BIPPA the ‘gateway’ for protecting the various investments & wl prove milestone for Nepal: PM

NEW DELHI, OCT 22 – Prime Minister Baburam Bhattarai has said that the Bilateral Investment Promotion and Protection Agreement (BIPPA), signed between India and Nepal on Friday, was a milestone for the development of Nepal.

Stating that the agreement had opened the path for Indian investment in Nepal, Bhattarai clarified that the agreement was inked for the prosperity of the country.

Speaking to the selected CEO’s of Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and Confederation of Indian Industry (CII) in an interaction at Hotel Leela in New Delhi, Saturday morning, Bhattarai said he had taken a calculated political gamble by signing the deal for the welfare of the country knowing the deal would spark criticism in the country.

PM Bhattarai stated he took a risky step for the development of the country saying that a successful leadership was impossible without inviting risks.

Nepal and India signed three agreements, including the BIPPA, yesterday.

Urging the Indian entrepreneur to invest in Nepal, PM Bhattarai said, “I assure you to create an investment-friendly environment once you identify the project.”

On the occasion, former Chairman of CII Rajeev Kaur welcomed the Nepalese step to mark 2012-13 as an ‘Investment Year’.

He also informed that a jumbo team of Indian entrepreneur would come for a visit of Nepal in June to identify the possible areas for investment.

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