In the past few weeks as Nepal faces trying times with falling growth and high inflation, Kathmandu has witnessed numerous seminars, conferences and workshops with the discourse revolving around the economy and investments.&nbsp;
The consensus that Nepal needs foreign direct investments (FDI) to grow was once again repeated, and the familiar litany of reasons about why it has not been able to. Policy advocates and regulators have understood that the lack of urgency is compounded by procedural inconsistencies and added to the already deficient investment environment in the country.
It is a welcome change from what used to be flippantly accepting things as given that there is now a sense of urgency, with procedural inconsistencies and lack of harmonisation between various Acts and regulations openly discussed.&nbsp;
Furthermore, the desire from government stakeholders to learn and attempt to be part of the solution is also beginning to happen. &nbsp;Whatever policy changes have been introduced in the past have been piecemeal and address the few rather than the entire industry, thus leaving dual regulatory approaches aimed at similar players. &nbsp;
To attract FDI in a competitive global market means Nepal has to demonstrate that it is serious about bringing in investments with a more consultative and collaborative approach with investors. &nbsp;A departure from procedural to a result-oriented focus is needed.&nbsp;
Read also: <a href="https://www.nepalitimes.com/editorial/invest-in-investment">Invest in investment</a>
To put issues in perspective, Nepal needs US$20 billion in investments to meet SDG (the UN’s Sustainable Development Goals) targets by 2030. If net-zero decarbonisation targets are to be met by 2045 another US$7 billion will be required annually.&nbsp;
Looking at our investment history and poor government capital expenditure, the gap is long and wide. &nbsp;Last week’s budget showed that in the nine months of this fiscal year, Nepal was able to book a lamentable US$9 million in FDI (equity) investments, a decrease of 98% from the corresponding period last year.&nbsp;
Nepal is in fact the lowest market in South Asia for FDI with 0.3% of the regional average. &nbsp;What is it that we can do to fill the gap?&nbsp;
First: we need to move away from the notion that Nepal only needs large investments. This has proven to be a mistake, and time series data have proven that smaller investments, in aggregate, make a larger impact to economies.&nbsp;
We talk about an ‘enabling environment’ but without the right tools. &nbsp;We place restrictions on interest on debt ceiling (Libor +5.5), without risk premium adjustments, we do not have an active secondary market for bond trading, nor do we have a yield curve, an integral part of the bond market. &nbsp;
Read also: <a href="http://archive.nepalitimes.com/regular-columns/Comment/making-nepal-fdi-friendly,853">Making Nepal FDI friendly</a>, Shyamal K Shrestha
In order to attract green financing, Nepal needs to develop its bond market. Billions of dollars of green climate funds are waiting to be tapped. Sovereign risk rating has been mooted, but to be rated in an adverse economic environment could further deteriorate investment potential due to a lesser than expected rating. &nbsp;
Hedging is another instrument that needs further research on. A commercial bank recently showcased the first risk hedging mechanism for an investment of $8 million. &nbsp;This can be the beginning to expand on its modality. &nbsp;&nbsp;
Subordinated debt instruments have been introduced, but on a special nod basis, this now needs to be institutionalised as it is the most applicable form of investments after equity in a market that has volatile forex reserves.&nbsp;
Viability Gap Funding has yet to be implemented and has been in active discussions for a few years now. &nbsp;This needs to come into effect to encourage solar installations in the country.
Moving forward, to attract FDI, Nepal needs to tap into the funds that are available for the growth of small and medium enterprises (SMEs) and climate change. &nbsp;Alternative investments such as Private Equity Venture Capital (PEVC) have been around in a structured manner in Nepal for nearly a decade now. These funds have blended finance components and have attracted climate funding as well. &nbsp;
Read also: <a href="https://www.nepalitimes.com/from-the-nepali-press/why-there-is-no-foreign-investment-in-nepal">Why there is no foreign investment in Nepal</a>
PEVC is a new asset class and can address the issues of penetrating into SME financing by incorporating environment, social and governance issues into their investment process. &nbsp;SMEs are the backbone of any economy, PEVC comes with the ability not only to scale up the enterprise with risk capital, but with the ability to bring technical know — how to enhance not only the enterprise, but also the entrepreneur. &nbsp;A differentiator from all other forms of financing available till date in Nepal.&nbsp;
Blended finance is a way of de-risking investments especially in frontier markets. <a href="https://bo2.com.np/" target="_blank">Business Oxygen (BO2)</a> is an example of blended finance with subordinated debt investments of IFC (World Bank Group) taking the lead and Climate Investment Funds along with FCDO as co-investors. &nbsp;
On a larger scale, the 216MW Upper Trisuli1 is another example of blended finance with IFC, a Korean consortium and local investments. &nbsp;So far, we see that development finance Institutions have been taking the lead in Nepal as their risk appetite is greater than commercial investors and they are eager to help develop the financial markets. &nbsp;
In order to be sustainable, we need to step on this and attract commercial capital from all over the world. To do this there has to be political will to make that pivot.&nbsp;
The recent budget has tried to address some issues in a cosmetic manner, and once again it lacks the overall approach to the problem. &nbsp;Nepal has outdone many countries in its macro-economic indicators, with sound forex reserves and a stellar history of debt payments to its creditors. This story needs to be propagated along with the drive for change to attract potential investors.&nbsp;
Read also: <a href="https://www.nepalitimes.com/opinion/guest-column/so-you-d-like-to-do-business-in-nepal">So you’d like to do business in Nepal?</a>, Ritu Pradhan Malla

Siddhant Raj Pandey

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Alternative investments to attract FDI

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109121112/636b8b099c7e80680e06b277jpeg.jpg" alt="" width="1400" height="902"/><figcaption>Photo: BIKRAM RAI</figcaption></figure>As we face an unprecedented and precarious pandemic that has caused uncertainty to the entire global economy, Nepal’s own response to it will determine at what velocity our economy will hit the ground. We need to brace ourselves for a very hard landing.<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/nepals-economy-already-weak-takes-direct-hit/" target="_blank" rel="noopener">All businesses have been severely disrupted</a> by the COVID-19 lockdown. As private equity investors, our first task has been to assess the nature of the problem that they face and provide solutions.The effect of this contagion has not just been sector-specific, but has affected the entire value chain. In Nepal this problem is compounded as we are heavily import dependent, which has created severe disruption in intermediate (raw) materials and components for production.<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/banner/pandemic-is-a-chance-to-rethink-development/" target="_blank" rel="noopener">Pandemic is the chance to rethink development</a>, Ivan G Somlai<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/nepals-economy-already-weak-takes-direct-hit/" target="_blank" rel="noopener">Nepal's economy, already weak, takes direct hit</a>, Sanghamitra SubbaAll sectors of the economy are facing limitations. The tourism and hospitality industry has suffered immensely due to cancellations of visitor arrivals, local restaurants have had to close down due to lack of business. <a href="https://www.nepalitimes.com/opinion/work-for-food/" target="_blank" rel="noopener">Agriculture will be next to be affected</a> due to the lack of fertilisers and other inputs. As the lockdown is extended, the state of the economy will progressively deteriorate.The foremost factor for a private equity is investor like us in a crisis like this is to ensure the management of impact on the work force. Human resource must be well taken care of and all our partner companies have preventive measure against this virus.Secondly, we assess the financial health of the companies. Our advisory role is to give oversight on what they should do to alleviate the problem. It is no surprise that all are in a stage of cash shortage for working capital and debt repayment compounded by receivables that seem improbable of getting paid on time.We impress upon them to consolidate their accounts, manage expenses prudently and cut costs. Management of operational risk is very important at this juncture -- this is not the time for bottom line expectations but to ensure top line sustainability.<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/common-sense-is-uncommon-in-fighting-covid-19/" target="_blank" rel="noopener">Common sense is uncommon in fighting COVID-19</a>, Anil Chitrakar<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/editorial/back-to-the-future-of-farming/" target="_blank" rel="noopener">Back to the future of farming</a>, EditorialDepending on the gravity of the state of their balance sheets, we support them to acquire bridge gap funding or, in the long run, increase our equity portion. The companies that are in a better situation have been active in providing philanthropic activities to the community.Whether it is providing <a href="https://www.nepalitimes.com/here-now/philanthropy-in-the-time-of-pandemic/" target="_blank" rel="noopener">free lunches to the police and health workers</a> or building and providing swab collecting booths for safety of medical workers at hospitals or setting up a call center that provides access to doctor services have all been pro bono activities in this hour of need. We encourage such endeavors and also provide linkages between the companies in our portfolio.Never has private equity impact funds been more relevant than now. Patient risk capital with a hand holding mechanism that provides diffusion of knowledge along with the much needed capital is what private equity has been doing in Nepal for the past five years.<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/philanthropy-in-the-time-of-pandemic/" target="_blank" rel="noopener">Philanthropy in the time of pandemic</a>, Shristi Karki<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/labour-mobility/crossborder-virus-and-nepali-migrant-workers/" target="_blank" rel="noopener">Cross border virus and Nepali migrant workers</a>, Upasana KhadkaFor a foreign direct investor (FDI), we are restricted due to the time taken by the government agencies for approval, which can take as long as 3 to 6 months. There are capital increment requests for investments that have been waiting for over 18 months for FDI approval.Businesses will not have that long a gestation period if they are strapped for cash. Therefore, the government needs to put in place a mechanism to expedite onward investments or top ups for these companies to move forward. Furthermore, this will also help the weak situation of the balance of payment of the country.Millions of dollars are awaiting approval at this moment. Post lockdown, this will be an opportunity for the government to show its sincerity towards foreign investors by expediting the process and demonstrating that <a href="https://www.nepalitimes.com/here-now/nepal-has-to-curb-corruption-before-wooing-investors/" target="_blank" rel="noopener">FDI is an important component to Nepal’s development</a>  showcasing that we are open for business in action rather than words.Siddhant Pandey is Chairman and CEO of Business Oxygen Pvt Ltd (BO2).

