NRNs plan five-star hotel, start BB Airways

A Non-resident Nepali (NRN) Shesh Ghale announced that MIT Holdings will start a five-star hotel in Nepal, whereas another NRN Bhawan Bhatta — chairman of BB Airways and treasurer of NRN Association — announced the inaugural flight of BB Airways from today to Kuala Lumpur, during the NRN Day celebration here today.

"We are negotiating with an international hotel chain that will be finalised in a week," said chairman of MIT Holdings Ghale, adding that the company will invest around Aus$75-Aus$80 million as foreign direct investment from Australia for the project that will start within a year.

The holding company has already bought land near the earlier royal palace and will start construction within a year, he informed. "It will take another three years to complete the construction and the five-star hotel will come into operation by 2017."

Similarly, Bhatta announced the start of scheduled flights of BB Airways to Kuala Lumpur. "Soon, the airlines will fly to Hong Kong and in a month, it will start scheduled flights to Japan," he said.

BB Airways, with an initial capital of Rs 500 million, is a Rs 4 billion company promoted by NRNs.

NRNs want to see a peaceful and prosperous Nepal, said founding president of NRNA Dr Upendra Mahato, addressing the NRN Day. "It is a pride to be a poor citizen of a rich country than to be a rich citizen of a poor country," he said, adding that the government has failed to utilise the remittance and skills of migrant Nepalis.

Migration is a short-term phenomenon and remittance can be a cushion for the time being only, but in the long term there is no alternative to creating employment in the country, said president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Suraj Vaidya, on the occasion.

Nepal is not a poor country, it's only our mentality that is poor as the country offers huge potential that needs to be exploited, he said, asking NRNs to invest and help generate employment in the country.

He was of the opinion that political instability and labour problems could create some problems, but Nepal still is a fertile ground for investment as compared to other countries.

Nepalis have been able to achieve a lot abroad, said care taker prime minister Dr Baburam Bhattarai, asking them to replicate the success story in the country.

Realising the weakness in governance and bureaucracy, he said that the government has failed to create conducive business environment, investment-friendly environment and investor-friendly bureaucracy. "Otherwise how can Nepalis, who have been contributing to foreign economies fail in their own country," he asked, adding that the country cannot achieve double-digit growth without foreign investment and technology.