Kathmandu, June 10 – Nepal has garnered international acclaim for its strides in fostering investment and advancing the formal economy, as highlighted during the 113th International Labour Conference held in Geneva, Switzerland. The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President, Chandra Prasad Dhakal, represented Nepal's employers at the event, delivering an optimistic update on Nepal’s ongoing efforts and future prospects.
Addressing delegates from 187 countries, President Dhakal shed light on Nepal’s progressive policy reforms, including amendments to approximately 30 investment-related laws and the development of a framework for bilateral investment agreements. He emphasized that these steps, spearheaded by the FNCCI in collaboration with trade unions and the government, have been instrumental in creating an enabling environment for investment.
International Commendation for Nepal's Efforts
The International Labour Organization (ILO) acknowledged Nepal's commitment to economic formalization, listing it alongside Zimbabwe, Côte d’Ivoire, Uruguay, and Namibia as exemplary nations in this area. President Dhakal expressed pride in this recognition, attributing the achievement to innovative strategies aimed at integrating informal sectors into the formal economy.
Promising Investment Opportunities
Nepal’s geographical advantages and sectoral potential were key highlights of Dhakal's address. He outlined investment opportunities in agriculture, hydropower, and tourism, emphasizing the country's strategic location between economic powerhouses India and China. He assured stakeholders that Nepal’s ongoing transition from a Least Developed Country (LDC) would not hinder the continuation of duty-free access for Nepali products in these major markets, ensuring sustained trade opportunities.
Climate Advocacy on the Global Stage
President Dhakal also brought attention to Nepal's vulnerability to climate change, particularly the melting of Himalayan glaciers, which poses significant environmental challenges. He called for increased global support in market access, financial assistance, and developmental aid for mountainous and island nations. Highlighting Nepal's negligible contribution to global greenhouse gas emissions, he urged the international community to recognize the country's role in Himalayan conservation.
Future Prospects and Collaboration
Dhakal underscored the importance of international cooperation in private equity, venture capital, and climate finance to unlock Nepal's economic potential. The FNCCI remains committed to driving inclusive growth through robust partnerships and sustainable economic practices.
The conference not only showcased Nepal’s achievements but also reinforced its potential as an attractive investment destination. The collaborative efforts of the FNCCI, trade unions, and government demonstrate Nepal’s readiness to harness its unique position and resources for sustainable development.
This recognition by the ILO and global stakeholders marks a pivotal moment for Nepal as it positions itself as a hub for investment and innovation in South Asia.
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