Nepal committed to protecting foreign investment: Industry Minister Bhandari

KATHMANDU: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has affirmed that the Government of Nepal is committed to protecting foreign investment in the country.

Minister Bhandari, currently on a five-day official visit to the Republic of Korea (ROK), made this statement while addressing a programme organised by the Busan Chamber of Commerce, the Embassy of Nepal, and the Korea-Nepal International Exchange Association in Korea to mark the 50th anniversary of diplomatic relations between Nepal and the ROK.

“The Government of Nepal is committed to protecting foreign investment. I urge Korean investors to invest with confidence,” said Minister Bhandari. He praised Korea’s investment in Upper Trishuli Hydropower for its significant contribution to the sector's development.

Minister Bhandari expressed his desire to bring Korean capital and technology to Nepal and enhance mutual relations between the two countries. He urged investment in Nepal’s industry, trade, and tourism sectors, as informed by his chief private secretary, Anand Bhatta.

According to Bhatta, Minister Bhandari also stated that he is closely monitoring Korea's physical development, knowledge, skills, and technology, and wants Nepalis to benefit more from these advancements. He encouraged Korean investors to invest in Nepal, citing the young workforce, availability of raw materials, and geographical diversity as key advantages. “There is suitable potential for investment in Nepal due to the markets of neighbouring countries, including India, China, and Bangladesh,” he said.

The minister committed to providing all necessary facilitation to Korean investors on behalf of the Government of Nepal to promote business and create more jobs.

Additionally, Minister Bhandari expressed his gratitude to EPS Korea and the Korean government for providing employment opportunities to Nepali youths.

Minister Bhandari also mentioned that he would sign a trade and investment agreement with the Korean minister during his visit, according to Bhatta.