Nepal Govt to restructure investment policy soon: Prachanda

Bangalore, Sep 17 (UNI) The new Government in Nepal will go in for structural changes in its trade policies to woo investors from foreign countries, especially from India, Nepal Prime Minister Pushpa Kamal Dahal 'Prachanda' said today.

Speaking at a 'Luncheon meeting' hosted by the Confederation of Indian Industries (CII) here, he said the Himalayan country, which had witnessed a political revolution recently, was making efforts to usher in an 'Economic Revolution' for the overall development of Nepal.

He said that after achieving the installation of popular and new Democratic Republic through peaceful transformation after a great deal of struggle, ''now we are committed to go for economic revolution''.

He said his government was working towards restoring sustainable peace and inclusive development. ''A new Constitution will be put in place within two years.'' Recalling the close ties between the two Himalayan neighbours- India and Nepal- for many centuries, Mr Prachanda said his government was committed to play as a 'catalyst' to further the bond for the benefit of the people of the both the countries by enhancing bilateral relationship.

Promising to create a sustainable and forward looking trade atmosphere in his nation, which had witnessed a 'decade of conflicts' prior to his government, Mr Prachanda said there was tremendous potential for Indian entrepreneurs to invest in rich sources of Hydel power, tourism, education, IT and infrastructure sectors.

Calling upon the private players in both Nepal and India, Mr Prachanda said, ''They can work together to reap the mutual benefits. You can see a radical change in our approach and policies towards investment,'' he said.

He said he would constitute a high-level Foreign Investment Board under his Chairmanship and simplify the procedure for allowing more flow of foreign equity into his country.

UNI MV MSP VV PK KP1656