Three years after quake and blockade, Nepali hospitality industry attracts foreign investors again

Three years after quake and blockade, Nepali hospitality industry attracts foreign investors again

Three years after quake and blockade, Nepali hospitality industry attracts foreign investors again

Nepal government says  it has received three proposals to build big hotels in and around Kathmandu City, in which the three foreign groups have proposed to invest around Rs 1.5 billion in total.

Officials at the Department of Industry under the Ministry of Industry, Commerce and Supplies say this is the biggest pledge of investment in the hospitality sector after the industry collapsed in the 2015 earthquake and the border blockade the same year.

Khagendra Basnet, Chief at the Foreign Investment Division at the Department, informs that three investor groups including two Indian ones have approached him in past one month to establish hotels in Panauti of Kavre, Trishuli of Dhading and Kathmandu.

Each group has pledged to spend around half billion rupees for their individual project.

“We had the same attraction before the earthquake and blockade,” the official says, “Now, after three years, we can hope for more encouraging years in terms of foreign investment in the tourism sector.”

Basnet claims the hope for political stability after 2017 elections and some policy changes also contributed to the encouraging atmosphere.

Meanwhile, the Department says the status of investment proposals received for other sectors is also encouraging for last 10 months. In these months, the pledged amount has increased fourfold from the amount pledged in the same time period last year.

Energy has been the most attractive sector for foreign investors.

Source: Onlinekhabar

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