Non-resident Nepalis keen on domestic ventures, but cite bureaucratic hurdles and safety fears

Non-resident Nepalis attending the 11th Asia-Pacific Regional Conference of the Non-Resident Nepali Association in Guangzhou, China, expressed a strong desire to invest in Nepal. However, they highlighted persistent obstacles that hinder capital from flowing into the country. Cumbersome legal procedures, excessive bureaucracy, political instability, and worries about economic security remain significant deterrents.

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I have equal investments in both Nepal and South Korea. My experience shows that Nepal suffers from too much talk and too little work.

Former NRNA president Binod Kunwar, a businessman based in South Korea, criticized the gap between government promises and actual implementation. "Nepal suffers from too much talk and too little work," Kunwar stated, emphasizing the need for time-bound plans and timely execution. He also pointed to outdated legal requirements and lengthy administrative processes that increase the cost of doing business, urging government intervention and a review of monetary and regulatory policies, including high bank interest rates.

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We must formulate time-bound plans. Execution must take place on schedule; otherwise, efforts yield no results. Moreover, adequate execution time must be allotted.

Upendra Mahato, another former NRNA president, stressed that Nepalis abroad closely monitor Nepal's development and wish to contribute. He urged the government to leverage this sentiment as an economic opportunity, stating, "Nepal will ultimately be built by Nepalis themselves." Mahato cautioned that diaspora capital alone is insufficient without investor-friendly laws and robust legal protection, noting that such an environment could also attract wider foreign direct investment by connecting Nepal to international business networks.

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Wherever regulatory hurdles exist, the government must intervene immediately to facilitate operations. Furthermore, bank interest rates in Nepal remain exorbitantly high.

Rabin Sherchan, NRNA senior vice president, noted Nepal's untapped potential in various sectors and encouraged non-resident Nepalis to identify and invest in emerging areas. Devi Bahadur Basnet, a researcher from South Korea, suggested opportunities in medical and protein science, highlighting Nepal's natural environment as an advantage for related investments. Despite these potentials, infrastructure constraints, particularly along Nepal's northern border, continue to impede trade.

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Nepal will ultimately be built by Nepalis themselves. If eloquent speeches and sweet promises could build a nation, it would have been prosperous long ago.