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38Th Meeting of Ibn 3 IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) 1 MONTHLY E-NEWSLETTER OF OIBN DISPATCH IBN YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) 38TH MEETING OF IBN 3 INTERVIEW WITH MR. MIKE BOLSOVER, MANAGING STAKEHOLDER CONSULTATIONS DIRECTOR OF SILVER HERITAGE GROUP.................6 IN PROJECT DISTRICTS OF UPPER OIBN RECEIVES 71 PROPOSALS FOR 41 PROJECTS ...............13 MARSYANDI-2 HYDROPOWER PROJECT 4 INVESTMENT PROMOTION IN LHASA ......................................15 2 IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) INVESTO GRAPH FDI INFLOWS IN NEPAL 2013-2018 (Millions of dollars) 161 129 106 71 52 30 2013 2014 2015 2016 2017 2018 FDI STOCK IN NEPAL 2018 1,938 Source: World Investment Report 2019, UNCTAD IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) 3 38TH MEETING OF IBN HELD KATHMANDU: On July 2, the 38th meeting of need to accelerate the delivery of large-scale projects Investment Board Nepal (IBN) was held under the for rapid economic growth in the country and urged chairmanship of the Right Honorable Prime Minister relevant agencies to maintain effective coordination. Mr. K. P. Sharma Oli. During the meeting, several Mr. Maha Prasad Adhikari, OIBN CEO gave a decisions were made on various feasibility studies briefing on the progress made to move forward on proposed projects. Permissions were granted for projects presented during the recently held Nepal feasibility studies that could be conducted without the Investment Summit. Government of Nepal incurring any financial liability. The following dignitaries were present for the meeting: Flash Freight Logistics will conduct a feasibility study Honorable Minister and Vice-chair of Investment for the construction of a Private Freight Terminal and Board Dr. Yuba Raj Khatiwada, Honorable Minister Bulk Handling Facility in Bhairahawa and Birgunj. for Energy, Water Resources and Irrigation Mr. The estimated cost for this project is NPR 6.51 billion. Barsha Man Pun, Honorable Minister for Physical Silk Road International Holding Co. Ltd. will carry out Infrastructure and Transport Mr. Raghubir Mahaseth, a feasibility study for the construction and operation Honorable Minister for Federal Affairs and General of the World Buddhist Exhibition Park in Lumbini. Administration Mr. Lal Babu Pandit, Honorable M/S Greenery Solutions Inc. will conduct a feasibility Minister for Forest and Environment Mr. Shakti study for a 550 MW Solar Energy Project. This project Bahadur Basnet, Honorable Vice-chair of National will set up different solar plants of different capacities Planning Commission Dr. Pushpa Raj Kandel, Nepal in all seven provinces and is estimated to cost a total Rastra Bank’s Governor Dr. Chiranjibi Nepal, Chief of NPR 48.24 billion. Secretary of Nepal Government Mr. Lok Darshan During the meeting, it was also decided that a Regmi, IBN Board members representing private recommendation will be made at the meeting of sector (Mrs. Bhawani Rana, Mr. Rajesh Kaji Shrestha, the Council of Ministers to approve the final Mr.draft Hari Bhakta Sharma , Mr. Balkrishna Sibakoti), of the Public-Private Partnership and Investment and high-ranking officials of the Government of Regulations, 2019. Prime Minister Oli stressed the Nepal. ♦ 4 IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) STAKEHOLDER CONSULTATIONS IN PROJECT DISTRICTS KATHMANDU: A high-level team, headed by OIBN member of Federal Parliament Mr. Dev Gurung, Chief Executive Officer (CEO) Mr. Maha Prasad honorable members of Gandaki province - Mr. Adhikari visited Upper Marshyangdi 2 Hydropower Mayanath Adhikari, Ms. Madhu Adhikari, Mr. Rajin Project, located in Manang and Lamjung districts to Gurung, and Mr. Chinta Bahadur Ghale shared their consult with relevant stakeholders in June of this year. views about the project. They unanimously supported Honorable parliamentarians from Manang and the swift and smooth implementation of the project. Lamjung - Mr. Dev Gurung (Lamjung), Mr. Polden Likewise, all stakeholders, including community Gurung (Manang) and Ms. Yeshoda Gurung Subedi leaders and project impacted people commited (Manang) were the special guests accompanying the to providing the necessary support to the project OIBN team for the consultation meetings. developer as well as IBN to move the project forward. The interaction program with project stakeholders In all the interaction programs stakeholders said was conducted that the project to solicit Upper Marshyangdi -2 Hydropower Project d e v e l o p e r stakeholder should develop issues an plans on how to concerns in Beshi Sahar, Lamjung; Syange Rural provide employment to local people, use local products Village Committee, Lamjung; and