HETAUDA: Government of State 3 is set to organize an investment conference to attract domestic investors in Chitwan from April 19.

The State government said it would request entrepreneurs of private sector to make investment in various sectors. The two-day state-level conference is expected to see a participation of around 200 people, including investors and experts, according to Chief Minister Dormani Poudel’s Press Coordinator, Prakash Dahal.

According to Member of Policy and Planning Commission of the State, Shyam Kumar Basnet, a broad discussion would also be held with the private sector with the objective of opening ways of investment keeping a five-pillar policy in priority.

KATHMANDU: The Asian Development Bank (ADB) has estimated Nepal’s economy to grow at 6.2 percent in fiscal year 2019, and 6.3 percent in FY 2020.

In a statement today, the ADB Country Director for Nepal Mukhtor Khamudkhanov said that the outlook is for a stable growth on the back of strong domestic demand, fueled by a larger budget allocation to subnational governments and accelerated post-earthquake reconstruction.

The statement said that the agriculture sector is likely grow from 2.8 percent in FY2018 to 4.5 percent in FY2019, owing to a good monsoon that is expected to boost paddy production to 5.5 million tons, a rise of 8.4 percent from the previous year.

Similarly, the industry sector is expected to expand by 7.1 percent in FY2019 buoyed by improved power supply and efforts to improve the investment climate, according to the statement.

The services sector, the ADB statement said, will likely grow by 6.4 percent in FY2019 with the expansion of wholesale and retail trade, hotels and restaurants, and financial intermediation.

The update said the inflation is projected to rise to 4.4 percent in FY2019 from 4.2 percent in FY2018, partly reflecting somewhat higher inflation expected in India, stable oil prices, and higher government expenditures under the new federal structure.

Likewise, revenue collection, according to the statement, has primarily increased on higher import growth and an improvement of the tax system. The budget as of mid-January 2019 is in surplus by NRs173.3 billion owing to strong revenue growth and a marginal slowdown in recurrent expenses, it said.

Though capital expenditure has surged in the fiscal year through mid-February, its execution stands at only 22.5 percent, the ADB statement said.

This could again lead to a spending spree in the last month of the fiscal year, undermining the quality of capital projects, says the update.

With rising trade and current account deficit, Nepal increasingly faces the risk of external sector instability. Data to mid-February 2019 show that trade deficit has surpassed net invisible earnings, widening the current account deficit to $1.5 billion, marginally up from a deficit of $1.4 billion in the year earlier period. The current account deficit is projected to widen further to 9.3 percent of gross domestic product in FY2019, up from 8.2 percent a year earlier on increased imports of capital and consumer goods and services, notwithstanding a healthy growth of remittances and stable oil prices, according to the update.

“Challenges to smooth implementation of fiscal federalism and maintaining fiscal discipline at large could pose potential risks to the outlook. Nepal has the potential to achieve and sustain higher growth rate over a long period of time if these challenges are addressed,” Khamudkhanov said.

KATHMANDU: The International Finance Corporation (IFC) is planning to invest one billion dollars in the next four years in Nepal.

Hans Peter Lankes, Vice President, Economics and Private Sector Development, of IFC said at the ongoing Nepal Investment Summit 2019, ‘We call this strategy of creating market that enable to investment take place’.

IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries.

.@IFC_org is aiming to invest $1 billion over the next 4 years as gov’t reforms proceed and become a reality on the ground — VP Hans Peter Lankes at #Nepal Investment Summit. #InvestInNepal pic.twitter.com/OZjTyE4zGm

— WorldBankSouthAsia (@WorldBankSAsia) March 30, 2019

KATHMANDU: Discussion on the amendment proposal on ‘Public Private Partnership and Investment Bill-2075’ is underway at the House of Representatives. The government floated the bill with the objective of expediting infrastructure development.

The proposal is registered to widen sphere of the Investment Board Nepal (IBN). This new bill has been brought after the Investment Board Act-2068 BS proved ineffective in practice.

The new bill sets the target to enhance economic growth by mobilizing capital of above Rs 6 billion through public-private partnership concept. It is necessary to mobilize Rs 150 billion to achieve economic growth rate up to nine per cent, according to a source at the Ministry of Finance. Private sector has the capacity to mobilize Rs 100 billion in recent period.

In the meeting, Finance Minister, Dr Yuba Raj Khatiwada said that the new bill has been brought to further broaden the parameter and scope of the Investment Board for achieving economic prosperity through the development of infrastructure. He added that the bill will pave the way for making investment for the development of infrastructure by means of private capital.

Stating that it was necessary to invest in mega projects for achieving high economic growth rate, the Finance Minister believed that the private sector would not be affected because of the foreign investment.

Lawmaker Janardan Sharma said that the government needs to identify large projects and invest in them through the Investment Board, stressing the works to be carried out by the Board should be done through inter-ministry coordination.

