London. KATHMANDU: Former President of Non-Resident Nepali Association (NRNA), Kul Acharya, has called on the Nepali diaspora in the UK and foreign investors to invest in big infrastructure, hydropower and tourism sectors of Nepal.

Presenting a working paper at the Trade and Investment Promotion Conference held at the Embassy of Nepal in London, Acharya made this call.

He recalled that he had fought for a long time to ensure non-resident Nepali citizenship in Nepal when he was in the leadership of NRNA. Recalling that he got the opportunity to acquire the first NRNA citizenship after a long struggle, he said that an environment conducive for investment would be created once the legal hassles related to citizenship are ended.

He said Nepal has immense potential for development and market as it lies between the two big economic superpowers and the most populous neighbouring countries, China and India.

He shared his experience of struggling in the early days of the UK and reaching the present situation through the ‘Holy Cow’ business. According to him, the concept of joint venture was put forward in 2012 and ‘NRNA Infrastructure and Development Company’ was established in 2017 as a part of this initiative. The company was also listed in the Nepal Stock Exchange (NEPSE) in 2020. Stating that the Company has been distributing good profits to the investors, he said that works are being carried out in various hydropower projects and other sectors in Nepal with collective investment of Non-Resident Nepalis.

“We are having strategic partnerships with established and credible business houses in Nepal for safe investment,” Acharya added.

He further said that the government is collaborating with IME Group led by the immediate past president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal for ‘Himalaya Power Partner’ and other hydro projects.

Similarly, Nepalis entrepreneurs based in Russia have invested in various hydro and banks in collaboration with Sanima Group and some UK companies are also expanding their investment in Nepal.

Acharya also highlighted the collaboration with KC Group, another largest investor in Nepal’s infrastructure and hydropower sector. “Hydropower, service center, tourism, hospitality and apartment projects are going to be implemented together with the group,” he said, adding, “Let’s sit together and discuss.” We are fully ready to invest in hydropower, hotel and other sectors in Nepal. ‘

He also said that the ‘Tiger Palace Resort’ located in Bhairahawa (Lumbini) has been operating successfully despite various challenges. The resort, which has Nepal’s largest casino and attractive swimming pool, currently employs more than 1100 people. He made it clear that there is a joint partnership of Non-Resident Nepali entrepreneurs from the UK and America.

He also thanked young researchers and Nepali Embassy officials for their relentless efforts to promote entrepreneurship and investment in Nepal.

He also appealed to the Nepalis in the UK to hold a round table soon to commit to greater investment and become partners in the economic transformation of the motherland.