Kathmandu, Dec 19: Nepal’s Minister for Industry, Commerce, and Supplies, Mr Damodar Bhandari, and his South Korean counterpart, Ahn Duk-geun, have signed the Bilateral Trade and Investment Promotion Framework (TIPF) agreement. The signing took place today in Seoul, the capital of South Korea, commemorating 50 years of diplomatic relations between the two nations.
During the singing ceremony, Minister Bhandari expressed confidence that the TIPF agreement would elevate diplomatic, cultural, and economic ties between Nepal and South Korea to new heights. He reaffirmed the Nepal government’s commitment to creating a conducive environment for foreign investment, according to his personal secretary, Ananda Bhatt.
South Korea’s Minister Ahn highlighted South Korean investments in Nepal, particularly in sectors like hydropower and automobile assembly. He emphasized that the TIPF agreement would strengthen the economic cooperation and bilateral relationship. Reflecting on the longstanding cordial relations, Minister Ahn stressed the need for both nations to continue as strong partners.
The event featured participation from the private sectors of both countries, with CEOs and business leaders actively engaging. Sushil Gyawali, Chief Executive Officer of Nepal’s Investment Board, presented investment opportunities and the favorable business environment in Nepal.
Additionally, Baburam Adhikari, Director and Spokesperson for the Bilateral Trade Division at Ministry of Industry, Commerce, and Supplies, outlined Nepal’s trade policies and ongoing reforms during the event.
The Korea-Nepal Business Forum saw participation from approximately 30 Nepalese industrialists and businesspersons, including Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Representatives from the Ministry, the Investment Board, the Nepalese Embassy in Seoul, and other private sector stakeholders were also present, as confirmed by Secretary Bhatt. #nepal #korea #investment #TIPF
