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Nepali Times: After a successful career in the private sector you switched to a government job in the Investment Board. Most people go in the opposite direction, why did you take up what looks like a thankless job?
Well, I see a lot of opportunities for Nepal with the enactment of the Investment Board Act, 2068. I firmly believe that this country can prosper and take off if we can only realise the potential that we have. This job is also going to be professional even though it is under the government. And as for attracting investment, the government has to play a key role. So, it's a great challenge but at the same time I see it as a huge accomplishment if the board can contribute to increasing investment and enhancing Nepal's economy.
How exactly is the investment board going to work?
The Investment Board was established in accordance with the Investment Board Act, 2068 enacted a couple of months ago. It has full authority to carry out economic development of the country by creating an investment-friendly climate through the mobilisation and management of public-private partnerships, and domestic and foreign private investments. It will also strategise to make industrialisation orderly and rapid. And it will play a pivotal role in the development of infrastructure and other sectors to create jobs and alleviate poverty.
But is there going to be the political will to back you?
The Board is chaired by the Prime Minister. Three ministers, finance, industry and forest, are also members. In addition, the Vice-Chairman of the Planning Commission, the Rastra Bank Governor, and the Chief Secretary are also permanent members of the board. I am the Member-Secretary. The Board will select four members from the private sector who will be experts in industry, tourism, infrastructure development, commercial law and finance sectors as per the act.
Which areas will the Board be focusing on?
I would like it to function in a professional and transparent manner which would eventually yield results, attract investment and successfully allow the completion of investment projects in Nepal. The board will primarily focus on creating an environment for investments in Nepal, be it domestic or international by providing 'one-window' services. This would mean streamlining various acts and policies, identifying and resolving investment deterrents for projects and selecting and promoting projects that will provide most value for the country. The Board will provide all relevant information to prospective investors, analyse and make proper incentives available for projects. Once a project takes off, we will be closely monitoring progress right up to its completion and operation.
Isn't it easier said than done in the present climate of political instability with red tape, corruption and bureaucratic delays?
I think the role the Board is going to play will be very critical if we really want a prosperous Nepal. As you can see, conclusion of the peace process and completion of new constitution is around the corner. The economic agendas of political parties are converging. Economically, we have remained stagnant for the past five years or so. Nepalis don't have much patience anymore. Young people are migrating overseas. So, this is the right moment to focus on high and sustainable growth which is not possible without massive investment in hydropower, infrastructure, agriculture, tourism, export industries and services and of course education and health. Making all this happen will be the role of the Investment Board.
What will be your major challenges and opportunities?
I think the opportunities are enormous if we get it right. We are one of the richest countries in terms of natural resources. We really haven't done much. We have two of the largest markets surrounding us. However, we are net importers and really haven't been able to access them. Something is really wrong. We must capitalise on this and this is where the Investment Board will play a pivotal role. It must create a conducive environment for investment, be professional and transparent and put the interest of Nepal first rather than any vested interest groups. We must protect investments, be it domestic or foreign. We would have to resolve labour issues, insecurity and be more competitive than other countries so that investors choose to come to Nepal.
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