Conflict and Political instability distracted investment: NRN's
Participants at the ongoing second global conference of the Non-Resident Nepalese (NRN) in Kathmandu said Saturday political instability and conflict in Nepal had distracted international investors from investing in the country.
The NRN's also called upon all to stop the violent activities to create conducive environment for investment.
They also rapped the government for not amending the company act, and introducing other necessary acts promised six years ago. They also said the government had continued to remain silent on what facilities and attractions it could provide the foreign investors.
The convention is mulling to finalize plans for a Nepal investment fund worth a hundred million dollars to be set up under the auspices of the NRN Association.
Presenting the paper on the Fund, Consultant of the NRN Association, Harris Stavrinides said that at least half of the fund will be invested in Nepal while the remaining half could be invested outside the country.
He said, "The fund will be invested in the projects costing from one to five million dollars."
The NRN's also expressed concern over the shortage of skilled manpower due to Nepal's poor educational standards.
Likewise, the participants also said that there was immense possibility of developing the tourism sector; but it was not possible before the
restoration of peace.
They also discussed ways of promoting Nepal as an international business center, recently promulgated NRN ordinance and other issues on the second day of the global meet.
Over 350 representatives from 35 countries are participating in the conference.
The first NRN conference was organized in November 2003 with the aim of bringing investment from Non-Resident Nepalese.
(For more details of the conference, please visit nrn.org.np) nepalnews.com pb Oct 08 05
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