The country’s private sector on Thursday urged the business fraternity from SAARC member nations to invest in Nepal, saying that the government has adopted lenient policies to boost investment in the country.

They came up with the call during 77th executive meeting and 23rd general assembly of SAARC Chamber of Commerce and Industry that kicked off in Kathmandu. The three day general assembly will discuss various challenges faced by the SAARC region to achieve economic growth.

Speaking at the programme, Chandi Raj Dhakal, vice president of SAARC Chamber of Commerce and Industry, urged the private sectors of the region to invest in various potential sectors of Nepal including cement, agriculture and education.

“With the government considering ways to welcome foreign direct investment with the amendment of investment and trade related policies, it is the right time for investors to ensure high rate of return,” Dhakal said.

Last month, the government conducted the third edition of Nepal Investment Summit to attract foreign investment. The government has introduced three vital legislations—foreign Investment and Technology Transfer Act, Public-Private Partnership and Investment Act, and Special Economic Zone Act for the purpose. Similarly, it is in process of revising the Intellectual Property Act.

Bhawani Rana, president of Federation of Nepalese Chambers of Commerce and Industry said SAARC countries have to step forward to cater to the high potential of natural resources and youth manpower. “The optimum use of these resources can contribute in achieving economic growth and prosperity in the region,” said Rana.

The business fraternity of SAARC countries called for enhancing business to business relationship among member countries.

Simplifying issuance of travel visa, promoting cross border investment, technology transfer, collaborating to fight against terrorism and improving connectivity are among the key issues that the participants underscored for improving collaborative efforts among the SAARC countries.

Dasho Ugen Dorji, former president of SAARC Chamber of Commerce and Industry stressed on the need for addressing a number of issues that have become barriers in improving business networking among the region.