepal. We also promote investment opportunities in the UK and globally. Just as Nepal is working to attract foreign direct investment, we are doing the same for the UK. Additionally, we work on trade policy and address market access issues and trade barriers that affect UK companies doing business in Nepal. My team collaborates with colleagues across the embassies and Nepali authorities to resolve any market access challenges UK companies may face.

What factors do UK companies consider when looking for investment opportunities in Nepal?

UK companies are seeking investment opportunities where their investments are secure and offer a good return on investment. If they see that the business environment is friendly, the projects follow international best practices, and there is transparency, then naturally, we can attract UK companies. If Nepal can develop a strong pipeline of infrastructure projects that are bankable, well-funded, and aligned with international standards, I am confident that this will appeal to UK companies.

How can Nepal improve its competitive edge to attract foreign direct investment (FDI)?

There is a global competition for FDI, with countries around the world vying for it. It’s encouraging to see that Nepal is hosting business and infrastructure summits and addressing the challenges businesses face when entering the country. If the government works with the private sector to resolve these issues and encourages international companies to come to Nepal, it could attract more businesses to set up operations here. I believe there are significant opportunities for many companies to do business in Nepal, but it’s essential to create the right conditions for them to operate, such as improving the ease of doing business and facilitating the movement of resources into the country. The UK has extensive experience in attracting foreign direct investment, and we have examples that we can share with our colleagues in Nepal.

What are the challenges when trying to invest in Nepal?

Some challenges I hear from UK companies, particularly regarding infrastructure projects, involve a lack of accessible data. They are seeking information about the availability of data, whether it exists, and whether the project is well-funded. This information gap poses a challenge. Establishing a one-stop shop to provide this data and reduce costs would be very helpful for companies. Another issue is with pre-procurement processes, where procurement is not always entirely merit-based. If we can create a level playing field, I’m confident that UK companies would be more interested in investing in Nepal.

How do you plan to involve UK companies in the dialogue with Nepal?

There are already ongoing discussions with our colleagues from different teams within the embassy. We have existing programs in place for dialogue with Nepal, and through these dialogues, we also bring UK companies to Nepal. If there is interest from Nepal, I’m confident that we can bring in some of our experts. Additionally, I believe that my team and the wider embassy may organize a business summit in the first quarter of 2025. This summit would provide a platform for experts to come together and discuss both the challenges and opportunities.