Geneva, June 12, 2024 – Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), addressed the 112th International Labour Conference on Wednesday. Dhakal highlighted Nepal's improved labor relations, recent economic reforms, and its strategic location between India and China as key factors enhancing the country's investment opportunities.
Representing employers at the conference, Dhakal emphasized the growing cooperation between employers and employees regarding worker social security. He underscored the necessity of industrial expansion to strengthen these positive trends, citing the potential for sustainable economic growth and enhanced social security measures.
In his address, Dhakal called on employers at the conference to consider investing in Nepal to promote social security, gender equality, and opportunities for sustainable income generation. He drew attention to the recently signed 10,000 MW power purchase agreement with India and ongoing discussions with Bangladesh, which promise a secured market for Nepal's hydropower production.
Dhakal also pointed to significant investment opportunities in Nepal's tourism sector, particularly in the development of infrastructure in the country's hill stations. He noted the increasing purchasing power of consumers in neighboring emerging economies such as India and China, which can drive growth in tourism.
Additionally, Dhakal identified information technology and agro-based industries as other promising sectors for investment. He informed the conference about the Nepalese government's efforts to create a favorable investment climate, including drafting bilateral trade agreements, reforming laws to streamline investment procedures, and implementing policies to eliminate double taxation.
On the sidelines of the conference, President Dhakal engaged in discussions with senior officials from the International Labour Organisation (ILO) and the International Organisation of Employers (IOE), exploring further avenues for collaboration and investment in Nepal.
Dhakal’s address has sparked interest among international investors, potentially paving the way for a surge in foreign direct investment that could further bolster Nepal's economic landscape.
