KATHMANDU, Dec 5: The government and the private sector have pledged to adopt policy and procedural reform measures to attract foreign direct investments including those from China.
Speaking at the Nepal-China Business Summit organized during Prime Minister KP Sharma Oli’s visit to China, representatives of the government and the private sector expressed their commitments and urged the Chinese side to expand their investment in Nepal and promote bilateral trade facilitation. The summit was organized jointly by the Embassy of Nepal in China and China Council for the Promotion of International Trade (CCPIT).
Prime Minister Oli, who was the chief guest of the program, said Nepal offers a conducive investment environment for foreign investors. “As there are many areas in Nepal offering lucrative returns, mutual relationships between the two countries could help them achieve economic development.”
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Oli underlined that the Government of Nepal has considered the private sector as the backbone of the economy. According to him, the government is always ready to safeguard both domestic and foreign investments.
China is one of the major sources of foreign investment while it is the second largest country for bilateral trade for Nepal. Likewise, China offers a potential market for Nepali agricultural products.
Chinese Vice-Minister for Commerce, Ling Ji, said China is expanding its investment in Nepal while it will be continued in the coming days too. According to him, China will simplify the process of using transit routes for Nepali businesspersons to promote Nepal’s trade to the third countries.
Ling said Nepal will be benefited by the duty-free provision offered by China that has come into effect from December 2024. According to him, China is ready to work collaboratively in tourism, agriculture and air service of Nepal.
Nepal-China Business Summit 2024 is the second edition of the mega gathering of various sectors of the two countries. Earlier, the CCPIT and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) jointly organized a similar gathering in September 2023.
FNCCI President Chandra Prasad Dhakal said the federation in the past one year lobbied to develop the business environment inside the country. “The satisfactory credit rating that Nepal has pursued also gives a good message regarding the improvement of the investment environment inside the country,” Dhakal said.
Dhakal underscored that Nepal is an attractive destination for Chinese visitors. He urged the Chinese government to keep Nepal in top priority for tourism promotion and investment.
