Kathmandu, Nov 6: President Ram Chandra Paudel has expressed keen interest in establishing a branch of a Nepali bank in South Korea, with the overarching goal of providing comprehensive financial services for the large number of Nepalese workers in Korea.
This endeavor comes as a proactive response to the challenges faced by Nepali expatriates working in Korea, who currently encounter difficulties in managing and remitting their hard-earned money back to Nepal. President Paudel, during a courtesy meeting with Korean Minister for Agriculture, Food and Rural Affairs Chung Hwang-Keun at the Office of the President in Maharajgunj, Sheetal Niwas, emphasized the importance of this initiative and requested the assistance of Minister Chung Hwang-Keun to make this vision a reality.
During their discussions, President Paudel underscored the importance of establishing a Nepali bank branch in Korea, citing the more than 20,000 Nepalese youth who are actively contributing to the Korean economy. These workers typically earn upwards of 300,000 rupees per month, making their financial stability and remittance options of paramount importance. Currently, many of these workers face the challenge of sending their earnings back to Nepal through banking channels that may not be the most efficient or cost-effective.
In response to President Paudel’s request, Korean Minister Chung Hwang-Keun has pledged to actively engage with relevant agencies in Korea upon his return, with the primary objective of facilitating the opening of a Nepalese bank branch in Korea. This positive response from the Korean side holds significant promise for the numerous Nepalese workers in Korea who are eagerly awaiting a more streamlined and efficient financial solution.
The establishment of a Nepali bank branch in Korea is poised to make a substantial impact on the financial well-being of Nepali expatriates working in the country, as it promises to provide them with a more convenient and accessible means of managing their finances and sending money back home to their families. As the discussions between the two nations progress, the hope remains that this initiative will come to fruition, bringing economic relief and financial empowerment to Nepali workers in Korea.