US Ambassador to Nepal Dean R Thompson has stressed the need of policy stability for any country to gain economic prosperity.
At an interaction ‘Advancing U.S.-Nepal Commercial Relations’, hosted here today by the US Chamber of Commerce (AMCHAM) Nepal, he laid emphasis on clarity in policy for boosting domestic or foreign investment. A transparent, stable and predictable policy is a must for enabling environment for economic prosperity, he said, calling for paying attention to that end.
“The United States and Nepal have a long-standing relationship and the US would like to see Nepal progress in the fields of prosperous democracy, economic growth and development and human rights and social justice,” he said.
Economic prosperity could be attained with the prevalence of democracy and social justice, the US envoy claimed. Ambassador Thompson said the US government has been supporting small enterprises run by women, as well as flowing investment in infrastructure sectors including electric transmission lines, roads of late. Senior Vice President of South Asia US Chamber of Commerce, Atul Keshap said such an event would impart a positive message on the eve of the investment summit beginning in Nepal tomorrow.
Noting that Nepal has huge potential for investment in digital economy, information technology and agriculture sectors, he said prosperity would be achieved in the country through the development of these sectors. He also echoed the need for policy clarity to increase investment and expressed the confidence that huge investment would come in if an investment-friendly environment was created.
“Currently, US investment shares only 3 per cent of total foreign direct investment (FDI) flowing to Nepal which he said can be augmented in coming days if there is an investment-friendly environment and policy.” Chairman of American Chamber of Commerce (AMCHAM) Nepal & Vice President and Managing Director of MetLife Nepal, Nirmal Kajee Shrestha said Nepal is a country with great investment potentials.
“Nepal is a country with investment potentials, our current priority is to make the current investment sustainable and increase US investment in the coming days,” he said, adding support from all partners is needed for this. ” USAID Nepal has been working in collaboration with the public and private sectors in the fields of tourism, information technology, agriculture and clean energy for Nepal’s economic development. He also said that there is a huge potential in Nepal’s tourism sector.
“Nepal’s tourism sector is moving forward in a new way and there is a huge potential in the tourism sector. Economic development can be achieved by investing in tourism,” he said. Director of US National Security Council’s South Asia Regional Affairs Seamas Whitesel stressed that national security would be strengthened if economic prosperity prevailed. Nepali entrepreneur Sujeev Shakya stressed Nepal should utilize its present position of demographic dividends.
“Nepal is amidst two large economies like China and India. The country now has the same potentials as it has a large number of young people,” he said. On the occasion, representatives of US-funded projects in Nepal shared their experiences on the opportunities and challenges of working in Nepal.
On the occasion, a Memorandum of Understanding (MoU) was also signed between the US Chamber of Commerce Nepal and the US Department of Commerce’s International Trade Administration on US Trade and Investment Strategic Cooperation. AMCHAM Chair Shrestha and Principal Deputy Assistant Secretary for Industry and Analysis Heather Helm signed on behalf of the International Trade Administration.
