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India Inc tests Nepal

world Updated: Nov 30, 2010 00:56 IST
Utpal Parashar
Utpal Parashar
Hindustan Times
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India accounts for 45% of total foreign investment in Nepal. But Indian ventures are facing a tough time in the Himalayan nation due to political instability and unfair treatment. In a bid to address these concerns and increase investment, a team of Indian business leaders are in Nepal these days to confabulate with the government and industry bodies.

The delegation met ministers for commerce, industry and information technology and urged them to address issues that are acting as impediments to more investment from India.

"Nepal's government needs to intervene and stop the smear campaign against Indian products and services," said Sushanta Sen of the Confederation of Indian Industry. Non-signing of bilateral investment protection agreements and the revised provisions of double taxation, both approved by India, was one of the main issues that featured during deliberations.

"Nepal's trade deficit with India is growing and one way to bridge the gap is through investments. This visit was a step in that direction," said Harsh Jain of the Indian embassy in Kathmandu.