Nepal officially signs OBOR

Published On: May 12, 2017 08:27 AM NPT By: Dipesh Shrestha

KATHMANDU, May 12 Nepal has officially signed a memorandum of understanding with China's One Belt and One Road initiatives.

Chinese Ambassador to Nepal Yu Hong and Nepal's Foreign Secretary Shankar Bairagi signed the MoU at the Ministry of Foreign Affairs in Singhadurbar, Kathmandu.

Deputy Prime Minister and Minister of Finance Krishna Bahadur Mahara and Minister for Foreign Affairs Prakash Sharan Mahat were present at the signing ceremony.

On the occasion, Minister Mahat said that the MoU is an important moment in the bilateral relation between the two countries. "Roads and railways connectivity is important for us and we want investment in this sector," said Minister Mahat.

 Chinese Ambassador Yu Hong said that the Belt and Road Initiative will bring new opportunities for China-Nepal cooperation and South Asia development and added that the embassy is willing to work closely with Nepali authorities to promote the development of the bilateral coperation.

"To promote Belt and Road Initiative, we are committed to the principles of extensive consultation, joint contribution and shared benefits.  Openness, inclusiveness and mutual benefit are the defining features of the Initiative. The Initiative is not only open to the countries in the region, but also open to the countries outside the region who are interested in it," said Yu Hong.

"The Initiative is not going to be China’s solo Show. A better analogy would be that of a symphony performed by an orchestra composed of all participating countries. The Initiative as a major international public goods provided by China, will explore ways to address problems facing global and regional economy, create fresh energy for pursuing interconnected development. The Chinese Initiative is delivering benefits to the whole world," she added.

The Council of Ministers on Monday had taken the decision to sign the MoU of joining OBOR Initiative with China.

A high-level delegation led by Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara is scheduled to fly China today to participate in the first international conference on OBOR. The delegation will include Minister for Physical Planning and Transport Management Ramesh Lekhak and Information and Communications Minister Surendra Karki. 

The Belt and Road Forum for International Cooperation (BRF) is going to be held in Beijing on May 14 and 15 with the theme “Strengthening International Cooperation and Co-building the 'Belt and Road' for Win-win Development”.

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