Nepal-Canada Business Executive Committee formed

Nepal-Canada Business Executive Committee (NCBEC) was formed here on Monday aiming to further strengthen bilateral trade and investment.
The committee was launched in the presence of high-level government officials, Ambassador of Canada to Nepal Stewart Beck and business people from both the countries.
"This forum will help us to attract investment from Canada," Suraj Vaidya, president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said after the launch of NCBEC.
Gyanendra Lal Pradhan, executive member and chairperson of energy committee at the FNCCI; Om Bahadur Rajbhandari, executive member and coordinator of urban development forum at the FNCCI; Chandra Prasad Dhakal, executive member and coordinator of investment promotion forum at the FNCCI; and Ritu Vaidya of Vaidya´s Organization of Industries and Trading House are the members in the committee from Nepali side. Similarly, members from Canada in the committee are Pramod Radhakrishnan of IRD, Pradeep Kumar of Lea Associates, and Alisa Kreynes of Manitoba Hydro.
"I am quite hopeful that this forum will take forward trade and investment relationship between the two countries,” Ambassador Beck said.
Beck, who is leading the Canadian delegation in Nepal, expressed optimism that Nepal´s investment climate will get better in course of time.
The delegation is looking for investment avenues in sectors like infrastructure, waste management and hydropower.
The delegation comprises representatives from eight Canadian firms -- Arcop Associates, Bombardier, Indo-Canadian Business Chamber, IRD Inc, Lea Associates, Manitoba Hydro International, Premiertech Aqua, Ballard Power Systems.
Meanwhile, Radhes Pant, CEO of Investment Board Nepal (IBN), briefed the delegation on country´s economic outlook and potential areas that are in need of foreign investment. “We are doing series of policy reforms to welcome foreign investment," Pant said, highlighting the government´s move to attract FDI in the country.
According to the Department of Industry (DoI), Canadian firms have invested Rs 5.08 billion (approximately US$ 57 million) in 25 Nepali enterprises as of fiscal year 2010/11. These firms have created 1,926 jobs.

Indo-Canadian investors to explore investment

A team of Indo-Canadian businessmen led by Stewart Beck, ambassador for Canada to Nepal, is visiting Nepal next week to explore investment avenues in infrastructure development sector.
“Another focus of the visit is to launch the Canada-Nepal Business Executive Committee (CNBEC)," Archana Mirajkar, senior media and communication officer at High Commission of Canada in India, told Republica over phone.
According to Mirajkar, the CNBEC comprises representatives from Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Indo-Canadian Business Chamber (ICBC). "The business community from Canada is, mainly, looking to have an understanding of Nepal and investment climate there," Mirajkar said.
The delegation will visit Nepal from May 5 and 8.
Mirajkar further informed that the team comprises of representatives from firms like Arcop Associates, Bombardier, IRD Inc, Lea Associates, Manitoba Hydro International, Premiertech Aqua and Ballard Power Systems, and Indo-Canadian Business Chamber.
The Indo-Canadian business delegation will explore investment avenues in sectors like urban development, roads, hydroelectric power and waste management.
“The delegation will explore commercial opportunities in the different potential sectors," Mirajkar said. "It will also try to gain a deeper understanding of the priorities, challenges and achievements of the current government in Nepal."
Additionally, the team will also have in-depth discussion with the officials from FNCCI about the potential projects to invest.
"We are holding a meeting with the Indo-Canadian delegation on Monday," Pashupati Murarka, vice president of the FNCCI, said. "The meeting will focus on identifying different areas where we can work together and where we need foreign direct investment."
Meanwhile, Ambassador Beck also has plans to call on leaders from different political parties and high-level government officials.
According to Mirajkar, Nadira Hamid from Indo-Canadian Business Chamber, Harsh Dhingra from Bombardier, Debaissh Guha from Arcop Associates, Alisa Kreynes from Manitoba Hydro, Pramod Radhakrishnan from IRD, Pradeep Kumar from Lea Associates, Vijay Malani from Premiertech Aqua, and Alok Goel from Ballard Power System are in the delegation.
Statistics of the Department of Industry (DoI) shows 25 firms in the country have foreign direct investment worth Rs 5.08 billion (approximately US$ 57 million) from Canada as of fiscal year 2010/11. These firms have generated 1,926 jobs.
"We will explain the situation of the country to the Canadian investors and convince them that the investment climate here is not that bad," Murarka said. "We will demonstrate them that the real situation is not as bad as portrayed outside."