NCC and SKorean envoy discuss economic cooperation

Kathmandu, Sept. 24

A delegation of Nepal Chamber of Commerce led by its President Rajesh Kazi Shrestha has called on the newly appointed Ambassador of South Korea to Nepal Park Si Ho-Suk on Thursday.

During the meeting, they discussed the development of infrastructure, including hydropower, attracting and encouraging foreign investment, reducing trade deficit, and facilitation for foreign employment.

Stating that no country is immune from COVID 19, Shrestha said that global economy had been affected adversely and Nepal was no exception. The pandemic had incurred severe impacts on the business and economy.

Informing the ambassador about the bilateral business cooperation between the two countries, Shrestha said that after the establishment of diplomatic relations with South Korea, there had been significant development in trade, investment, and tourism promotion.

However, Nepal's trade deficit with South Korea is ever growing with the former witnessing deficit of 95.3 million US dollars. Nepal exported goods worth 1.6 million UD Dollar and imported merchandise of 97.3 million US dollar. 

Korean joint venture projects in electronics, hotel, chemical industry, pharmaceutical, and mineral water are in operation. Commercial and industrial investment of Rs. 12.57 billion has come from South Korea to Nepal so far. 

Shrestha hoped that the signing of the Memorandum of Understanding between the NCC and Korea Chamber of Commerce and Industry to enhance economic relations between the two countries would help to further increase the bilateral trade and investment.

South Korea has pledged its support in the areas of investment and tourism promotion, technology transfer, exchange of business delegations, skill development and training, development of the agricultural sector, and post-COVID 19 mutual assistance.

Ambassador Ho-Suk pledged his support in strengthening the bilateral trade and investment relations.

Senior Vice President of NCC Rajendra Malla and Vice President Deepak Kumar Malhotra were also present on the occasion.

Published in The Rising Nepal daily on 25 September 2020.