Nepal and South Korea have signed a landmark Trade and Investment Promotion Framework (TIPF) agreement to enhance bilateral trade and investment ties. The agreement was signed by Nepal’s Minister for Industry, Commerce and Supplies, Damodar Bhandari, and South Korea’s Trade Minister, Inkyo Cheong, in Seoul.
The signing coincided with the 50th anniversary of diplomatic relations between the two nations. Minister Bhandari expressed optimism that the TIPF agreement would deepen diplomatic, cultural, and economic cooperation between Nepal and South Korea. He emphasized Nepal’s commitment to fostering a favorable environment for foreign investment.
Minister Cheong highlighted the existing South Korean investments in Nepal, particularly in sectors like hydropower and automobile assembly. He expressed hope that the new agreement would further enhance economic collaboration and strengthen the partnership between the two nations.
The event, organized by the Korea Nepal Business Forum, also featured a presentation by Sushil Gyawali, CEO of the Investment Board Nepal, showcasing Nepal’s investment climate and opportunities. Baburam Adhikari, Chief of the Bilateral Trade Division at Nepal’s Ministry of Industry, Commerce, and Supplies, discussed Nepal’s trade policies and areas for improvement.
Industrialists and business leaders from both countries, including Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), participated in the event. Officials from Nepal’s Ministry of Industry, Commerce, and Supplies, the Investment Board Nepal, and the Embassy of Nepal in Seoul were also present.
This agreement is seen as a significant step toward enhancing trade, investment, and economic cooperation between Nepal and South Korea, reflecting their long-standing and cordial relationship.
19th Dec 2024
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