Also keeping financially healthy in a lockdown

https://www.youtube.com/watch?v=Kd5O93-Ipg4&amp;feature=youtu.beDil Bahadur Gurung was 13 when he left his isolated home village of Orang in <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/heritage-conservation-outside-kathmandu,3487" target="_blank" rel="noopener">Dolakha district</a> to get a better education in Kathmandu. He was used to hard work, and was prepared to face any hardship to pay his way through school. He worked as domestic servant for a family in exchange for food and shelter.The teenager had to wake up at 4AM and finish all household chores to able to join morning classes at 6am and return to finish the rest of his work. At night, after all the cleaning and washing he would do his ‘homework’. In three years, he graduated from high school and joined a college, while working at a cargo company to pay for his studies.Read also: <a href="https://www.nepalitimes.com/opinion/migrant-worker-finds-farming-in-nepal-more-rewarding/" target="_blank" rel="noopener">Migrant worker finds farming in Nepal more rewarding</a>, Naresh newar“It wasn’t an easy life, but I was so determined to study. My self-confidence and motivation prepared me for this life, and later on in my business,” says Dil, now 47.He started working in a shop in Thamel and took technical training in hand-crafted products at the Department of Cottage and Small Industries. He had some savings by then, and with help from an uncle he invested it in his own company, ‘Handcraft’ in Kapan to produce lamp shades, notebooks, boxes, greeting cards from <a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Putting-it-down-on-paper-nepali,3750" target="_blank" rel="noopener">Nepali lokta paper.</a><figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151128/636a67b09c7e80680e0599efjpeg.jpg" alt="" width="1500" height="1125"/><figcaption>Photos: NARESH NEWAR</figcaption></figure>But competition was stiff, he had few customers and he did not have access to raw materials. He struggled to keep his business afloat. His parents insisted that he close down the shop, and <a href="https://www.nepalitimes.com/editorial/reducing-labour-pain/" target="_blank" rel="noopener">migrate to the Gulf</a> for a more stable salary, like many of his peers.“Everyone was asking me to close down my company, but that just increased my determination to keep going. I believed that I could make the business of paper handicrafts a success,” recalls Dil.So, he headed back to his village in Dolakha to collect wild lichen, pipal leaves, and lokta pulp to create handmade greeting cards. Back in Kathmandu, he went door to door, from one shop to the next, walking and cycling all over Kathmandu with his products. Even after being rudely rejected often, he did not lose heart and gradually managed to find loyal customers.Read also: <a href="https://www.nepalitimes.com/opinion/rupeshs-epic-journey/" target="_blank" rel="noopener">Rupesh's epic journey</a>, Naresh NewarHe slowly diversified his products and started making lamp shades, small boxes, pouches – all made from lokta. Before long, the original designs started bringing in orders from wholesalers, hotels, restaurants, schools. He started a small outlet in Dhobighat which became popular. As business picked up, he hired 16 fulltime staff and also involved another 150 painters, flower and other suppliers.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151128/636a67b49c7e80680e0599f0jpeg.jpg" alt="" width="640" height="480"><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151128/636a67b89c7e80680e0599f1jpeg.jpg" alt="" width="640" height="480">Today, Dil Bahadur Gurung’s company is valued at Rs10 million, and he has an annual turnover of Rs4 million. He is also encouraging his 20-year old son to finish his studies and join the business so he does not have to move abroad.“I am so glad that I didn’t migrate abroad to work as a labourer, and I want to encourage other Nepalis to stay in the country because this place is full of opportunities for those who are willing to work hard starting small businesses,” says Dil. “Working abroad is not a solution. We Nepalis have to tap our abilities to start our own ventures and create jobs for other Nepalis at home.”Read also: <a href="https://www.nepalitimes.com/opinion/lighting-up-her-darkness/" target="_blank" rel="noopener">Lighting up her darkness</a>, Naresh NewarInstead of the <a href="https://www.nepalitimes.com/here-now/nepal-and-malaysia-rewrite-rules-for-migrant-labour/" target="_blank" rel="noopener">Nepal government working on deals with foreign countries</a> to send labourers, it can do just the opposite by bringing in more <a href="https://www.nepalitimes.com/editorial/invest-in-investment/" target="_blank" rel="noopener">foreign investment</a> to create jobs right here in the country, he says, adding: “We cannot afford to lose any of our younger generation by migrating abroad and working in dirty and dangerous jobs.”Journalist-turned-farmer Naresh Newar presents this multimedia column, Made in Nepal, in Nepali Times every fortnight profiling stories of successful small entrepreneurs.

Staying in Nepal to create jobs

<figure><img width="1500" height="1149" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108121136/636a40019c7e80680e04a5f8jpeg.jpg" alt=""/><figcaption>Illustration: BHANU BHATTARAI</figcaption></figure>The spate of investment treaty arbitrations that have inundated developing countries in recent times has now reached Nepal. At stake is a Rs39.06 billion tax imposed by the Large Taxpayers Office (LTO) on <a href="https://www.nepalitimes.com/opinion/ncell-ruling-opens-a-can-of-worms/" target="_blank" rel="noopener">Ncell</a>, following a decision of the Supreme Court.Ncell subsequently contested the LTO tax assessment, submitting that it is liable to pay only Rs14.5 billion. It also obtained an interlocutory interim stay from the Supreme Court on these grounds.The initiation of investment treaty arbitration by Axiata Investment UK Ltd (Axiata UK) through an intermediate special purpose vehicle not directly investing in Nepal, while challenging the same action before the Supreme Court of Nepal and bypassing other statutory remedies, raises several questions as to the use of investment treaty arbitration and the International Centre for Settlement of Investment Disputes (ICSID).Read also:<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/ncell-ruling-opens-a-can-of-worms/" target="_blank" rel="noopener">Ncell ruling opens a can of worms</a>, Semanta Dahal<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/supreme-court-weighs-in-on-ncell-tax-dispute/" target="_blank" rel="noopener">Supreme Court weights in on Ncell tax dispute</a>, Sharad OjhaAxiata UK filed a request for arbitration before the ICSID against the Government of Nepal regarding the capital gains tax levied by Nepal’s tax authorities on the indirect transfer to Axiata UK of an 80% stake in <a href="https://www.nepalitimes.com/here-now/supreme-court-weighs-in-on-ncell-tax-dispute/" target="_blank" rel="noopener">Ncell</a> through the sale of Reynolds Holdings Limited, by the previous foreign investor, TeliaSonera Norway Nepal Holdings AS to Axiata UK.The arbitration was initiated on the basis of the bilateral investment treaty between the governments of Nepal and the UK (UK-Nepal BIT) on 2 March 1993. In parallel, Ncell has also initiated proceedings before the Supreme Court of Nepal challenging the CGT assessment by the tax authorities.In doing so, Ncell and its indirect shareholder Axiata UK have not availed statutory remedies otherwise available under Nepal's law to challenge the assessment. This presents the government with some credible arguments to resist the investment treaty claims.First, it is doubtful whether Axiata UK’s indirect acquisition of Ncell’s shares qualifies as an ‘investment’ in terms of Article 1(a) read with Article 8(1) of the UK-Nepal BIT. Axiata UK’s role in the transaction is limited to its acquisition of Reynolds, which owns 80% of the shares of Ncell.Moreover, Axiata UK is a wholly owned subsidiary of Malaysia-based Axiata Group Berhad. The Government of Nepal could argue that Axiata UK Ltd has no real interest in the transaction and is merely being used as a vehicle to bypass the jurisdictional hurdle of the UK-Nepal BIT.Previous investment treaty arbitrations have found that a mere passive investor, such as a company which conducts no business of its own but merely holds shares in a company incorporated in the host state, will not be able to invoke the jurisdiction under a bilateral investment treaty.It could be argued that Axiata UK is required to exhaust local remedies before resorting to arbitration under the UK-Nepal BIT. The ICSID Convention expressly provides that if a dispute arises, parties may refer the dispute to arbitration if they are unable to resolve it within three months ‘through pursuit of local remedies or otherwise’. By its decision on 6 February, the Supreme Court held that capital gains tax could be levied on the transaction. Thereafter, the capital gains tax was computed by the assessing authority, and this assessment was also challenged by Ncell by way of a writ petition before the Supreme Court on 21 April. Subsequently, Axiata UK submitted its request for arbitration, as announced on 26 April.The sequence of events shows that the decision to invoke arbitration under the UK-Nepal BIT was made immediately pursuant to the calculation of capital gains tax liability, instead of pursuing local remedies to challenge the assessment. The strategy of ignoring statutory remedies and instead relying on constitutional and investment treaty protections appears to have been motivated by the desire to avoid the requirement of depositing one-third of the disputed tax liability as a condition to challenge the assessment under Nepali tax laws.The government can now argue that the invocation of arbitration is against the letter and spirit of the UK-Nepal BIT and the ICSID Convention.Ncell’s present challenge before the Supreme Court is limited to the amount of tax, and Ncell has itself admitted a portion of the liability. It is questionable whether a dispute on the quantum of tax can be referred to arbitration under the UK-Nepal BIT.In matters involving taxation, a claim for expropriation will ordinarily involve showing that the tax liability in question has been imposed as part of a designed and deliberate set of measures to deprive the investor of the value of their investment. Such claims in previous cases have typically involved retrospective legislation where local tax law has been applied in a patently arbitrary and discriminatory manner by the host state. Establishing such a high threshold may be difficult for Axiata UK.The Government of Nepal can now consider all options available, including raising preliminary objections on jurisdiction under Rule 41 of the ICSID Arbitration Rules and Article 41 of the ICSID Convention, at the earliest.Semanta Dahal and Vikas Mahendra are lawyers and partners at Abhinawa Law Chambers (Nepal) and Keystone Partners (India).

