Karnataka   

Prachanda keen on tie-up with IT firms in Bangalore

Bangalore: The Prime Minister of Nepal, Prachanda, asked Indian companies—especially those based in Bangalore—to “help bring about an IT revolution in Nepal.”

He said after the success of the democratic revolution in Nepal, it was time for an “economic revolution” in his country. He was addressing a luncheon meeting organised by the Confederation of Indian Industry here on Wednesday.

Mr. Prachanda said the new constitution and the recent declaration of Nepal as a Federal Democratic Republic had paved the way for the “peaceful transformation of the country, which is an example for the rest of the world.” He said his government was interested in “developing institutions that would help in industrialising Nepal.”

Mr. Prachanda said his government was keen on playing the role of a “catalyst” in the industrial development of Nepal. “A business-friendly environment has been created in Nepal,” he said.

Referring to the advantage of abundant water resources in his country, Mr. Prachanda said the government was encouraging multipurpose projects using water resources. Investments in such projects were welcome under public-private partnerships or through joint ventures.

Mr. Prachanda said his government was “receptive” to foreign investment. He called upon the private sector in both countries to “take advantage of this.” He talked of his government planning radical changes in the mechanism and method of investment.

“A qualitative change has come about since we assumed office, which will expand education all over Nepal.”

Asked what kind of restrictions would apply to foreign investments, Mr. Prachanda said: “A new situation needs to be created. We will now focus all our attention on economic issues, after having overcome the political crisis. Security sector reforms are being planned in Nepal, reflecting the new situation. This will involve the reorganisation of the defence sector, which requires a comprehensive new policy. We are planning an overall review of our defence strategy and defence budget.”

Mr. Prachanda visited the headquarters of the Indian Space Research Organisation, the Indian Institute of Science, Biocon and Infosys during his visit to Bangalore.

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