Former NRNA Chair Sharma Criticizes Government for Failing to Facilitate Investment of Nepali Diaspora Capital

Former Non-Resident Nepali Association (NRNA) Chairman RK Sharma has lamented that the government has failed to provide necessary facilitation to channel the capital of Nepalis working abroad into nation-building efforts. Addressing the NRNA General Convention on Saturday, Sharma stated that policy red tape has prevented Nepalis living abroad from investing in Nepal.

Sharma expressed dissatisfaction that the NRNA's proposed 10 billion Nepali Rupees investment fund has been stuck in government procedures for five years. "Government bodies listen to us but do not provide solutions or implementation," Sharma said. "It has been five years since we started forming a company for small investors and workers who want to invest 10,000 rupees a month, which has left them disheartened."

Stressing that a large portion (65 to 70 percent) of the nearly 2 trillion rupees remitted from hard-earned money abroad is being spent on consumption, he emphasized the need to channel this into productive sectors through collective investment. He noted that if even 10 percent of the remittance could be mobilized through collective investment, it would generate a capital of 200 billion rupees, given that the country's development budget is around 300 billion rupees, which could complete major national projects.

Mentioning the immense potential for hydropower in Nepal, Sharma stated that generating just 3,000 megawatts of electricity for domestic consumption could stop the import of cooking gas worth 80 billion rupees. He presented data suggesting that generating 8 to 10 thousand megawatts could reduce fuel imports worth 300 billion rupees by 80 percent.

Serious Concern Over Middle East Developments

During his address, Sharma expressed serious concern over the recent conflict and political developments in the Middle East (Gulf region). Drawing the attention of the Foreign Minister present at the event, he said, "If the current developments in the Middle East lead to a situation where the employment of 2 million Nepali brothers and sisters residing there is lost, the situation in Nepal will be very dire."

'The Organization Belongs to Everyone from Billionaires to Ordinary Workers'

Sharma stated that although the organization seemed slightly deviated from its original purpose in the past, the unity convention held in the presence of the Prime Minister has generated hope. He urged everyone not to break this unity.

Reminding that the NRNA is a common platform for everyone from ordinary workers to billionaire Upendra Mahato, he said that everyone's contribution is equal. Addressing the grievances that workers in the Middle East have been neglected in the NRNA and attempts were made to disenfranchise them through voting, Sharma said, "There are voices saying the Middle East has been boycotted, but online voting and candidacy arrangements have been made. The organization will not betray the commitments and promises made to the Middle East."

Finally, he called upon all Non-Resident Nepalis to unite, emphasizing that the knowledge, skills, and capital learned abroad must be mobilized for building a prosperous Nepal without further delay.