Nepal has strong case on Ncell arbitration

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a35b39c7e80680e0482c6jpeg.jpg" alt="" width="1050" height="696"/>An extended full bench of the Supreme Court comprising of five judges including the Chief Justice Cholendra Shamsher Rana after listing the case regarding taxation of Ncell at least 14 times for hearing announced its verdict through a written order this week.The judgment, though not devoid of reasoning, has placed reliance solely on Section 57(1) of the Income Tax to impose tax liability on Ncell and its current the largest indirect owner the Axiata Berhard Malaysia. Ncell in its subsequent press release has stated that the Axiata Group Berhard was not party to the dispute decided by the Supreme Court, and that it is further reviewing the decision without prejudice to its remedial rights. This is considered non-appealable or open to review because it is the decision of an extended full bench of the Supreme Court.Read also: <a href="https://www.nepalitimes.com/here-now/supreme-court-weighs-in-on-ncell-tax-dispute/" target="_blank" rel="noopener">Supreme court weighs in on Ncell tax dispute</a>, Sharad OjhaThe most important issue for the court to resolve was the tax implication in Nepal arising due to the sale of shares that consummated in St Kitts &amp; Nevis, a nation famously recognised as a tax haven. The ownership (shareholders) of Reynolds Holdings incorporated in St Kitts &amp; Nevis and holding majority shares of Ncell was changed from ‘Telia Sonera Norway Holdings’ to ‘Axiata Investment Limited’ (a company incorporated in the UK) under a Share Purchase Agreement executed outside Nepal.‘Telia Sonera Norway Holdings’ as per the Supreme Court decision is ultimately owned by ‘Telia Sonera Sweden’ and ‘Axiata Investment Limited’ is conduit company of ‘Axiata Berhard Malaysia’.Section 57(1) of the Income Tax Act applies in situations where there is change of underlying ownership of 50% or more of an entity compared to its ownership in the last three years. The Supreme Court after carefully interpreting each of these following expressions in Section 57(1) ‘entity’, ‘asset’ and ‘ownership’ comes to conclusion that Ncell is the ‘entity’, the license to provide telecommunication service the ‘asset’ and ownership change from ‘Telia Sonera Sweden’ to ‘Axiata Berhard Malaysia’ as disposing of underlying assets of Ncell.Since there has been disposal of assets, the Supreme Court further adds that, the gains should be taxed at 15% in accordance with Section 95A(2)(b) of the Income Tax Act and that the tax must be paid by Ncell and Axiata Berhard Malaysia.The Supreme Court has directed the Large Taxpayers Office (LTO) to determine the exact tax amount within three months but has not clearly set a timeline for the payment of the outstanding tax liability for Ncell and Axiata Berhard Malaysia. The outstanding tax liability, in addition to Rs21 billion that Ncell has already paid before the LTO, can only be determined after tax assessment by LTO. On Tuesday, the LTO ordered Ncell to pay additional of Rs39 billion in taxes by 22 April.The decision of the Supreme Court, even though a pronounced assertion to ensure taxation of offshore transaction in Nepal has relied on Section 57(1) with marked intention to impose tax liability on Ncell, but it has left more questions unanswered than it settles.There are few questions an investor especially a foreign investor would seek more clarity. Will Section 57(1) get attracted even in cases where the change of shareholding by selling of shares is less than 50%? What if the period of change of ownership is more than three years? Will the Company which shares are being transferred be held liable to pay tax even in situation where the seller pays the capital gains tax? Most important of all, will share sale transactions occurring outside Nepal having the effect of changing of ownership of Company in Nepal be taxed? Or lastly, will the taxation in Nepal of an offshore transaction be pursued under certain prescribed criteria?During the entire episode of taxation of Ncell, neither the government nor Parliament took any substantive measures to reform laws to establish the principles and criteria of taxing an offshore transaction having implication in Nepal. Further, the evident wavering position of government added to the conundrum. This is appalling especially in light of entered Bilateral Investment Treaties which require Nepal to provide fair and equitable treatment to foreign investors. Nepal has such a Treaty with the UK and one of the current indirect shareholders of Ncell Axiata Investment Limited is a company incorporated in the UK.The Foreign Investment and Technology Transfer Act, 2019 only imposes a notification obligation to notify the share transfer or sale of foreign investment company occurring outside Nepal. A judicial remedy on taxation matters creates uncertainty and unpredictability about its implication on future offshore transaction and therefore it is time for the government and Parliament to take steps to pass legislative enactments that are predictable and follow established principles to cover offshore transactions.An opportunity is forthcoming. The Finance Act 2019 to be promulgated in June can make amendments to the Income Tax Act.Semanta Dahal is an advocate. @the3rdbranch

