KATHMANDU, Oct 12: Nepal is expected to see investment of Rs 6.41 billion in the tourism sector soon from a non-resident Nepali (NRN).
Shesh Ghale, an NRN based in Australia, on Thursday formally announced his decision to make an investment of 75 million Australian dollars (approximately Rs 6.41 billion) in Nepal.
“The money would be used to set up a five-star hotel in Kathmandu," Ghale told an audience present during the inaugural session of NRN Day 2012.
The construction of the hotel will kickstart from next year and will complete within the next three to three-and-a-half years, according to Ghale, who made his fortune in real estate in Australia.
The 54-year-old millionaire, who owns the Melbourne Institute of Technology, said the promoters are currently negotiating with different international chains to seek affiliation.
Ghale´s investment is coming at a time when many investors are shying away from pouring money into the country due to the fluid political situation and labor-related problems.
The community of NRNs, which is scattered all over the world, has long been asking political parties to forge consensus to resolve the political impasse that has hindered all development activities and discouraged potential investors from making new investments in the country.
"The prolonging transitional phase has been a major obstacle facing the development of the country and many potential investors are not interested in making new investments due to political instability," Jiba Lamichhane, president of NRN Association, told the gathering. "We appeal to all the political parties to forge consensus and work together for the country´s prosperity."
Lamichhane also requested the government to play a pro-active role in bringing all parties to a common platform to forge consensus. "We want to work for the betterment of our motherland. It´s a humble request to all the political parties to understand the painful situation of the country."
In response, Prime Minister Baburam Bhattarai said the government was working toward creating an investment-friendly environment.
“Establishment of the Investment Board is a major achievement and it´s working on identifying 50 viable projects," PM Bhattarai said. "The government is also working on reducing power cuts and expanding transmission lines between Nepal and India.”
He also claimed the political parties would soon reach consensus. "Political parties are holding discussions on what would be best for the country," PM Bhattarai said.
Meanwhile, Suraj Vaidya, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), requested the NRN community to invest in the country. "Of course there are problems but we should be optimistic and keep pushing for new investments in the country," Vaidya said.