Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called on the OPEC Fund to significantly increase its investment in Nepal, highlighting the country’s vast potential for growth and development.
In a meeting with Abdulhamid Alkhalifa, President of the OPEC Fund for International Development, and Vice President Tareq Alnassar in Vienna, Dhakal emphasized Nepal’s strategic location between China and India as a key advantage. “Nepal could become a new and significant investment destination for the OPEC Fund,” Dhakal asserted, pointing to the opportunities presented by the proximity to two major economic powers.
Dhakal detailed the investment-friendly environment that is taking shape in Nepal, particularly in sectors such as tourism, energy, infrastructure, agriculture, and information technology. He also mentioned the long-term power trade agreement between Nepal and India, which opens up significant opportunities for investment in hydropower and renewable energy, making Nepal’s extensive energy potential more accessible.
Moreover, Dhakal highlighted that a similar power trade agreement with Bangladesh is nearing completion, further enhancing the prospects for energy investments. He also took the opportunity to showcase Nepal’s cultural heritage, natural beauty, and youthful workforce, suggesting that these factors make Nepal an attractive destination for investments in tourism, agriculture, and IT infrastructure.
Recent legislative amendments aimed at removing barriers to investment were also discussed. Dhakal noted that the Nepal government, in cooperation with FNCCI, is committed to creating an investment-friendly environment. He mentioned the approval of a bilateral investment agreement (BIA) framework by the Council of Ministers, designed to secure foreign investments and foster a conducive investment climate.
FNCCI has been actively working to attract investments and improve the investment climate in Nepal. Dhakal highlighted recent business summits organized by FNCCI in New Delhi, Beijing, and Dubai as part of these efforts. He assured potential investors of FNCCI’s readiness to facilitate investment processes and expressed the willingness of Nepalese investors to partner with foreign investors across various sectors.
In response, OPEC Fund President Abdul Hamid Alkhalifa expressed readiness to enhance investments in Nepal, particularly in renewable energy, hydropower, and the promotion of small and medium-sized enterprises (SMEs). On this occasion, the OPEC Fund signed a US$25 million loan agreement with Global IME Bank Limited to increase access to financing for micro, small, and medium enterprises (MSMEs), including women-owned enterprises, and climate-smart projects.
