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Deuba invites Indian investment for Nepal’s economic growth

IANS | New Delhi |

On the verge of a growth take-off after years of instability, Nepal on Wednesday invited Indian industry to invest in the country to help create jobs and boost economic growth in the Himalayan nation.

“After years of policy stalemate and instability, Nepal is on the verge of a growth take-off. We welcome you to do business in Nepal, invest there,create jobs and nurture a new climate of innovation and entrepreneurship,” Nepal Prime Minister Sher Bahadur Deuba told a gathering of industry at a business interaction here organised by the Indian industry bodies Assocham, CII and Ficci.

“Two years ago, we ended political transition by adopting a highly progressive constitution. The mood in Nepalis to turn a page and move forward,” Deuba, who is on his first official visit to India, said.

With the rise of India and China as global economic powers, “all major growth poles in Asia are within a few hours flying distnce from Kathmandu (Nepal’s capital),” the Prime Minister added.

Nepal is concerned about its large trade deficit with India and wants more Indian investment in its economy. Currently, more than 38 per cent of foreign direct investment in Nepal originates from Indian companies.