Nepal Foreign Affairs (KATHMANDU, 2 February) – Indian Finance Minister Arun Jaitley said India was committed to support and invest in Nepal’s hydropower, transmission lines and railways infrastructures.
While delivering a key note address at the Nepal Investment Summit on Thusrday (2 February) in Kathmandu, Jaitley said India was always intended to support Nepal in its aspirations for growth and invest in the hydropower, irrigation, health and education sectors, railways, transmission lines, roads and bridges.
Jaitley was invited at the summit as a key note speaker. While deliberating the keynote address he said, ”Investment is essential for the improvement of quality of life of the people and to generate employment.” Jaitley is the second Indian Minister, who reiterated India’s interest to connect Nepal through railway networks.
Indian Railway Minister Suresh Prabhu had first announced in Kathmandu week before that India was ready to connect its railways to Nepal. India’s railway proposal to Nepal is a welcome step if it aims to increase the connectivity between Nepal and India. But the Indian announcement and reiteration of railway link to Nepal has an aim to counter China as the later has been continuously working to link Nepal through its railway by the end of 2020.
Minister Jaitkey said India had adopted the policy of economic liberalisation in 1991 and after 26 years, it is reaping its benefits in the form of higher economic growth. He said. “Hard working people of Nepal and the government’s positive policy framework are great opportunity for investment,”.
Jaitley also stressed the need for policy reforms for investment and infrastructural development, adding that the State should adopt a durable tax policy for expanding investments.
The summit will feature over 250 investors from India, China, Bangladesh, Sri Lanka, Singapore, Hong Kong, Malaysia, America, Russia and Canada. The summit aims to attract foreign investment in Nepal’s major and mega projects.