KATHMANDU: Prime Minister KP Sharma Oli has described the agreements signed with China during his official visit as a historic milestone, emphasizing their role in deepening Nepal-China relations.
Simultaneously, he urged Chinese investors to expand their investments in Nepal, highlighting the country’s improving business environment and vast investment potential.
Speaking at a reception hosted by the Nepali Embassy in Beijing, PM Oli noted that Nepal is on a path to prosperity, aided by political stability and strategic partnerships.
He expressed optimism about attracting a significant number of Chinese tourists by 2025 and shared his enthusiasm following discussions with Chinese industrialists.
Addressing the ‘Nepal-China Business Summit,’ jointly organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the China Council for the Promotion of International Trade (CCPIT), and the Nepali Embassy, Oli stressed Nepal’s readiness to facilitate foreign investments through favorable policy reforms.
“The government prioritizes collaboration with the private sector, creating an environment conducive to both domestic and foreign investments,” he stated, calling the private sector the “backbone of the economy.”
While acknowledging China as one of Nepal’s largest investors and second-largest trading partner, Oli expressed concern over the trade imbalance and emphasized the need to explore markets for Nepal’s agricultural products in China.
Chinese Vice Minister of Commerce Ling Ji reaffirmed the longstanding ties between the two nations, committing to boost Chinese investments in Nepal.
He also assured support for Nepal’s trade facilitation, including duty-free access to Chinese markets for least-developed countries starting this December.
FNCCI President Chandra Prasad Dhakal highlighted recent reforms in Nepal to create a business-friendly climate, including amendments to eight investment-related laws and the drafting of a bilateral investment agreement.
Dhakal pointed to Nepal’s untapped potential in hydropower, tourism, manufacturing, and IT as lucrative opportunities for Chinese investors.
In addition to the summit, Oli’s visit saw the signing of the Belt and Road Initiative Cooperation Framework, which aims to bolster infrastructure and economic connectivity between the two nations.
Foreign Minister Dr Arzu Rana Deuba and Nepali Ambassador to China, Dr Krishna Prasad Oli, praised the visit as a key step in enhancing mutual trust and fostering bilateral cooperation.
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