CACCI conference concludes with new investment commitments

The three-day regional conference of Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) concluded here on Friday with investors announcing investment commitments in a number of sectors such as hydroelectricity, agricultural and food processing.
“I am investing US$ 5 million in Nepal´s hydropower sector,” announced Ambassador Benedict V Yujuico, a Pilipino investor and president of CACCI. His investment, according to Yujuico, would come in Upper Mai Hydroelectric Project (9.98 MW), which is being developed by High Himalaya Hydro Company.
Pradeep Kumar Shrestha, former president of Federation of Nepalese Chamber of Commerce and Industry (FNCCI), who is also involved in High Himalaya Hydro, said the two sides are yet to sign a formal deal. “But expect that to happen soon,” he told Republica.
Similarly, investors from Taiwan and South Korea also announced that they would make investment in agricultural and tourism sector, respectively.
Top businessmen of the region, who gathered in Kathmandu for the 26th conference of CACCI, admitted there were structural problems in Nepal´s hydropower sector.
“But still we want to make the investment and become part of country´s development,” said Yujuico, who has investment in countries like the USA, Singapore and the Philippines. Yujuico even appealed all the investors attending the conference to invest in Nepal.
FNCCI officials said numerous Nepali entrepreneurs have received strong commitments from investors from South Korea and Taiwan for new investments.
“We had appealed to the business leaders from Taiwan to invest in food processing and packaging industry,” said FNCCI President Suraj Vaidya. “Their responses have been positive.”
On the day, FNCCI also signed memorandum of understanding (MoU) with Chinese International Economic Cooperation, Taiwan and Iran Chamber of Commerce, Industries and Agriculture (ICCIA) aiming to lure more investment from the respective countries. “These MoUs will lead us to more cooperation and communication and ultimately new investment,” Vaidya stated.
During the sideline meetings with the FNCCI, the investors from the region expressed concerns over Nepal´s legal framework on protecting foreign direct investment (FDI).
Investors from Taiwan, Russia and Turkey had mainly raised those concerns, but FNCCI officials informed them that the government was reframing the policies and laws, making them more investor friendly.
Later, addressing the closing ceremony, Finance Minister Barsha Man Pun too promised protection of foreign investment. “We have various sectors such as hydro, tourism and agricultural, among others, waiting for massive investment. We welcome you to be a development partner of this Himalayan country.”
The last day of the conference had revolved around specific sectors such as hydro, construction, alternative energy, small and medium enterprises, tourism, health and education, among others.
“There are security risks in the project sites in Nepal. Volatile political situation is always a threat for us to work here,” Dilip Singh, general manager of Himal Hydropower Company, said in a panel discussion.
Furthermore, a delegation of CACCI led by Yujuico met with President Dr Ram Baran Yadav and Prime Minister Dr Babu Ram Bhattarai on the day.
“President Yadav and PM Bhattarai both appealed the business leaders to come in Nepal with investment,” FNCCI said in its press statement. “The country is on the way to have a new constitution and I assure that your investment will be safe in Nepal,” Bhattarai told the CACCI delegates, according to the statement.
Around 300 business leaders from 21 countries across the region participated in the conference.

26th CACCI conference kicks off

The 26th conference of Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) kicked off in Kathmandu on Wednesday aiming to unleash new potentials through renewed partnership among governments and private sectors of 26 member countries.
The conference has been attended by more than 300 business leaders from 21 countries of Asia-Pacific region and through the next two days, they aspire to identify ways to boost investment and trade in the region and discuss on models to propel regional economic growth.
As the CACCI conference is taking place on the eve of the Investment Year 2012/13, which the government is preparing to announce, the Nepali government and private sector has pinned high hope on it in terms of promoting Nepal as a lucrative investment destination and attracting investors.
"The conference is important not just for Nepal but also for the entire region," Suraj Vaidya, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said.
President Dr Ram Baran Yadav, who inaugurated the conference, welcomed the business delegates saying that the private sector has a larger role to uplift the country´s economy. "It´s a great opportunity for us to welcome business leaders from the region," Dr Yadav said. "This is the turn of Asia-Pacific region to prosper and utilize its huge resources for a shared prosperity."
In his address, Dr Yadav highlighted political developments in Nepal. "Nepal is passing through a transitional politics. Though delayed, we are in the process of having a new constitution in the near future," he stated.
Dr Yadav also appealed all the business leaders to invest in Nepal. "Regional integration should be among people, institutions, private sectors and governments of different countries."
Rona Yircali, chairman of World Chambers Federation (WCF), too urged all member countries to work together for winning prosperity for their people. "The road to prosperity is full of challenges. We have to work together in order to overcome these challenges," he said.
He noted that energy security, poverty reduction and identifying new growth models should be the agendas of the conference at this time.
K K Modi, president emeritus of CACCI, said Nepal, though small in size, is strategically important for all the countries to make investment.
"There are imbalances around the world not only in the Middle-East but around the world. These imbalances demand our joint efforts to fix them," Supachai Panitchpakdi, secretary general of United Nations Conference on Trade and Development (UNCTAD) said. "A single model may not work for all of us. But we have to work together."
FNCCI, the host organization of the conference, has put effort in place to make this platform to have business to business meetings among private sectors of the different countries.
Additionally, interested member chambers will also have the opportunity to sign memorandum of understanding (MOU) with FNCCI and other CACCI members, defining possible areas of cooperation during the conference period.
CACCI is a regional grouping of apex national chambers of commerce and industry, business associations and business enterprises in Asia and the Western Pacific.
The 25th conference was held in Istanbul in 2011. According to a press release issued on Wednesday, FNCCI has signed MoU with The Union of Chambers and Commodity Exchanges of Turkey and Georgian Chambers of Commerce and Industry.