Ncell ruling opens a can of worms

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a34e59c7e80680e04827fjpeg.jpg" alt="" width="1500" height="1000"/><figcaption>Photo: BIKRAM RAI</figcaption></figure>It was an ironic coincidence that the week Nepal hosted its <a href="https://www.nepalitimes.com/here-now/nepal-has-to-curb-corruption-before-wooing-investors/">Investment Summit</a>, the country signed an MoU with Japan for the export of Nepali skilled workers. Also last week we saw photographs of thousands of young Nepali men sleeping out in the open as they waited in line for Korean language tests which they need to pass to work in Korea. Nepal’s long-awaited G2G deal with Malaysia that will <a href="https://www.nepalitimes.com/banner/kleptocrats-of-kathmandu-and-kualalampur/">remove labour middlemen</a> will soon come into effect.As Nepal woos investors to create employment at home, overseas countries are vying for our cheap labour. This trend will only increase as East Asian countries age, and as traditional labour-exporting countries like the Philippines and our South Asian neighbours attain higher standards of living.If all the new energy, infrastructure and tourism FDI projects committed at the <a href="https://www.nepalitimes.com/editorial/invest-in-investment/">Nepal Investment Summit</a> actually come through, we are surely going to need the workforce here at home.Officials at the Summit vowed that no Nepali youth will now have to seek jobs abroad. That is hyperbole. It is also duplicitous. A government that is promising huge employment opportunities at home is signing deals with <a href="https://archive.nepalitimes.com/article/nation/nepalis-from-chitwan-to-chidoya,4110">Japan</a>, <a href="https://archive.nepalitimes.com/article/nation/Korean-kafala-migrants-in-Korea,4025">Korea</a>, Malaysia and Qatar to export our youth.This is likely to go one for some time as Nepal is already <a href="https://archive.nepalitimes.com/article/editorial/Nepal-economy-supported-by-remittance-money,2874" target="_blank" rel="noopener">addicted to remittance revenue</a> to sustain the economy, pay for imports of everything from to vegetable to fruits. For now, about the only arena where remittance inflows have shown an impact is in driving up land prices in Kathmandu and urban centres.If we want to see Nepal ‘developed’ in our lifetimes, we shall have to aggressively go out into the world and recruit. Many hotels, international non-profits, foreign-aided projects and bilateral and multilateral agencies already have foreigners as heads. To push this line of argument further, if Nepalis can serve in the British and Indian armies and the Singapore Commandos, why not a Japanese or Korean heading an irrigation or hydropower project in Nepal?We can already offers jobs to the Japanese and Koreans in Nepal. Proof of whether the Investment Summit was really successful to generate $30 billion will be if Nepal finally turns into a country that offers employment to Koreans and Japanese. Workers from India and China already have jobs in Nepal, and in fact Nepal is the country that is the sixth largest source of remittances for India.Given that the summit is organised every two years and every day of the past two years at least 1,500 <a href="http://archive.nepalitimes.com/article/editorial/doubts-on-zero-cost-migration-deal-coming-into-force,2157" target="_blank" rel="noopener">Nepalis left for work overseas</a>, we need to start thinking of reversing the flow. No more is it time for afno manche or hamro party ko manche, Nepal now needs ramro manche from all over the world.When Nepal Airlines presses its new Airbus 330 flights to Incheon and Kansai the seats should be booked both ways. Investment is also about technology transfer, and induction of skilled human resources -- Nepal needs trained and experienced human capital that helped build the modern Japanese and Korean economies.This would be a perfect match, and one that Nepal can take full advantage of. They benefit from the energy of the young Nepali, and we profit from their experience. Further, Nepal always seems to have money to hire more police and administrative staff but not the technical and managerial people who can build this country. Buying cars for the government and politicians is done in an instant, while we hem and haw about procuring the services of qualified managers and technicians.Like many other countries, Nepal has embraced the idea of the free flow of goods and services. We have benefitted from the one-way free flow of human capital as well, now we need to reciprocate and relax our work visas. The real advantage of hiring globally will also be to get inside knowledge about how to do business in those countries. We would know, for example, what to grow, how to process and export value-added agricultural products from the Himalaya to Japan or Korea.At social gatherings and in private communications, Nepalis who are likely to oppose the idea of reciprocity will tell you proudly how their children are now earning lots of money working abroad. Why should we deny this opportunity to those who are in the host countries? We need them now. We may not have this need in the future. Let us all watch carefully who gets hired to head FDI projects. We can go for Nepali afno manche first, but then let us do a global search.Anil Chitrakar is President of Siddharthinc

Anil Chitrakar

Coming soon: two-way migration to Nepal

<figure><img width="2015" height="958" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2b4c9c7e80680e04596bjpeg.jpg" alt=""/><figcaption>Photo: BIKRAM RAI</figcaption></figure>The Nepal government has hailed its two-day Investment Summit that ended on Saturday as a resounding success with the signing of 15 deals with foreign investors.However, here in Nawalparasi the experience of a Chinese investor in a state-of-the-art cement plant does not bode well for the future of foreign direct investment (FDI) in the country.Read also: <a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/nepal-has-to-curb-corruption-before-wooing-investors/" target="_blank" rel="noopener">Nepal has to curb corruption before wooing investors</a>, Ramesh Kumar<a href="https://www.nepalitimes.com/here-now/maze/" target="_blank" rel="noopener">Maze</a> <img width="640" height="243" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2b4f9c7e80680e04596cjpeg.jpg" alt="">China’s Hongshi Cement had signed An FDI deal with the government during the first tenure of Prime Minister K P Oli during a similar summit in 2017. Inaugurating this year’s summit on Saturday, Oli told investors that the government would help them in every possible way with permits, infrastructure, and repatriation of profit.But faced with obstacles every step of the way, Hongshi tied up with Nepal’s Shivam Cement hoping that the involvement of a local partner would remove bureaucratic hurdles along the way. But even though the government had assured Hongshi Cement factory of a road, transmission line and other infrastructure it has not kept its promise. <figure><img width="3972" height="2876" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2b509c7e80680e04596djpeg.jpg" alt=""><figcaption>Photos: YUVARAJ SHRESTHA</figcaption></figure>The plant is located 26km from the East-West Highway, and Hongshi opened a dirt track itself because it would have taken too long to wait for the government. However, the road has not yet been blacktopped, and none of the bridges have been built as per the agreement.The Chinese have also built another 12km road to its limestone quarry from where it sources raw material. The company says it has spent Rs1.2 billion of its own money to build roads the government had promised.Read also: <a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/editorial/invest-in-investment/" target="_blank" rel="noopener">Invest in investment</a>, Editorial<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/a-roller-coaster-ride/" target="_blank" rel="noopener">A roller coaster ride</a>, Shyamal Shrestha <figure><img width="960" height="563" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2b549c7e80680e04596ejpeg.jpg" alt=""><figcaption>Photo: SUMAN GURUNG</figcaption></figure>Similarly, the Nepal Electricity Authority was supposed to extend its transmission line from the Bardaghat Substation with the installation of 21 pylons. But this has not happened either.Hongshi would have bought 40MW of power from the NEA grid, but since the transmission lines are not yet ready it has to generate its own expensive electricity from diesel-thermal captive plants.The factory employs 520 Nepali engineers, managers and workers, and although Hongshi’s agreement with the government allows it to produce 12,000 tons of cement a day, it only brings out 5,000 tons because of the lack of electricity supply, according to manager Liu Xuguwang.  <img width="960" height="500" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2b569c7e80680e04596fjpeg.jpg" alt="">China’s Hongshi Cement owns 70% of the venture with Shivam having 30% of the shares in the $330 million project. This is the largest foreign joint venture investment project in Nepal today, and although it is touted as a model, it is clear that unless Nepal can reduce red tape, and keep its side of the bargain, other investors at this weekend’s Summit are likely to be reluctant.Some 600 foreign delegates from 36 countries took part in the Nepal Investment Summit during which some 15 deals were signed in hydropower, solar energy, tourism, 5G telecommunication, and other projects.

