KATHMANDU: On the occasion of the 50th anniversary of bilateral relations, Nepal and South Korea have signed a Trade and Investment Promotion Framework (TIPF) agreement.
The agreement was signed in Seoul by Nepal’s Minister for Industry, Commerce and Supplies, Damodar Bhandari, and his South Korean counterpart, Inkyo Cheong.
Bhandari said the TIPF agreement will elevate diplomatic, cultural, and economic ties between the two nations.
His personal secretary Ananda Bhatta said Bhandari spoke about Nepal’s commitment to fostering a favorable environment for foreign investment during the signing ceremony.
South Korean Minister Cheong noted that South Korean investments in Nepal currently span sectors such as hydropower and automobile assembly.
He expressed optimism that the TIPF agreement would further enhance economic cooperation and reaffirmed the need for both countries to strengthen their partnership, citing their longstanding cordial relations.
The signing ceremony, attended by industrialists and business leaders from both countries, featured presentations highlighting Nepal’s investment opportunities and trade reforms.
Sushil Gyawali, CEO of the Investment Board, detailed the investment climate in Nepal, while Baburam Adhikari, Chief of the Bilateral Trade Division, outlined Nepal’s trade policies and ongoing reforms.
Approximately 30 Nepali industrialists and business leaders participated in the Korea-Nepal Business Forum, including Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry.
Representatives from the Nepali Embassy in Seoul, the Investment Board, and the Ministry of Industry, Commerce and Supplies were also in attendance.
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