Fear factor: Nepal industry meet called off

KATHMANDU: A 3-day business summit organised by Confederation of Nepalese Industries here was called off on Wednesday, following severe violence breaking out after the killing of 12 Nepalese workers by a militant group in Iraq.
Important delegates like former Malaysian prime minister Mahathir Mohamed and Indian minister of state for industry and commerce E P Elangovan were told by CNI not to board their flights to Kathmandu.Delegates of Indian industry body CII were also given similar instructions.
A disappointed CNI president Binod K Chaudhary told visiting journalists this unexpected development had forced him to call off the summit, aimed at promoting Nepal as an investment destination.
"The objective is to attract global, primarily Indian investment, for Nepal, which is aiming for 4 per cent GDP growth. Industry has been able to turn around the economy with 3.5 per cent growth in 2003-04, from a negative 1 per cent in 2002-03," he added. However, he is bullish about holding the summit again — which has seen year-long preparations — as soon as delegates reconfirm their participation.
According to Chaudhary, CNI is looking for Indian investment for developing hydel power in Nepal, a major untapped potential. Talks were on with NHPC and PTC and more business talks were supposed to be held at the summit, he added.