CNI appeals for more investment

Confederation of Nepalese Industries (CNI), the umbrella organization of Nepali industrialists, has appealed both local as well foreign investors to raise their investment in Nepal.
“Nepal holds immense potentials for investment. It is the right time to invest here and reap maximum benefits,” Hari Bhakta Sharma, vice president of the CNI, said, presenting a working paper at the special session of the 10th Annual General Meeting of CNI on Sunday.
Given the increasing demand for energy within domestic market as well as in India, Sharma said hydropower is one of the best sectors for investment in the country. “The country has the capacity to generate 83,000 MW, of which generation of 43,000 MW is feasible technically,” Sharma said in his working paper on ´Prospects and Challenges on Enabling Investment in Nepal´. “Farming of high value agriculture products and agro-processing industries also hold immense potentials here.”
Speaking on the occasion, former finance minister Surendra Pandey said Nepal has been failing to attract investment despite having high potential in different sectors. “Deteriorating labor relation and rise in labor costs are the major factors hindering the development of industrial sector,” said Pandey.
The AGM, which concluded on Sunday, was mainly focused on ways to develop country´s industrial sector and establish good labor relations.
Industrialists have urged the government and all the political parties to come up with a common minimum economic agenda at the earliest so as to give a boost to economic activities.
“The minimum economic agenda is a must to lure investment and also keep the nation´s economy buzzing. We have to strengthen formal economy and discourage informal economic activities,” said Sharma.
Basnyat elected CNI prez
KATHMANDU (REPUBLICA): The 10th Annual General Meeting of Confederation of Nepalese Industries (CNI) on Sunday unanimously elected Narendra Basnyat as its new president.
Basnyat was senior vice president in the outgoing executive committee.
"I will put my best efforts to accomplish the vision and mission set by CNI,” Basnyat told Republica after his election to the post. He further added that there won´t be major departure from CNI´s current strategies and programs. “My main priority will be to attract more investment in the country. We will continue to lobby with the authorities concerned to create favorable investment climate.”
Outgoing president Binod Kumar Chaudhary has been named CNI´s president emeritus.
Basnyat is the chairman of the Bank of Kathmandu and president of Nepal USA Chamber of Commerce and Industry.