Going is tough for Chinese investor in Nepal

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2ac69c7e80680e045936jpeg.jpg" alt="" width="640" height="472"/><figcaption>Boris and Inger Lisanevitch at Kathmandu Airport in 1962.</figcaption></figure>The early foreign investors in Nepal may have been an eccentric and colourful bunch, but they did understand international tourism. As guests in this country, they realised that nurturing Nepali people, their culture and natural environment was both good for them and for their business. They left a legacy that still resonates in a very different tourism world today.<a href="https://archive.nepalitimes.com/regular-columns/So-far-so-good/join-us-on-land-boris,869">Boris Lisanevitch</a> converted a royal palace into a heritage hotel and introduced fancy foreign food and liquor. <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/Jim-Danisch-and-Barbara-Adams%20-passed-away-this-month,3007">Barbara Adams</a> promoted world heritage sites and princely visits. <a href="https://www.nepalitimes.com/opinion/hiking-with-jimmy/">Col Jimmy Roberts</a> (pictured below, right) invented trekking and supported mountaineering to employ Sherpas and share the mountains that he loved. John Coapman, <a href="http://archive.nepalitimes.com/news.php?id=15828#.XJRbyMkza71">Jim Edwards</a> and <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Charles-McDougal-passes-away-at-86,3034">Chuck McDougal</a> brought global attention to Chitwan’s wildlife with the creation of <a href="https://archive.nepalitimes.com/regular-columns/So-far-so-good/fire-in-the-afternoon-tiger-tops,846">Tiger Tops Jungle Lodge</a>.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2ac89c7e80680e045937jpeg.jpg" alt="" width="211" height="182">Conveniently coinciding with their personal business interests, these resourceful pioneers knew a thing or two about what was needed to attract high paying visitors to adventure amidst Nepal’s natural and cultural wonders.In those days it was not so easy, but with imagination and resolve the rich and famous were lured to the remote and mysterious Hindu kingdom, and tourist dollars started seeping into the economy. Boris’ eclectic guests included Queen Sophia of Spain, Agatha Christie, Ingmar Bergman and Jean Paul Belmondo, and ordinary tourists followed. Air travel was ponderous, roads were scarce and communications were basic -– we relied on telex, telegrams and an unreliable crackly telephone line for reservations when I first arrived in 1974.Despite all that, Nepal became a fashionable, sought after spot for American and European vacationers. Often staying weeks and returning annually, most of our Mountain Travel trekkers headed to the hills for seldom less than 14 days and often for a month at a time. Tiger Tops did not accept guests for less than three nights, and the price of $300 per person (yes, US$600 per room) included all meals and jungle activities, but not drinks from the bar. It must have been one of the higher room rates in 1970s Asia, especially as we lay deep in the forest constructed of local wood, bamboo and thatch.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2ac99c7e80680e045938jpeg.jpg" alt="" width="523" height="740">Solar electricity came later, but the naturalist-guided Chitwan excursions with elephants, rhinos and tigers was considered a ‘must do’ component of South Asian tourism.Our mainstream business at the lodge in Chitwan was around-the-world US groups, mostly blue-rinse ladies spending their husband’s inheritance accompanied by competent, world-weary tour guides. In my guest relations role, I grew used to answering the same questions nightly but, if I was lucky, all the tables were filled and I got to eat on the bench by the elephant tusk bar with Chuck and the Nepali naturalists.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2acb9c7e80680e045939png.png" alt="" width="733" height="732"><a href="http://archive.nepalitimes.com/blogs/thebrief/2012/11/07/han-suyin-took-nepal-to-the-world/">Celebrities</a> and superstars were regular visitors, enjoying their privacy in the undisturbed mountains and jungles of Nepal, and enthusiastic media coverage further established Nepal as the adventure of choice. Actors, writers, mountaineers, politicians and royalty flocked to sample Nepal’s unique diversity and sublime scenery.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2acd9c7e80680e04593ajpeg.jpg" alt="" width="768" height="948"><figcaption> </figcaption></figure>At the other end of the spectrum, the era’s <a href="http://archive.nepalitimes.com/regular-columns/So-far-so-good/the-hippie-era-in-kathmandu,837">flower-power hippies</a> gravitated to Freak Street and Phewa Tal seeking spiritual enlightenment in clouds of legally available ganja whilst haggling over the price of omelettes and apple pie. Forerunners of today’s budget backpackers, hippies played a significant role in publicising Nepal’s tourism image, until their visas evaporated prior to King Birendra’s coronation in 1975.A healthy holiday destination delivers to a variety of different types of tourists, from the cheap world-travellers willing to rough it, to high paying clients cossetted in luxury, with domestic visitors an important part of the mix. Since the insurgency knocked international tourism down to half its normal volume, Nepal has struggled to regain its reputation as a quality destination, or to develop new ‘authentic experiential’ hip trips to appeal to high spenders and trendy millenials.Tourism recovery since the 2015 earthquakes has been impressive in term of numbers, but our 1.2 million arrivals last year are mainly from cost-conscious neighbours and regional visitors who prefer the same parts of the country as were popular when I first arrived: Kathmandu, Pokhara, Chitwan, Lumbini, Annapurna and Sagarmatha.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811118/636a2acf9c7e80680e04593bjpeg.jpg" alt="" width="1499" height="1049"><figcaption> </figcaption></figure>The innate hospitality of the Himalayan people of Nepal is well suited to looking after guests, but uncontrolled tourism will become resented by locals who already complain that hordes of budget travellers and pilgrims leave little but trash.<a href="https://www.welcomenepal.com/">Visit Nepal Year 2020</a> is looming and the emphasis is on the number of arrivals rather than their ability to contribute cash. We have more and more tourists coming every year, but spending less and less during their stay. To redress this balance, we need to lure back the <a href="https://archive.nepalitimes.com/article/nation/Tiger-tops-and-high-value-tourism,1087">high value</a> markets by improving the array and quality of services, and developing some persuasive experiences branching out beyond the same old circuits.The <a href="https://investmentsummitnepal.com/">Nepal Investment Summit</a> is an opportunity to inspire courageous and innovative investors from both home and abroad, reassuring potential promoters that Nepal’s rich resources are ripe for responsible tourism development and that the country’s investment climate is conducive.Perhaps we should allow the original investors to have the last word. “After a few hours I fell madly in love with this country,” Boris declared in a 1961 interview.“I’d rather handle half as many tourists with each spending twice as much,” was Jim Edwards’ mantra. And Jimmy Roberts used to rue: “Why are we selling our beautiful mountains so cheap?”

Lisa Choegyal

Early investors didn’t sell Nepal short

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811114/636a29fa9c7e80680e0458f6jpeg.jpg" alt="" width="640" height="353"/>If we all stopped saying ‘no problem’ to everything and started actually implementing real solutions to Nepal’s real problems, we as a country would be much farther ahead than where we are today.Read also: <a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/climate-risk-to-hydropower-investment/" target="_blank" rel="noopener">Climate risk to hydropower investment</a>, Ajaya Dixit<a href="https://www.nepalitimes.com/opinion/nepal-inc/" target="_blank" rel="noopener">Nepal, Inc.</a>, Suman JoshiAttracting and retaining the flow of foreign direct investment is a no brainer for a country with such potential as Nepal. Foreign Direct Investment (FDI) is not just cash coming in, it is knowledge, international exposure and experience, technical knowhow, and a decent rate of return on invest made that can be repatriated.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811114/636a29fd9c7e80680e0458f7png.png" alt="" width="733" height="732">Currently, houses are being built, taxis are bought, and many restaurants are operating in Thamel or Pokhara with some kind of FDI or other. We just need to invest in improving the investment climate in Nepal, and scale these outlays up to include larger infrastructure projects.The government has put out a list of 63 projects at the Nepal Investment Summit 29-30 March in Kathmandu which will be worth over $30 billion dollars. There is also a negative list where FDI will not be allowed to protect local investors and producers, mainly in agro-based industries.However. building trust will not be easy in a country where we are used to promise much with no thought to fulfilling them. This lackadaisical ‘ke garne’ attitude pervades politics and the bureaucracy. Internationals do not trust us, they take our assurances with a dollop of salt.We should take the summit as an opportunity to remind ourselves that what matters more than what we say is what we do. Blowing up cell phone towers is not the way to collect taxes, renegotiating business deals every time a minister changes does not inspire confidence, extorting international contractors is not how you finish long-delayed water or airport projects.Investors in high-risk zones know that things can change, but even unpredictability has a limit. Nepal has just promised that FDI approvals will be processed in just seven days. Really? Don’t promise what you cannot deliver.There are 330,000 foreign firms with investments in China, and the country  plans to institute changes in the next three months, including the protection of intellectual property. At present, Nepal and China are both ruled by communist parties, yet the way we interact with foreign investors could not be more different. Uncertainty is what keeps investors away, or in wait-and-see mode. Investors have a wide variety of choices of where they can take their money, and Nepal must be competitive.If we could invest in new road and ensure that their alignment complements future hydropower project sites, it would make those investments more cost-effective. Attracting FDI would be easier if we augment the grid so that evacuation of the power produced to potential consumption centres. Land acquisition is so expensive and complex that it is usually several times higher than the cost of any project.Some countries actually attract FDI because the children of the executives get to attend good schools. Kathmandu’s air quality is actually linked to Nepal’s investment climate. Investors do not want to be sick. Land, water, and power supply needs to be regular, but with so many young people sucked away by foreign labour markets, human capital could be a constraint in the short term.Despite everything, Nepal can still be attractive to foreign investors. There is a reason why Shesh Ghale and others are building new hotels here. Tourism, energy, agriculture, education and health are low hanging fruits. A country of 30 million with 2.5 billion people living next door is not a small market.We need to make an honest effort to enable investment, open markets for products and services, allow investors to make a tidy profit which they can take away without having to bribe everyone, and file for bankruptcy if the venture does not work out. The last part has not been easy in the past.Corruption and hidden costs of doing business in Nepal’s rent-seeking state can turn honest people away, and only the crooks will invest. The competition between the seven provinces and local governments could give investment a boost if procedures are streamlined.Foreign investors gravitate to places that have an entrepreneurial and competitive culture. This it the opposite of Nepal’s jagir mentality where a job means a life time guarantee. Cartels enforced by violence, lack of the rule of law, militant unionism, extortion and corruption need to go. Investors should also be careful not to partner with people who claim to be well connected. Any mention of ‘mero manchhe’ by a local partner should be first signs of problems ahead.Anil Chitrakar is President of Siddharthinc