Lawmakers Divya Mani Rajbhandari and Gagan Kumar Thapa demanded that leaders of the main opposition parties should be included in the Board. Similarly, lawmakers Bhara Kumar Shaha, Rekha Sharma, Santa Kumar Tharu, Chudamani Khadka, Khem Lohani, Bina Kumari Shrestha and Prem Suwal called for broadening the scope of the Investment Board.

KATHMANDU:  Finance Minister Dr Yuba Raj Khatiwada met Michael Bates, the minister of state in the Department for International Development, UK and member of House of the Lords, at the House of Commons London. Khatiwada is  currently on a visit to the United Kingdom.

On the occasion, Minister of State, Bates inquired about Nepal’s development, states a release by the the Ministry of Finance. Finance Minister is on UK visit in a bid to bring British investment in Nepal.

During the meeting, the British Minister of State also inquired about the post-earthquake reconstruction, implementation of federalism and development-related issues.

In response, Finance Minister Khatiwada said Nepal’s constitution is one of the best democratic constitutions of the world and that Nepal has been practicing inclusiveness in its governance, adding that the women, dalit, indigenous nationalities, Muslim and marginalized communities had more than one-third representation in the parliament.

Minister Bates, during the meeting expressed commitment for continued British cooperation in Nepal’s development.

Minister Khatiwada on Thursday held discussions with the businesspersons and investors representing over two dozen British companies. On the occasion, he explained about the conducive investment climate, opportunities and returns in Nepal. He also urged the British entrepreneurs for their active participation in the investment conference being held in Nepal on March 29 and 30.

JAJARKOT: Beekeepers of Kalpat of Nalgad Municipality-1 has started exporting their home-made honey to the international market. Nahakuli Organic Herbal Agro Pvt. Ltd has started exporting the local products in the international market. The company has already collected 2,000 kgs of honey to export in Australia, America, United Arab Emirates and South Korea.

With the growing demand of honey in the market, the traders have increased the price to Rs. 700 per kg.

Hari Bahadur Budha, the manager of the company informed that Super World Traders has assessed the quality and the weight of the honey for its export to the international market. The company is waiting for the consignment papers from the Division Forest Office.

The Chief of the Nalgad Agriculture Branch Office, Mahesh Kumar Bista said honey production in Nalgad has increased by 15 per cent this year as compared to last year. Honey production in the district last year was 20 metric tons. Similarly, with the growing demand of honey in the market, the traders have increased the price to Rs. 700 per kg. Earlier, the price was Rs. 500.

The beekeepers in Jajarkot have been doing commercial bee-keeping since three decades and the Nalgad municipality has declared the Kalpat area as the pocket area for honey production in a bid to promote commercial bee keeping.

LONDON : Japanese carmaker Nissan is cancelling plans to make the next model of its X-Trail sports utility vehicle in Britain, less than two months before the country is due to leave the European Union, broadcaster Sky News said on Saturday.

Nissan first said four months after Britain voted in June 2016 to leave the EU that it would manufacture a new model of the SUV in Britain, which was seen as a major vote of confidence in the country’s manufacturing future.

The main production plant for the current X-Trail is in Japan, while Nissan’s plant in Sunderland, northeast England, makes the smaller Qashqai SUV and other models. “Precise details of Nissan’s impending announcement were unclear this weekend, but sources said it was likely to initially involve abandoning the X-Trail production plans which had been announced in the autumn of 2016,” Sky reported.

A UK-based spokesman for Nissan declined to comment. Sky said the announcement due on Monday was not expected to lead to immediate job losses at the Sunderland plant, as the X-Trail is not currently made there, but would raise doubts about further Nissan investment in Britain.

As well as the X-Trail, Nissan said in 2016 it would build the next generation Qashqai SUV in Britain after receiving government assurances over Brexit, in what was seen at the time as a boost for Prime Minister Theresa May.

Tesla to sell cheaper Model 3 in China
However, the failure of Britain’s government so far to negotiate a smooth exit plan from the European Union has made car manufacturers less willing to use Britain as a European manufacturing center. Investment in Britain’s car industry halved last year, data showed on Thursday, and car production by Nissan in Britain fell by more than 10 percent.

Industry body the Society of Motor Manufacturers and Traders said leaving the EU on March 29 without a transition deal to preserve the smooth flow of parts and finished vehicles across EU borders would cause “permanent devastation” to the British car industry.

(Reuters)

BERLIN, Jan 30: The German and British economies are heading for a disaster, Germany’s BGA trade body said on Wednesday, after the British parliament instructed Prime Minister Theresa May to renegotiate an exit treaty that the EU says it will not change.

The BGA said it regretted that Britain had not put any concrete proposal for a solution on the table, adding that this was irresponsible in view of the fast-approaching Brexit deadline of March 29.

“The German and especially the British economies are heading for a huge disaster,” the BGA said. (Reuters)