Nepal to unveil projects for foreign investment

The government is preparing to unveil 50 projects for foreign investment at the Nepal Investors Forum in 2012, according to Tuesday's Republica daily. The Ministry of Industry said it has already initiated joint exercises with Federation of Nepalese Chambers of Commerce and Industry and Confederation of Nepalese Industries to identify the projects. The projects will be from different sectors including hydropower, tourism, agriculture and timber, Shankar Koirala, the ministry's Secretary said. "We will unveil it during the Nepal Investors Forum when we bring together a large number of foreign investors," he said. The government has announced to mark 2012 as Nepal Investment Year and the ministry is preparing to organize the forum as one of the major highlights of Nepal Investment Year-2012. "This is much necessary because without specific projects all we can garner is investors positive comments. Ready-to-go projects will incite instant decisions and help realize investments," said Koirala. Nepal had organized first Investors Forum in 1992, and officials attribute the Foreign Direct Investment (FDI) that came in subsequent years to the impact of 1992 Forum. After that, the country has failed to hold similar events.