'Indian FDI creates job opportunities for 30,000 in Nepal'

Indians have played a key role in the economic development of Nepal with 501 Indian joint ventures accounting for FDI worth Rs 3,239 cr

Indian investors, who pumped in FDI worth $3.25 million into Nepal, created employment opportunities for 30,000 youths in the country, a top Indian diplomat said today.

"Indian investors have played a key role in the economic development of Nepal with 501 Indian joint ventures accounting for Foreign Direct Investment worth Rs 3,239 crore ($3.25 million) which has helped in generating employment opportunities for 30,000 Nepalese youths besides boosting Nepal's export trade," said Joydeep Majumdar, Charge de' affairs of Indian Embassy here.

Majumdar made the remarks while delivering a keynote speech at the Nepal-India business conclave here organised by Indian Embassy in association with Nepal India Chamber of Commerce and Industries (NICCI).

"The extensive privileges, facilities and assistance extended by India to Nepal, coupled with India's own economic growth and a market of 1.2 billion people, could be instrumental in driving Nepalese economy towards high growth if these efforts are complemented by the Government of Nepal through renewed commitment, for improving the investment and business climate in Nepal," he said.

A host of speakers, who spoke on the occasion, emphasised on the need to further expanding and diversifying Nepal-India trade and business relations for the common benefit of the peoples of the two countries.

Nepal should focus on harnessing its huge hydro potentials for enhancing its industrial production as well as accelerating economic growth through the export of hydroelectricity power to India, they pointed out.

Among those present on the occasion were Nepal's Commerce Secretary Janardan Nepal and Confederation of Indian Industries representative Anuj Agarwal.