Italy keen to invest in Nepal: Minister Vendova

KATHMANDU, Oct 27: Visiting Italian Minister of State for Foreign Affairs Benedetto Della Vedova has said Italian investors are keen to invest in various sectors, including hydropower, in Nepal.

Minister Vedova said Italy has expertise not only in hydropower development but also in green technologies, including renewable energy and agro-based industries. "We have a lot of companies working abroad. Energy is one of the sectors in which Italy may invest. But political stability and predictable rule of law are preconditions," he told Republica. 

Both Nepal and Italy had resident embassies in each other´s capital. But as part of austerity measures, Nepal closed down its embassy in Rome in 1967 while Italy closed its embassy in Nepal in 1997. “One of the reasons of my visit (to Nepal) is to reaffirm our friendship and restore our close relations,” he said, adding that Italy through the European Union (EU) supports the democratic transition in Nepal. 

Italy, which is one of the major players involved in policy making within EU, is chairing the rotating presidency of EU. “EU supports democratic system and is trying to promote trade and investment in Nepal. Democracy is a process; economic growth is a process; economic partnership is a process. We believe EU must continue to pay its attention to Nepal,” he said, while suggesting to Nepali political leadership to bring a new constitution that addresses the aspirations of all Nepali people.

Minister Vedova, who is the highest-level Italian politician visiting Nepal after 2006, said Italy is keen to play a role in improving Nepal´s economy and promoting trade and investment. In view of the meager trade and investment interaction between Nepal and Italy, he said Nepal could reap huge benefits from Italy through promotion of tourism. 

A total of 100,000 Italian tourists visit India in a year, but only about 10,000 Italians visit Nepal each year. Minister Vedova urged Nepal to take part in the Milan Expo 2015 in Italy to promote exports.

An Italian company CMC Cooperativa Muratori e Cementisti di Ravenna, which won the tender, is working to develop a diversion tunnel and headwork of the Melamchi Drinking Water Project. "I also visited the project site. There were some delays due to general conditions. But there is a full commitment to complete the works at the earliest. We hope the project will be completed within the deadline,” he said.

Source :- The Republica