Kathmandu, A bilateral Trade and Investment Promotion Framework (TIPF) agreement has been signed between Industry, Commerce and Supply Minister Damodar Bhandari and his South Korean counterpart Inkyo Cheong. On the occasion of 50 years since the establishment of bilateral relations between the Republic of South Korea and Nepal, the agreement was signed in Seoul, the capital of South Korea.
Minister Bhandari expressed his belief that with the TIPF agreement, diplomatic, cultural and economic relations between the two countries will reach a new height. He said that the government is committed to creating a suitable environment for foreign investment in Nepal, informed Minister Bhandari’s personal secretary Ananda Bhatta.
Minister Bhandari’s counterpart Minister Cheong said that South Korean companies have invested in Nepal in sectors including hydropower and automobile assembly. He said that the TIPF agreement will take relations and economic cooperation between the two countries to new heights. He also emphasized that the two countries should become each other’s fellow travelers, recalling the friendly relations of the past.
In the program, which was attended by private sector industrialists and businessmen from Nepal and Korea, Investment Board Chief Executive Officer Sushil Gyawali made a presentation on the investment environment and opportunities in Nepal.
Similarly, Baburam Adhikari, Chief and Spokesperson of the Bilateral Trade Division of the Ministry of Industry, Commerce and Supplies, made a presentation on Nepal’s existing trade-related policies and the reforms currently underway in this regard.
Minister Bhandari’s personal secretary Bhatta informed that about 30 industrialists and businessmen, including Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry, participated in the program of the Korea-Nepal Business Forum on behalf of the government of Nepal, the Ministry, the Investment Board, the Nepali Embassy in Seoul, and Nepal’s private sector industrialists and businessmen.