KATHMANDU, Jan 21: Lee Jeongkyu, the special envoy of the Minister for Foreign Affairs of the Republic of Korea, visited Nepal and held key meetings with stakeholders in the capital on Tuesday.
According to a statement issued by the South Korean embassy in Kathmandu, the special envoy held meetings with Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel, Minister for Labour, Employment, and Social Security Sharat Singh Bhandari, and Foreign Secretary Amrit Bahadur Rai to discuss enhancing bilateral cooperation.
The meetings focused on strengthening ties as the two nations marked the 50th anniversary of diplomatic relations, the statement added. Both sides acknowledged the sustained high-level exchanges, including a foreign ministerial meeting at the UN General Assembly and a recent visit by Nepal's Minister for Industry, Commerce, and Supplies, Damodar Bhandari, to Korea.
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According to the South Korean Embassy, the two countries reaffirmed their commitment to expanding cooperation in the fields of economy, development, employment, and tourism. They expressed intent to leverage the Korea-Nepal Trade and Investment Promotion Framework (TIPF), signed in December, to boost bilateral trade, investment, and industrial collaboration. The agreement also aims to support the continued operations of Korean companies in Nepal.
Additionally, both nations agreed to enhance employment cooperation under the Employment Permit System (EPS) and to promote development cooperation and people-to-people exchanges.
The statement claimed that Korea has been Nepal’s priority partner for Official Development Assistance (ODA) for the past 15 years, focusing on areas such as agriculture, health, vocational training, and climate change. Korean companies like Samsung Electronics and Hyundai Motor have contributed significantly to Nepal’s manufacturing sector, and investments in energy projects, including the Upper Trishuli-1 Hydroelectric Project, have strengthened bilateral ties, the statement added.
“Since the establishment of the Korea-Nepal EPS MOU in 2007, over 110,000 Nepali workers have been employed in Korea, benefiting both countries’ economies,” read the statement adding that the Korean government also supports reintegration programs for returning migrant workers, fostering entrepreneurship and resettlement in Nepal.
