Speech by Chairman Luo Zhaohui at the Opening Ceremony of Nepal Investment Summit

Speech by Chairman Luo Zhaohui at the Opening Ceremony of Nepal Investment Summit

Your Excellency Prime Minister Prachanda,

Ladies and gentlemen,

Namaste! 

It is my great honor to participate in today's function. On behalf of the Chinese government, I would like to express our warm congratulations for the opening ceremony of the Third Round of Nepal Investment Summit. 

Realizing sustainable development is a permanent goal of the world. The investment is necessary for the development. Against the current global geopolitical environment, shortage of development and investment is the biggest challenge we are facing. The UN 2030 Sustainable Development Goals (SDGs) progress is lagging behind. Today's Summit is of special significance.   

Nepal is a very beautiful country with great development opportunities. Through the efforts of the Nepali government and people, Nepal has overcome the COVID-19 pandemic and other difficulties, and realized economic recovery, social stability, especially powerful recovery in tourism. Over 1 million overseas tourists have visited Nepal in a year. These are very positive development. Moreover, Nepal is rich in resources such as cheap labors, hydro-power, tourism, forestry. Infrastructure area is full of great potentials. All these favorable facts give the world full confidence to invest in your great country.     

Friends, 

China attaches great importance to our bilateral relations. In October 2019, President Xi Jinping paid a historic visit to Nepal, one of the achievements reached is to build the Trans-Himalayas All-dimensional Connectivity Networks. Last September, Prime Minister Prachanda paid an official visit to China. Our leaders have reached important consensus guiding our future cooperation. All these fruits are in the process of implementation. 

I am happy to see that, in the 2022-2023 fiscal year, China stood as Nepal's largest source of foreign investment again. Chinese investment to Nepal has reached 1.75 billion US dollars, creating over 100 thousand jobs for Nepal. I am satisfied to note that more than 350 entrepreneurs participate in today's Summit.    

Ladies and gentlemen, 

I would like to share the following insights on boosting investments in Nepal. 

First, the Chinese government will continue to attach great importance to direct and indirect investment in Nepal. To implement the Trans-Himalayas All-dimensional Connectivity Network is the highest priority for both sides. Air and road link, border check points are going on well. Feasibility studies of the cross-border railway and transmission line are moving forward. Mobilizing more projects is one of the major investment ways of China. The finished projects such as the Civil Service Hospital, Kathmandu Inner Ring Road, and Pokhara International Airport have already become landmark undertakings. We will speed up the key projects such as the maintenance of the Araniko Highway, the Tokha-Chhahare Tunnel, the second phase of the Improvement of the Kathmandu Inner Ring Road. All of these cooperation projects will boost investment in Nepal. 

Second, we will pay more attention to boosting investment through advancing the high-quality Belt and Road cooperation and the implementation of the Global Development Initiative (GDI). Last year, during the Third Belt and Road Forum for International Cooperation, President Xi Jinping announced financing window of more than 100 billion US dollars. Under the GDI framework, we mobilize 12 billion US dollars investment fund. Nepali government and commercial institutions, based on good projects, are mostly welcome to apply for these funds.  We also reached the consensus of building the Industrial Park and Agricultural Park separately. More than that, over the past 40 years of reform and opening up, China has gained rich experience in improving the business environment and attracting foreign direct investment. We are willing to share these experiences with Nepal.   

Third, we will continue to encourage qualified and influential Chinese enterprises to invest in Nepal. Some Chinese companies such as CCCC, CEEC, CSCEC and Huawei have done their business well in Nepal. We know that, Nepal is at the critical stage of economic transformation with great potential of development opportunities. Chinese companies have strong desire to invest in different areas such as infrastructure, hydro-power, tourism, agriculture, and education. Chinese government is arranging plans to open new flights from China to Pokhara International Airport and the Gautam Buddha International Airport. In this regard, I have good news to share with you, that is, from May 1st, namely in three days, there will be no visa fees for Nepali people coming to China. 

Fourth, the Nepali side should create favorable environment of investment. There is an old Chinese saying, which goes “building a good nest to attract the phoenix.” What’s the meaning of a good nest? It means political and social stability, economic opening-up, attractive and friendly investment environment, and good projects. One of the important policies that Chinese entrepreneurs are interested in is to have a bilateral free trade agreement arrangement between the two countries. That will be a key to improve your investment environment. The Nepali government also needs more promotion of your investment policy and opportunities. For the companies already doing business in Nepal, their main concerns include smooth communication, protection and facilitation, and regular round-table conversation. I know, the Nepali government has done well and can do more. 

Friends,

Let us, hand in hand and shoulder by shoulder, work together to build a better future for China and Nepal, a better future for the community with a shared future for mankind. 

Thank you!