KATHMANDU: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ remarked that Nepal has been established as an investment-friendly country due to the easy availability of workforce, revised labor law and improved industrial relations, among other factors.
The Prime Minister said this while addressing the Nepal-China Business Forum-2023 jointly organized by the Confederation of Nepalese Industries and the China Council for the Promotion of International Trade (CCPIT) in Kathmandu on Tuesday.
Expressing that this forum provides an excellent opportunity to strengthen existing business ties and explore new areas of economic and business partnership between Nepal and China, he said, “Nepal and China share a long history of economic, cultural, and people-to-people exchanges. Over the years, we have built strong ties based on mutual respect, trust, and understanding.”
PM Dahal said that relations between the two countries are based on the five principles of peaceful co-existence, and have always remained cordial and friendly. This relationship has deepened over the years through regular exchanges of high-level visits.
“Nepal is firmly committed to the One-China policy. It has been our consistent policy to not allow our soil to be used against our neighbors. Cooperation between our two countries has expanded in various fields. China has been providing generous support in our development efforts,” he said.
Nepal-China trade relations date back to ancient times. It began with the engagement of merchants from both sides of the Himalayas which continues today in a much more expanded form of trade and exchanges.
China remains Nepal’s second-largest trading partner. Currently, more than 14 percent of our total international trade is with China. Similarly, China is the largest source of foreign direct investment in Nepal.
Dahal opined that the mutual recognition of standards and accreditation will help promote Nepal’s exports as well.
“Our objective is to translate the people’s aspirations for peace, stability, and prosperity into reality,” the Prime Minister added.
He cited that Nepal has been pursuing a business and investment-friendly policy and requested Chinese government and entrepreneurs for investment in Nepal.
PM Dahal recalled that Nepal has also requested the Chinese side to help enhance productive capacity in a range of products of our comparative advantage and enlist vegetables, meat products, tea and herbal products in the General Administration of Customs of China (GACC).
“We have also requested the Chinese side to include some 512 tradable Nepali products in the list of DFQF facilities on a preferential basis,” he said, asserting, ” These measures will be important to reduce Nepal’s trade deficit. Trade is the engine of growth and our future prosperity lies in our capacity to produce and trade more.”
CNI President Bishnu Prasad Agrawal said such forums would play an important role in identifying and addressing problems faced by the entrepreneurs of the two countries as well as in charting out the future course of action.
CCPIT Vice-Chairman Zhang Shaogang said China has provided tax exemption on 98 per cent of goods exported from Nepal to China, pointing out that China has extended cooperation in increasing Nepal’s exports.
Stating that China has made a decision to allow Chinese tourists to visit Nepal, he said this measure would help in expanding Nepal’s economy.
Ambassador of China to Nepal Chen Song expressed his country’s commitment to providing assistance to Nepal in infrastructure development.
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