Nepal Fair kicks off in London

A two-day Nepal Fair 2008 kicked off in London showcasing investment opportunities in Nepal.

Addressing the inauguration ceremony organised at the Limkokwing University at Piccadilly in London on Sunday, Minister of Tourism and Civil Aviation, Mrs Hisila Yami, said Nepal was passing through a spectacular phase of transformation from feudalism to national industrialisation.

She said Nepal had decided to observe the period 2008-2018 as a Decade of Economic Revolution. She said the government was working on to amend legislations related to foreign direct investment so as to facilitate foreign investment in the country. She said the government was also going to enact legislation to set up Special Economic Zones in different parts of the country.

The Minister announced that the government had also decided to offer guaranty to buy two Boeing aircraft for the loss-making state-owned Nepal Airlines Corporation (previously RNAC). Previous governments had refused to provide such a guaranty arguing that it would be against the norms of fiscal discipline.

Addressing the ceremony, Nepali ambassador to UK and chairman of the Nepal Fair 2008 organising committee, Murari Raj Sharma, said the fair aimed at attractive investment from UK and other European countries to Nepal. We need to reduce our dependence on aid gradually and rely more and more on trade, investment and tourism. He also read out the message sent by Prime Minister Pushpa Kamal Dahal Prachanda wishing success of the Fair.

In a video message to the fair, Minister in charge of DFID-the international development assistance arm of the British government Shahid Malik lauded recent peaceful transformation in Nepal saying the percentage of women members in Nepal,s Constituent Assembly was more than that in British parliament. Describing UK as a long-standing friend of Nepal, Minister Malik said Britain stood ready to support Nepal,s peaceful transition and efforts towards modernisation and economic progress.

President of the NRN UK and co-chair of the organising committee, Damer Ghale, thanked all the sponsors, various Nepali organisations, volunteers, organising committee members and British government for their active support to make the Fair a success.

A high-level Nepali business delegation including bankers, hoteliers, member of Constituent Assembly and industrialists is meeting top British business leaders under the auspices of the Fair.