Nepal, SKorea sign trade and investment promotion agreement

KATHMANDU: Minister for Industry, Commerce and Supplies, Damodar Bhandari, and his South Korean counterpart, Inkyo Cheong, have signed a bilateral Trade and Investment Promotion Framework (TIPF) agreement in Seoul, marking the 50th anniversary of diplomatic relations between Nepal and South Korea.

Minister Bhandari expressed confidence that the TIPF agreement would enhance the diplomatic, cultural, and economic ties between the two countries. He assured that the Nepali government is committed to creating a favourable environment for foreign investment, according to Ananda Bhatta, Minister Bhandari's personal secretary.

South Korea's Trade Minister Cheong highlighted the investment of South Korean companies in Nepal, particularly in the hydropower, automobile, and assembly sectors. He stated that the TIPF agreement would further strengthen bilateral relations and economic cooperation. Recalling the longstanding cordial ties between the nations, Minister Cheong emphasised the importance of fostering partnerships.

Chief Executive Officer of Investment Board Nepal, Sushil Gyawali, presented on the investment climate and opportunities in Nepal. The programme was attended by industrialists and businessmen from both countries. Baburam Adhikari, Chief of the Bilateral Trade Division at the Ministry of Industry, Commerce and Supplies, gave a presentation on Nepal's existing trade policy and potential areas for improvement.

Officials from the Ministry, the Investment Board Nepal, and the Embassy of Nepal in Seoul, along with around 30 businessmen, including the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Dhakal, represented the Nepali business sector at the Korea Nepal Business Forum event.