Kathmandu. At a time when the government has been reiterating its commitment to organize an investment summit to attract domestic and foreign investment, present the private sector as a partner of the economy and create investment-friendly environment, the controversy related to the Chhaya Complex in Thamel has raised serious questions about the security of private investment in Nepal.
At a time when the country is grappling with the economic slowdown, lack of investment and youth migration, the entrepreneurs say that the project constructed by completing the state’s legal process has become the center of controversy, social media campaign and legal hassles for years. According to them, although the government has been giving the slogan of investment-friendly environment, in practice, investors are constantly facing mental pressure and uncertainty.
According to the construction side of the complex, the Kathmandu Metropolitan City (KMC) approved the map, environmental impact assessment (EIA) and a planning permit from the Kathmandu Valley Development Authority and all the legal processes were completed to proceed with the project. It has also been claimed that the construction has been started only after the public hearing at the local level and the approval of the concerned bodies.
But as construction began, the project became the target of courts, social media and various campaigns. According to businessmen, if a project approved by the state is mired in controversy for decades, the question will naturally arise as to who will dare to make a big investment in the future.
According to them, such a trend will not only affect the shadow complex but also the overall investment climate of Nepal. They argue that the trust in Nepal may be weakened when international investors see that even legally approved projects have been dragged into controversy for a long time.
Entrepreneurs involved in the Chhaya Complex say, “We have completed the state-approved process, paid taxes, created employment and contributed to tourism promotion.” But at the end of the day, we are being treated like criminals. ’
According to them, if such a message is sent to the investors, it will be difficult to restore the confidence of the private sector, no matter how many investment summits the government organizes.
