Foreign investors return as Nepal’s economy rebounds

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector. A devastating earthquake in 2015 killed more than 9000 people and crippled the country’s economy. A subsequent border blockade with India, coupled with the fallout from New Delhi’s decision to demonetize its economy to crack down on black money took a further toll. However, foreign investors are now moving back into the country and the casino sector. During the Nepal Investment Summit in March a total of $13.7 billion was pledged in foreign direct investment, with the bulk from China. About $10 million was earmarked for tourism. The Himalayan country has a long history of casino gambling. It opened its first casino under the then royal regime in 1968 and it flourished as a South Asian Las Vegas under RD Tuttle, an American...

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