The 3rd Nepal Investment Summit has been concluded without making a major breakthrough with only a few MoUs an and agreements conveying the message that Nepal needs to take drastic steps to make it as a reliable investment destination for investors from across the globe.

However, the government and Investment Board claimed that the 3rd Nepal Investment Summit attracted a large numbers of foreign investors and opened enormous opportunities for Nepal.

The official conclusion of the two-day Investment Summit was announced on Monday by signing eight different memorandums of understanding (MoUs) in different sectors.

According to the Office of the Investment Board Nepal, on the first day of the Summit, two investment memorandums were signed.

During the opening session of the Summit, an agreement was reached between the Federation of Nepalese Chambers of Commerce and Industry and the National Chamber of Commerce and Industry of Malaysia on promoting bilateral trade and investment.

At the same time, an agreement has been signed between BLC Holding Group Nepal and Yotta Data Services, India for setting up a data centre in Nepal for about Rs. 3 billion.

According to the agreement, the data centre will be built in Ramkot, Kathmandu with the joint investment of both companies.

On the second day of the Summit on Monday, a bilateral cooperation agreement was reached between ‘World Association of PPP Units and Professional (WAPPP) and Nepalese Association of PPP Professionals and Practitioners (NAPPP) for advancing PPP in Nepal, said the Chief Executive Officer of IBN Sushil Bhatta.

WAPPP President Ziad-Alexandre Hayek and NAPPP Chair Anup Kumar Upadhyay signed the document on behalf of their respective sides.

It is mentioned in the agreement that both organisations will cooperate on matters of common interest and exchange knowledge and experience related to public-private partnership (PPP).

Similarly, an agreement has been reached between Saakh Group and Bor Group of Hotel China to cooperate in the hotel business.

According to the agreement, a hotel will be established at Gorusinghe in Kapilvastu with a joint investment of around Rs. 2 billion.

An investment agreement has also been reached between NexGen Management Solutions Pvt. Ltd. and China’s ‘MABC Investment Private Limited’.

According to the agreement, NexGen will facilitate the parent company of MABC in foreign investment in Nepal while the Federation of Nepalese Industries and Commerce (FNIC) will do the same to the Dongguan Jingliang Lighting Product Company.

In addition, a memorandum of understanding has been signed between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and China Dongan Jingliang Lighting Product Company Limited regarding cooperation for promoting investment in Nepal.

The FNCCI has signed an agreement on bilateral cooperation with the Indian Industries Association (IIA) on Monday.

The agreement was signed by Chairman Khimlal Bhandari on behalf of FNIC and Chairman Anuj Kumar Garg on behalf of IIA.

It is mentioned in the memorandum of understanding that there will be cooperation between Nepal and India in the fields of investment, trade and industry for mutual cooperation and promotion of interests.

During the Summit, an agreement was also reached to open a facility-rich resort in the Rara Lake area of Mugu.

Representatives from Expert Group, Badri Aryal and Sanjiv Sharma, alongside Abhishek Bikram Shah from Rara Holdings Pvt. Ltd. signed the agreement for the resort to be built on an area of 80 ropanis in Chhayanath Rara Municipality, Mugu.

It is estimated that an investment of around Rs. 1.1 billion will be made for the construction of the resort.

During the Summit, an agreement has been signed to use remittances in the productive sector.

The agreement has been signed between the Hydroelectricity and Development Company Limited (HIDCL) and the National Coordinating Council (NCC) of the Non-Resident Nepali Association (NRNA) with the aim of increasing the investment of Nepalis working abroad in the hydropower sector.

On the occasion of the Summit, Chief Executive Officer of HIDCL Arjun Gautam and the chairpersons of the National Coordinating Council in the presence of Minister for Energy, Water Resources and Irrigation Shakti Bahadur Basnet have signed an agreement.

According to the agreement, it is said that HIDCL will participate in the share investment of 70.3 MW capacity Simbuwa Khola Hydroelectric Project and 77.5 MW capacity Ghunsa Khola Hydroelectric Project in Taplejung district in line with the concept of Remit Hydro.

Based on the reports in The Rising Nepal