Nason Rural and local resources, develop local infrastructure, Village Committee, Manang prior to initiating including road and bridges. They also expressed negotiations with the project developer. concern on environmental issues, and urged the OIBN and project developers to devise the best mechanism In the interaction program, organized in Beshi Sahar, for environmental protection in the area. the district headquarters of Lamjung, honorable « Continued to Page 5... IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) 5 STAKEHOLDER CONSULTATIONS... « ...continued from Page 4 OIBN CEO Mr. Adhikari responded to the concerns Partnership (PPP) project. raised by the local community and assured them that OIBN Joint Secretary Mr. Balaram Rijyal, OIBN OIBN will make sure that all meaningful issues will be Senior Divisional Engineer Mr. Sunil Poudel, incorporated in the Project Development Agreement OPMCOM Under Secretary Mr. Mahesh Bhattarai, (PDA) with the project developer as early as possible. OIBN Section Officer Mr. Ratnesh Shashi and OIBN Upper Marsyngdi Hydropower Project is being Consultants - Mr. Ghanashyam Ojha and Mr. Bidur developed by a consortium of three Chinese Rajfirms- Gautam accompanied the delegation. ♦ SCIG International, Xingcheng International Investment and QYEC International, and a Nepali firm- Butwal Power Company as a Public Private INTERACTION WITH LAWMAKERS IN KATHMANDU KATHMANDU: On April 26, the Office of 600the MW project and discuss local concerns Investment Board Nepal (OIBN) interacted with pertaining to the project. OIBN and the concerned lawmakers representing project affected districts developers are preparing to initiate negotiations on issues regarding the implementation of the for the Project Development Agreement (PDA) Upper Marshyangdi-2 Hydropower Project. The soon. The lawmakers attending the program were project is located in Manang and Lamjung districts Dev Prasad Gurung (Lamjung-1), Mr. Polden of Gandaki Province. The interaction held at Gurung (Manang-1), and Yeshoda Gurung Subedi OIBN was organized to update parliamentarians (Manang). ♦ about the ongoing progress to implement the 6 IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) Mr. Mike Bolsover MD and CEO, Silver Heritage Group “WE CAME TO NEPAL TO HELP PROMOTE TOURISM DEVELOPMENT” Mr. Mike Bolsover is Managing Director and Chief Executive Officer of the Silver Heritage Group (SHG). SHG is focused on developing integrated resorts (IR) and hotels in Asia, with a special focus in Nepal and Vietnam. It has a foot print in Macau, Philippines, Cambodia, and Laos. A graduate from Emory University in the USA, Mr. Bolsover worked with Sports Entertainment group Victor Chandler in Gibraltar, South Korea, and Malaysia before leaving to establish the Silver Heritage Group in 2003. Mike was voted one of Asian Gaming’s Top 50 by Asian Gaming Magazine and among the ‘40 under 40’ Emerging Leaders by GGB Magazine. SHG is the promoter of Tiger Palace Resort in Bhairahawa in Province 5. Talking to the IBN Dispatch team recently, Mr. Bolsover shared his experience about the investment climate and SHG’s business plans in Nepal. Could you give a brief introduction of Tiger Place outlets or fine dining restaurants on the premises. Resort, Bhairahawa? Phase 2 will include an additional 60-100 rooms built to a 4-star or 5-star standard to provide additional Tiger Palace Resort is a large-scale integrated resort accommodation on the property. The resort also located in Bhairahawa, Rupandehi District, Nepal. has extensive meeting, convention, incentive, and The USD 52 million project is spread around 17 exhibition (MICE) facilities in addition to wedding bighas of land (22 acres or 10 hectares). Silver and banquet spaces. Heritage purchased the land in 2014 with the intention of building the project over a number of phases. Phase Can you elaborate on the economic benefits of a 1, which commenced operations in September 2017, high-end resort like Tiger Palace Resort for Nepal? has 100 rooms and suites in addition to two VIP villas built to an international 5-star standard. An integrated resort (IR) is a large-scale mixed-use The resort also has the largest swimming pool in Nepal, two restaurants and space for additional retail « Continued to Page 7... IBN DISPATCH | YEAR: 4 | ISSUE: 2 | VOLUME: 38 | JESTHA 2076 (MAY-JUNE 2019) 7 « ...continued from Page 6 entertainment property with a casino gaming element, in the government and the Investment Board of Nepal the most well-known of which is Marina Bay Sands as well as other important stakeholders speak English, in Singapore or Genting Highlands in Malaysia. The this certainly wasn’t the case in many of the other casino component is
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