How Nepal can invest in improving the investment climate

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811114/636a29c89c7e80680e0458e6jpeg.jpg" alt="" width="1024" height="628"/><figcaption>Photo: RANDY BERRY</figcaption></figure>One To Watch, a Dutch-Nepal joint venture, co-hosted a well attended mini investment conference in London last month. What was originally planned as a Demo Day for the new cohort of 10 companies under their business accelerator program – Enterprise, turned bigger in scope thanks to Nepal’s Ambassador to the UK Durga B Subedi.The centerpiece of the event was the keynote by <a href="https://www.nepalitimes.com/banner/calendar-of-economic-change/">Finance Minister Yuba Raj Khatiwada</a>. He used the occasion as a curtain raiser for the Nepal Investment Summit in Kathmandu 29-30 March, and impressed the audience with his strong grasp of the economy and foreign investment in Nepal. He presented Nepal as a worthy destination for <a href="http://archive.nepalitimes.com/news.php?id=962#.XIeEUckza70">foreign investors</a>, and that the country was ready for business.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110811114/636a29ca9c7e80680e0458e7png.png" alt="" width="733" height="732">The IMF’s recent Article IV Consultation Report supports the minister’s point that Nepal’s economy is enjoying solid expansion and that the near-term outlook is favourable. Political stability, more reliable electricity and re-construction activities are drivers of the current growth.There is a <a href="https://www.nepalitimes.com/latest/u-s-nepal-trade-and-investment-forum/">consensus</a> that Nepal offers tremendous <a href="https://www.nepalitimes.com/here-now/to-davos-with-hammer-and-sickle/">business opportunities</a> in multiple sectors. A senior IFC executive concluded her trip to Nepal recently with a ‘deep and profound sense of optimism about Nepal’s development prospects’ and indicated IFC’s appetite to ‘radically scale up’ its investment in Nepal from the current $57 million to even $1 billion by 2023.Due to inadequate domestic capital formation, the local banking sector is not able to keep up with robust demand for credit in recent years. The need to channel in foreign capital is more pronounced now than ever. In addition to new money, FDIs enable businesses acquire technology, access international markets and improve quality of governance thus ensuring long-term sustainability.However, Nepal’s track record on FDI inflows has been dismal. By contrast, Bangladesh, considered a basket case until early 90s, quadrupled its economy in last 15 years with the help of FDIs and exports.Pundits have identified the following as <a href="https://archive.nepalitimes.com/regular-columns/Comment/making-nepal-fdi-friendly,853">main bottlenecks</a> to securing foreign investment into Nepal:<ul><li>Inadequate or ambiguous laws and regulations</li> <li>Need for approvals from multiple authorities causing delays</li> <li>Primitive foreign exchange regulations</li> <li>Lack of currency hedging mechanism</li> <li>Poor infrastructure and enabling environment</li> <li>Absence of sovereign rating</li> <li>Poor governance standards, corruption etc.</li> <li>The negative list is still too long; there’s no ‘automatic route’ either</li></ul>The good news is that the government has recognised the need to improve investment climate in general, and more particularly, make an effort to attract foreign capital. Infrastructure projects have been initiated. A dozen or so new laws, including the Foreign Investment and Technology Act (FITTA), Foreign Exchange Regulations Act (FERA), Intellectual Property Act are in various stages of approval or implementation.A single-window system is being put in place. Currency hedging mechanism has been approved for large infrastructure projects. Preparations are under-way for a sovereign rating. Some of these initiatives still may not be adequate, but there is a clear intent to work towards creating a conducive environment. Bilateral and multilateral agencies have also been pro-active in helping the government address the bottlenecks.The real challenge, however, lies in the day to day behaviour of the bureaucracy.  While Minister Khatiwada is leading the way to sell Nepal Inc to the world, there is almost equal and opposite reaction towards FDI transactions at operational levels. Almost every company with foreign capital has <a href="https://www.nepalitimes.com/from-the-nepali-press/why-there-is-no-foreign-investment-in-nepal/">horror stories</a> about how frustrating their experience with government agencies have been.There are just too many layers in the investment process: approval, repatriation and everything in between. There are delays in every step, usually on flimsy ground or based on the most unfriendly interpretation of policy provisions. The few businesses that have managed to rope in foreign capital are unable to execute their growth plans due to procedural challenges at the Department of Industries and Nepal Rastra Bank – the two key agencies involved in processing foreign investment. This has discouraged the private sector from actively seeking international capital. It is not by accident that Nepal ranks a low 110 in the Ease of Doing Business Index.To be sure, not all bureaucrats are obstacles. But the genuinely sincere ones are outnumbered by those happy with status quo in foreign investment.  This situation is due to poor governance, a self-serving, rent-seeking tendency combined with misplaced nationalism. We have insular officialdom that cannot grasp anything on a global scale. They seem trapped by paranoia that a reasonably liberal foreign investment regime will ruin our national pride and culture. Nothing could be more farcical and hypocritical.Like water, money flows where it is most convenient. In today’s world, international capital can access numerous investment destinations more attractive than Nepal. They do not need to jump through hoops to invest in our country. We need foreign investors more than foreign investors need us.Let us hope that the Nepal Investment Summit 2019 sparks a positive shift in our attitude toward FDI.Former banker Joshi is Founder and Chairman of True North Associates, a private equity firm.

Nepal, Inc.

Fenerbahçe Beko won the Turkish Airlines EuroLeague finals in Abu Dhabi, held 23-25 May, defeating Monaco 81-70 in the final. Olympiacos, who defeated Panathinaikos 97-93, finished the series in third place. The Most Valuable Player (MVP) of the final match, Nigel Hayes-Davis from Fenerbahçe Beko, received a prize of 1,000,000 Miles&amp;Smiles from Turkish Airlines’ Chief Commercial Officer Ahmet Olmuştur. The carrier has been the title sponsor of the Turkish Airlines EuroLeague, a top tier tournament, since 2010.

Turkish Basketball

Thousands of Nepali students dreaming of an American education have been forced to look elsewhere as the Trump administration’s visa restrictions make their future uncertain.
The US was long considered a top destination for higher studies, making Nepal the 10th biggest country of origin for international students in America.&nbsp;
However, that number has seen a significant decline with the total for Nepali students now at 16,482. Some 8,000 Nepali students obtained no-objection certificates to study in the US from the Ministry of Education in the past year.&nbsp;
India, Australia, Canada, South Korea, United Kingdom and Japan are the other popular destinations for Nepali students. There are no clear numbers for Nepalis going to India, but a slight decline was noted this year after the deaths of two female students.
The US State Department has issued a circular to its embassies not to issue new visas to applicants until further notice. US Secretary of State Marco Rubio in the directive stated that the department planned to expand the screening of applicants' social media.&nbsp;
While new applicants are barred including those applying for visitor visas, students with scheduled interviews are allowed to proceed.
“Many of our students are affected by the new restrictions, but those who had applied for student visas earlier have got interview dates,” one Kathmandu-based college counsellor told us.
Meanwhile, even foreign students with spotless records already in the US have not been spared, as visa scrutiny intensifies under the new policy. In a move that underscores the growing sense of insecurity, many US colleges advised international students to carry their passports and documents at all times, even when traveling locally.
“Me and my friends did not go home this summer because we were not sure we would be allowed back, so we just went to Niagara Falls,” said a Nepali undergrad in Ohio, who like many interviewed for this report did not want her name used for fear of repercussion.
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Nepali students have adopted a cautious stance, with many choosing not to return home during summer vacation due to fear of visa revocations as well as travel bans. Meanwhile, over 7,000 Nepalis with Temporary Protected Status (TPS) will have to come back to Nepal by 5 August or face deportation. Thirty-seven were flown back to Kathmandu on Omni Air last week.
“The US is one of the most sought-after destinations for higher education, and the ban will definitely impact bright students,” says Narottam Aryal of the King’s College in Kathmandu.
Indeed, Nepali undergraduates admitted into Ivy League colleges for the 2025 academic year have been asked to look for alternatives. The entire Fulbright Foreign Scholarships Board resigned on Wednesday citing interference from the Trump administration on the selection of this year’s cohort. Some Nepali students already on Fulbright scholarships have noted disruptions, delays and even cancellation of stipends.&nbsp;
The student visa restrictions were initially just for foreign students admitted to Harvard University, but it was later extended to all Chinese students and now to all students. Universities like Columbia which actively recruit foreign students, face sharp enrolment declines, threatening their financial stability and diversity.
An Indian female PhD candidate at Columbia University had her visa revoked by the US State Department, and said she was targeted on the basis of her social media posts on Israeli military attacks in Gaza. Social media vetting of political activism has raised concerns about privacy and freedom of expression in a country where such rights were a given.
Many students have been informed via email that their visas have been revoked for getting speeding or parking tickets, but even others with no criminal record have been affected. The fear of deportation looms large amongst international students, including those from Nepal.&nbsp;
For most Nepalis who migrate to the US for education, the journey is a high-stakes investment. They come largely from middle-class families, often rely on a patchwork of scholarships, work-study programs, loans, or even the sale of family assets to afford fees.
Most Nepali students pursue STEM subjects which offer extended Optional Practical Training (OPT) periods that help fund their education. But with the US backsliding on education and humanitarian matters, countries like the UK and Canada are becoming more attractive despite their own recent stricter controls on student visas.&nbsp;
The UK universities saw a 63% rise in Nepali students’ admissions in 2024. Japan is another popular destination with 64,816 Nepali students enrolled as of 2024.
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Already, China, Hong Kong and Malaysia are poised to benefit from the increased scrutiny of US student visas. Several Hong Kong universities are offering unconditional admission to affected students, while Malaysian institutions are targeting previously US-bound Asian students. China and India have 330,000 and 280,000 students respectively in America, but the numbers for China have seen a sharp drop in the past year.
Elsewhere, branch campuses of American institutions such as NYU in Abu Dhabi, Georgetown in Dubai and Northwestern in Doha are getting more admission applications, and universities in the Gulf region are expanding infrastructure to accommodate those who would otherwise have gone to the US.&nbsp;
Even educational institutions in Nepal are hopeful that the US visa restrictions can be an opportunity to at least keep Nepali undergrads in Nepal, and also attract foreign students from the region.&nbsp;
“Many students might choose to complete their undergraduate degree here in Nepal and then move abroad for their Master’s degree later,” says Aryal of King’s College. “There was a need for quality higher education in Nepal anyway in terms of innovation and opportunities, so this could be the time to reduce our dependence on other countries.”
Nepal’s strategic position between India and China makes it sensitive to US policy shifts. India, a key ally, is also under US scrutiny for potential student travel restrictions. Chinese universities are already offering more scholarships to Nepali talent to capitalise on the US retreat.
American universities have challenged student visa restrictions in the courts. A federal court in Boston revoked the blanket ban on Harvard, and the State Department has ordered the resumption of processing student and exchange visitor visas.&nbsp;
Some are still hoping that President Trump will backtrack on the student visa restrictions, just like he has done with many of his more drastic executive orders.
Even so, the visa see-saw and longer-term uncertainties about living in the United States and its education system means students across the world are making alternative plans.
Says Aryal: “Policies of foreign countries change according to their needs, so excessive dependence was never a good idea. We should work to create different opportunities and choices of higher education within Nepal, so students are retained.” &nbsp;

