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Machhapuchre Bank

Investment Summit: Low commitment than expectations

By Our Reporter
The two-day ‘Investment Summit 2019’ concluded here on Saturday with the signing of 15 memorandums of understanding (MoUs) and investment commitments to 17 various projects.
The government had showcased 77 projects, 27 of them from the private during the poorly managed investment summit. However, only 17 of the projects received investment commitment,
Although Prime Minister KP Sharma Oli and the ministers termed the summit as highly successful, it failed to derive the expected commitments.
Again, most of the MoUs are for joint venture agreements between/among private companies and government agencies. These range from bringing in investments to mutual cooperation between the Investment Board of Nepal (IBN) and the Investment Board of South Korea, to verbal announcements on investments and development of hydropower projects.
Apart from the signing of MoUs, the government has received applications for over a dozen projects from both foreign and domestic investors.
A total of 735 delegates from 40 countries representing 300 companies, in addition to 600 domestic participants from over 100 companies, took part in the summit.
However, the summit looked like a mess with many of the invitees, including Industry Minister Matrika Yadav did not get a seat in the hall. Many delegates were seen standing in corner. A few of them left the venue without making any commitments when they were denied entry in the hall.

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