Jaitley urges Nepal to focus on improving power transmission lines, railway

Kathmandu [Nepal], March 2 (ANI): Finance Minister Arun Jaitley, who is currently attending the two-day Nepal Investment Summit 2017, stressed on the need to improve power transmission lines and the railway services in the country.

Addressing the summit in his keynote speech, Jaitley suggested that Nepal must focus on efficient allocation of funds towards building roads, power and basic infrastructure, adding that India will assist Nepal in these segments.

"Power transmission lines, new road networks, Nepal-India railway, irrigation projects and new healthcare institutes are what we want to help Nepal build," he said.

With regards to attracting foreign investment, Jaitley claimed that the system of remitting profits needs to be re-considered, and Nepal must 'overcome the fear of the unknown.'

"The investors of Nepal and India can move ahead through coordination for the investments in educational, medicine and engineering sectors," he added.

Jaitley also stressed the need for policy reforms for investment and infrastructural development, adding that the State should adopt a durable tax policy for expanding investments.

Earlier today, the Finance Minister arrived in Kathmandu to participate in the summit, which will feature over 250 investors from India, China, Bangladesh, Sri Lanka, Singapore, Hong Kong, Malaysia, America, Russia and Canada.