America no longer prime destination for Nepali students

While Nepal was hosting the Sagarmatha Sambaad international climate conference in Kathmandu this month, on Mt Everest it was pretty much business as usual.&nbsp; The signs of climate breakdown are all there: a river now runs through Base Camp in summer, the Khumbu Icefall is more unstable, and there are more &nbsp;frequent avalanches. When expeditions arrived in March, the mountains were bare: it had not snowed since September, but then blizzards dumped unseasonal snow in May. And despite climate worries, such is the pull of Himalayan mountaineering that the Everest Industry showed no signs of slowdown. More than 600 international climbers and their Nepali guides had made it to the summit of the world’s highest mountain. At one point there were an estimated 2,000 people in the tent city on the Khumbu Glacier. All the ropes and ladders on the Icefall came down on Thursday, marking the official end of the spring climbing season, and just in time to avoid a monsoon cyclone approaching from the Bay of Bengal. It has been an action-packed season. One factor could be that Everest fees will go up from September: each foreign climber needs to pay a $15,000 royalty, up from the present $11,000. The cost for a Nepali climber on the South Col route will also go up: from Rs75,000 to Rs150,000.&nbsp; The fee to climb Everest in autumn is $7,500 (up from $5,500), but most climbers still prefer spring. Winter permit fee (December-February) is only $3,750 per person and the mountain is now also open for monsoon (June-August) climbs, when the fee is ever lower at $2,750. The revised rule also makes it mandatory for every two climbers on an 8,000m peak to hire one Nepali mountain guide.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025053004050_67f856fe52714e4bdcf21ae7d45c6f18c82117b9d0a5f73ed1efa04c96de1046.jpg" data-media-id="editor_0" data-image-id="2025053004050_67f856fe52714e4bdcf21ae7d45c6f18c82117b9d0a5f73ed1efa04c96de1046" data-rendition-name="original" width="931" height="732" loading="lazy" alt="The Everest Industry graph 1"> </figure>  In addition, climbers also have to pay for porters and guides, equipment, Base Camp costs, Ice Fall and fixed rope team fees, so climbing Everest does not come cheap. But such is the draw of climbing the world’s highest peak that some say the increased fees will not diminish the crowds next year. The government has tried to spread expeditions out to other seasons and other 8,000ers, but with not much success. Earlier this year, Nepal unilaterally increased the number of 8,000m peaks to 14 by adding six more sub-summits to broaden the choice for climbers. Added were: Yalung Kang (8,505m), Yalung Kang West (8,077m) &nbsp;Kangchenjunga Central (8,473m), Kangchenjunga South (8,476m), Lhotse Middle (8,410m) and Lhotse Shar (8,400m).&nbsp; The announcement could go against the accepted topographic criteria that a stand alone peak has to be at least 300m higher than an adjoining prominence, and at more than 3km isolation from it. The UIAA (Union Internationale des Associations d'Alpinisme) still recognises only 14 mountains as eight-thousanders, and only eight of those are in Nepal, or on the border with China. Nepal’s revised mountaineering regulations also increased the insurance coverage of high-altitude workers to protect porters and high altitude guides who usually take more risks on the mountains. Rescue teams and clean-up campaigners to collect trash and remove bodies of dead climbers up to Camp IV of Mt Everest do not need permits.&nbsp; The Sagarmatha Pollution Control Committee is now using drones to fly down trash in 20kg sacks. Each climber is also required to bring down at least 6kg of waste and not just their own, but this rule is erratically enforced. With five fatalities on Everest and Lhotse, Spring 2025 had a historically low death toll. Another five climbers died on Annapurna, Kangchenjunga and Makalu.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025053004050_38681de22f0fefb6faa12b01755566d09c5064d0ff84e12ccc7b5d68ea9ba38a.jpg" data-media-id="editor_1" data-image-id="2025053004050_38681de22f0fefb6faa12b01755566d09c5064d0ff84e12ccc7b5d68ea9ba38a" data-rendition-name="original" width="665" height="740" loading="lazy" alt="The Everest industry graph 2"> </figure>  Journalist Ben Ayers who ran the Everest Live social media channel from Everest Base Camp with daily updates credited the low death rate to dramatic rescues of climbers from the ‘Death Zone’ by their Nepali guides and longline helievacs — the visuals all uploaded on YouTube.&nbsp; “Ironically, this perception of safety is bringing more and more inexperienced climbers to the mountain, and they need more rescues,” Ayers said in one of his dispatches.&nbsp; American expedition chronicler and summiteer Alan Arnette suspects there is a lot of under-reporting given that the jet stream and storms were lashing Everest even till late in the season. He told us: “I heard a lot about frostbite and rescues that were not made public. It’s become practically impossible to cover the details on Everest. All the teams report nice news, and they don’t talk about bad stuff to avoid hurting businesses.” Although trash on Nepal’s mountains makes headlines, what does not receive as much attention is the climate impact of so many expeditions. The Sagarmatha Sambaad conference sidestepped this issue, which is ironic given that the impact of climate breakdown is most evident on Himalayan peaks and their glaciers.&nbsp; <h2>Need for Speed</h2> The big stories this year have been about speed-running from their home cities to the top of Everest. Ukrainian entrepreneur Andrew Ushakov flew out of JFK on 15 May at 10:15AM Nepal time, and was on the summit 3 days, 23 hours, and 7 minutes later on 19 May at 9:22AM.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250601080640_1c5cc6fc991307861768f07037ed9d30930fb20f35dbb57dc31c9a92a9e1a885.jpg" data-media-id="editor_2" data-image-id="20250601080640_1c5cc6fc991307861768f07037ed9d30930fb20f35dbb57dc31c9a92a9e1a885" data-rendition-name="original" width="1440" height="1800" loading="lazy" alt="The Everest Industry"> <figcaption>Andrew Ushakov at the summt. Photo: ELITE EXPED</figcaption> </figure>  “I could never find the time for the traditional 40-50 days of acclimatisation,” Ushakov explained matter-of-factly. His ‘Everest Sea-to-Summit’ climb was possible because he spent 400 hours in hypoxic sleep tents over the past four years in New York. However, Ushakov did use ropes already fixed, hired four Nepali guides, helicoptered to Base Camp, and used much more oxygen than an average climber. And after the climb, Ushakov was arrested at Kathmandu airport for being in possession of $20,000 of undeclared cash and spent a night in jail and fined $60,000.&nbsp; The other speedsters were Garth Miller, Alastair Cairns, Anthony Stazicker, and Kev Godlington, all former British Army commandos. They left London and summited five days later on 21 May, and flew right back. They also used hypoxic tents to simulate the thin air high on Everest.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250601080644_90c8dd5cc07b4b43f2989b1dc0c0650ab80f10ebb06680c25a6909c519957bd8.jpg" data-media-id="editor_3" data-image-id="20250601080644_90c8dd5cc07b4b43f2989b1dc0c0650ab80f10ebb06680c25a6909c519957bd8" data-rendition-name="original" width="810" height="668" loading="lazy" alt="The Everest Industry "> <figcaption>All four members of the Furtenbach team at the summit. Photo: Sandro Gromen-Hayes</figcaption> </figure>  But more controversial was their use of xenon gas therapy in a German hospital to ramp up the production of oxygen-carrying haemoglobins in their blood. Xenon is banned by the World Anti-Doping Agency for being performance enhancing in sports. Expedition leader Lukas Furtenbach said this rule does not apply to mountaineering, as it is not a regulated sport like swimming. Nepal has no rules about xenon, but the Department of Tourism said it was launching an ‘investigation’ to decide on future policy since it is difficult to ban xenon, but allow oxygen. The controversy has also divided the mountaineering community, with some climbers saying they just want to maximise their chances of survival. Spending less time on the mountain could make climbing safer by reducing avalanche risk. It would also mean less trash on the mountains, but it would reduce the income of Nepal’s expedition industry. It is also unclear how much of the success was due to xenon therapy and whether the ex-special forces were already in good physical shape.&nbsp; The need for speed hides the fact that climbing in the Himalaya is dangerous business, and climbers cannot sprint to the top just by huffing xenon. But ultra-fast climbs could be charged more, and the revenue generated can be used to establish state-of-the-art rescue operations, and increase pay and insurance for guides. Two other speed chasers this season were Swiss-Ecuadorian Karl Egloff and American Tyler Andrews, both on Everest without oxygen. Andrews choppered to Base Camp to catch a weather window, but turned back from 8,500m due to high winds. Heavy snow and wind also forced Egloff to descend from 7,000m. Slow and steady climbers like Anja Blacha from Germany did make it to the summit without oxygen, while Kami Rita Sherpa broke his own record with his 31st Everest summit as he led a 26-strong Indian Army group. There were 468 permits issued for foreign climbers from 48 expeditions to Everest this spring. Nepal’s other eight-thousanders together had only 17 expeditions. Nepal has more than 1,000 peaks above 6,000m, and has opened only 476 of them for climbing.&nbsp;

