Kathmandu. KATHMANDU: Former President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and IME Group Chairman Chandra Prasad Dhakal has urged the investors from the United Arab Emirates (UAE) to invest in Nepal.

UAE Minister for Foreign Trade Dr. At a dinner hosted in honour of the high-level delegation from government and private sector led by Dr. Thani Ahmad Al Zeyoudi at Chandragiri today, he stressed that Nepal-UAE relations should not be limited to labour and remittance, but focused on trade, investment, innovation, entrepreneurship and joint investment.

He said that Nepal can learn a lot from the remarkable achievements of the UAE in trade, investment, finance, tourism, innovation and technology in the last 5 decades, as a result of visionary leadership, open economic policy and investment-friendly environment.

Stating that Nepal and the UAE would complete 50 years of diplomatic relations in 2027, Dhakal expressed the view that this historic opportunity should be utilized as an opportunity to take economic partnership between the two countries to a new height.

Saying discussions on the Bilateral Investment Agreement (BIA), Double Taxation Avoidance Agreement (DTAA) and Comprehensive Economic Partnership Agreement (CEPA) are progressing positively, he expressed the belief that these agreements would reach conclusion in the near future.

Those agreements are expected to enhance investors’ confidence, create more investment-friendly environment in Nepal, expand collaboration between private sector and take trade and investment between the two countries to a new high.

Stating that Nepal has notable opportunities for investment in hydropower, tourism, digital payments, financial technology and urban infrastructure, agriculture, manufacturing industries, industrial development and supply chain services, he said that the UAE’s technology, experience and investment capacity fit perfectly with Nepal’s development priorities.

“Nepal has immense potentials and UAE has world-class experience, technology and investment capacity,” he said, adding that world-class projects could be developed through joint investment in tourism, hydropower, infrastructure, production industry and other potential sectors. He believed that the project would contribute to employment generation, expansion of economic activities and common prosperity of both countries.

Stating that IME Group has been collaborating with various financial institutions of the UAE for a long time through banking, remittance and digital payment services, he said joint investment could be extended in tourism infrastructure, cable car, quality tourism infrastructure, hydropower and integrated entertainment infrastructure.

Recalling that Nepal-UAE Business Summit was organized in Dubai on the occasion of COP28 during his tenure as FNCCI President and he had the opportunity to participate twice in the World Government Summit, he said these experiences have further strengthened the belief that the UAE has seen Nepal as a potential investment destination.

“Nepal is ready. “Now is the right time to invest in Nepal,” he said, urging the private sectors of both the countries to take economic partnership to a new height through investment, innovation and entrepreneurship.