KATHMANDU: Prime Minister (PM) Pushpa Kamal Dahal ‘Prachanda’ has said that Nepal requires a huge investment in infrastructure, human resources, and technology to graduate from the LDC category by 2026.

Addressing the Nepal-Business Forum entitled ‘Investment Potential in Nepal: An Interaction with Dubai Business Communities” in the United Arab Emirates, the PM invited the vibrant business community of the UAE to invest in Nepal.

PM Prachanda said we have many opportunities where the UAE and Nepal can forge partnerships for mutual interests and added that we have still not realized our full potential despite direct air connectivity and frequent flights.

Sharing that Nepal has made remarkable progress in the fields of science and technology including ICT in the recent days, the PM invited investors and the business community from the UAE to explore avenues to work together in these fields.

Saying that Nepal has decided to host the third Investment Summit in April 2024, PM Prachanda invited the potential investors in the areas of comparative and competitive advantage especially in hydropower, tourism, agriculture and ICT sectors.

He said, “We will come up with the key policy reforms and incentives that will be instrumental in attracting private investment. I take this opportunity to extend an invitation to the distinguished investors and business community in the UAE for their valuable participation in the event.”

In his address, the PM said that the UAE is the second-largest economy in the Gulf region and an emerging global economic power.

Nepal considers that strengthened economic ties between the two countries will provide enormous opportunities for mutual benefit.

“With the successful transition to the Federal Democratic Republic system of governance, Nepal is steadily moving towards the path of peace, prosperity, and development,” he said.

PM added, “We aspire to graduate from the LDC category by 2026 and have a plan to become a middle-income country status as well as achieve the SDGs by 2030.”

For this, he said, Nepal requires huge investments in infrastructure, human resources, and technology.

Asking the business community from the UAE to invest in Nepal, the PM shared that in recent times, the Government of Nepal has undertaken many policy, legal procedural and institutional reforms to create a conducive business environment for attracting FDI in Nepal.

“We have enacted the Foreign Investment and Technology Transfer Act, Public Private Partnership and Investment Act, Industrial Enterprises Act and Special Economic Zones Act among others. These laws have been reviewed regularly to promote and accelerate investments in Nepal,” according to the PM.