The Everest Industry

While Nepal marked <a href="https://nepalitimes.com/news/mt-everest-pvt-ltd">Mt Everest</a> Day on 29 May, on the other side of the planet in the US state of Colorado dozens of Nepalis who have climbed the world’s highest peak multiple times were busy working as chefs and Uber drivers. Among them is Nima Doma Sherpa, who climbed Mt Everest in 2019 after her husband Tshering Wangchu was among 16 crushed by an avalanche on <a href="https://nepalitimes.com/banner/on-thin-ice-in-the-khumbu">the Khumbu Icefall</a> five years earlier. A large serac broke off the West Shoulder of <a href="https://nepalitimes.com/news/the-everest-industry">Mt Everest </a>and fell directly on a group of <a href="https://nepalitimes.com/opinion/more-porters-sick-on-everest-trail">porters and guides</a> making their way up the Icefall at 5,800m. Their bodies were flown by helicopter to Khumjung where Tshering Wangchu was born. He was excited about climbing Mt Everest for the first time.&nbsp; In Khumjung, Nima Doma felt like her own life had also ended. This was the kind of news Sherpa wives, mothers and sisters dreaded every <a href="https://nepalitimes.com/here-now/peak-climbing-season-2025-s4abrxny">mountaineering season</a>. She stayed home for more than two years grieving, but ultimately gathered up all her emotional strength to take care of her 6-year-old son and 3-year-old daughter. Nima had grown up in Khumjung hearing <a href="https://nepalitimes.com/review/stories-of-nepal-s-summiteers">tales of adventure on the mountains </a>from their father, Ang Chubi Sherpa who had climbed Everest in 1993. He used to bring her and her sisters and brother European chocolates after every expedition, and used to tell them that the chocolate bars grew on the mountains. “It was only after we got older did we realise that he told us that chocolates grew in the mountains so we would not worry about him putting himself in harm's way,” Nima Doma recalled with a faraway look at her home in Boulder this week. Nima went to the school that <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/commemorating-edmund-hillary-in-nepal,4145">Edmund Hillary</a> opened in Khumjung till Grade 8, and then dropped out to help in the kitchen and <a href="https://nepalitimes.com/here-now/when-yaks-go-so-does-culture">tend yaks</a>. She was married off to Tshering Wangchu, who was also a high altitude guide. When Tshering went on expeditions, Nima also started working as a porter from Namche to Base Camp. It was perhaps her father’s tales of mountains of chocolates that had always attracted her to <a href="https://nepalitimes.com/here-now/knowing-our-mountains-43v4iyvo">the peaks</a>. After her husband was killed ten years ago this month, being a widow with children was not easy for Nima Doma. But she was not alone: there were at least 200 single mothers in <a href="https://nepalitimes.com/here-now/khumbu-since-1950-jaww4qn0">the Khumbu</a>, and 20 of them just in Khumjung whose husbands had been killed in <a href="https://archive.nepalitimes.com/article/nation/tragic-start-to-himalayan-spring-nepal,3695">mountaineering accidents</a>. Some were not even 20 years old, and had children growing up without fathers. But there were also women in the 50s whose husbands had been killed in the 1980s. Nima found sponsors for her children’s education, and moved to Kathmandu. In the capital, Sherpa widows used to meet to help each other. Some of them had joined the Nepal Mountaineering Association (NMA) training for rock and ice climbing. “I decided that it was no use sitting home and crying anymore, after meeting other single mothers I felt less alone,” remembers Nima, who joined the Juniper Foundation and enrolled in an NMA training camp in Manang. There she climbed Chulu East (6,584m) and met Furadiki Sherpa, whose rope-fixing husband had also been <a href="https://nepalitimes.com/news/on-mt-everest-s-70th-records-and-fatalities">killed on Everest</a> in 2013. They set themselves the goal of climbing Everest one day, and started a fund-raising drive.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250530090544_621be0724b9182c8e3594b2c562a71ec32ac01d985a71d0cf31646de9d51e15a.png" data-media-id="editor_12" data-image-id="20250530090544_621be0724b9182c8e3594b2c562a71ec32ac01d985a71d0cf31646de9d51e15a" data-rendition-name="original" width="2678" height="1274" loading="lazy" alt="Everest summiteers find new life in the US"> </figure>  “We decided we had to overcome society’s stigma of <a href="https://archive.nepalitimes.com/article/nation/widows-personal-happiness-comes-last-in-face-of-social-financial-hardships,1855">widowhood</a> and prove that <a href="https://nepalitimes.com/here-now/remembering-junko-tabei">women could also climb mountains</a>,” Nima said, adding that she was inspired by Nepal’s first woman Everest summiteer Pasang Lhamu Sherpa, who died during her descent in 1993. Nima Doma and Furdiki climbed the technically-difficult Ama Dablam (6,812m) and then arrived at Everest Base Camp in April 2019 as part of their Two Widows Expedition with the motto, ‘So Can We’. While climbing up the Icefall Nima passed the spot where her husband had been killed. It was a jumble of constantly-shifting ice blocks bigger than houses. She closed her eyes and said a prayer. “I remember thinking, this is so difficult and dangerous. This is what my husband had to do to support our family,” Nima Doma said. “I was determined to fulfil my husband’s dream of climbing Chomolungma, and to prove to ourselves that we two women could do it.” It was 23 May 2019 when <a href="https://www.reuters.com/article/world/two-sherpa-widows-scale-everest-and-smash-stigma-idUSKCN1SU0MV/" target="_blank">Nima and Furdiki stepped on the summit</a> and looked over into Tibet, and down at Tengboche Monastery to the south.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250530090544_6b822582b5d88ba5e972db084f184690b40653c6efd9901b2dd082ffba2a263b.png" data-media-id="editor_16" data-image-id="20250530090544_6b822582b5d88ba5e972db084f184690b40653c6efd9901b2dd082ffba2a263b" data-rendition-name="original" width="2700" height="1522" loading="lazy" alt="Everest summiteers find new life in the US"> </figure>  Nima Doma hugged Furdiki, took off her mask and wept. But for the first time in five years, it was not from grief but relief — relief for being free of all the sadness and sacrifices and for fulfilling her husband’s dream. They had found <a href="https://nepalitimes.com/here-now/life-after-death">life after death</a>. “I felt this immense joy to be on top of the world, it was indescribable,” Nima Doma said, “I have wept only twice in my life. Once when my husband died, and once there on top of Everest.” The tears had frozen on Nima Doma’s cheeks, as she and Furdiki headed back down the mountain.