Secretary General of the International Organization of Employers (IOE) Roberto Suarez Santos today paid a courtesy call on Damodar Bhandari, Minister of Industry, Commerce, and Supplies at the Ministry in Singha Durbar.
On the occasion, Minister Bhandari noted that despite disruptions caused by the COVID-19 pandemic and global supply chain challenges, Nepal’s economy is on the path to recovery. He highlighted the leading role of the private sector in Nepal’s economic development and informed that the government is working to create a business and investment-friendly environment in the country.
Discussing investment opportunities in Nepal, he mentioned ongoing policy, legal, and procedural reforms aimed at attracting foreign investment, which have resulted in a steady increase in foreign investment approvals in recent years. Minister Bhandari emphasized that for Nepal to transition from a least developed country by 2029 and achieve sustainable development goals, additional resources, technology, capacity building, and partnerships are essential.
He expressed hope that partnerships between the IOE and Nepal’s private sector would be promoted accordingly, according to his secretariat. Minister Bhandari also requested Secretary General Santos to assist in disseminating information about investment opportunities in Nepal to investors worldwide, as well as to support capacity building for Nepal’s small and medium-sized entrepreneurs and the transfer of modern technology, thereby expanding collaboration with Nepal’s private sector.
Secretary General Santos acknowledged the investment potential in Nepal and expressed that this visit provided an opportunity to better understand the opportunities and challenges arising from Nepal’s graduation from least developed country status. Describing IOE as a global network, he mentioned ongoing initiatives to collaborate in building the capacity of Nepal’s small and medium enterprises. According to Minister Bhandari’s secretariat, the meeting also involved discussions on exploring further collaboration opportunities with Nepal’s private sector in the future and cooperating in disseminating information to expand investment in Nepal.
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