Nepal, South Korea ink MoUs

Kathmandu, Sept. 23

The Ministry of Finance (MoF) and the Embassy of South Korea signed the Memorandum of Understandings (MoUs) for 2 projects worth US$ 24 million (about Rs. 3 billion) to support returnee migrants in Nepal and enhance the capacity of Nepal Police in cyber security.

The MoUs for 'Strengthening Stage-Wise Support System for the Stable Reintegration of Korea Returnee Migrants in Nepal' and 'Establishment of Cyber Bureau with Capacity Building for Nepal Police' was signed on Friday at a programme held at the MoF.

For these two projects, Government of Korea agrees to extend a total of US$ 16 million and US$ 8 million each as grant assistance to Nepal, the parties of the MoU said in a joint statement.

 The MoUs were signed by Krishna Hari Pushkar, Finance Secretary and Chong-suk Park, Ambassador of South Korea to Nepal. The projects will be implemented by Korea International Cooperation Agency (KOICA) in close collaboration and coordination with respective line ministries and other government agencies, read the statement.

Korea returnee migrant support project aims to contribute to socio-economic development of Nepal and increase employment through stable reintegration of Korea returnee migrants and enhancement of their entrepreneurship capacity.

According to the MoF, the project will also create a virtuous cycle and support system for Korea returnee migrants in Nepal for their enhanced information accessibility, and increased access to financial support through Agriculture Development Bank Limited (ADBL).

"Similarly, the main objective of the Cyber Bureau project is to strengthen the anti-cyber-crime capabilities of Nepal Police, wherein the main component of the project is to construct a state-of-the-art building of the Cyber Bureau, provide equipment related to cyber-crime investigation and digital forensic lab and capacity building of relevant human resources of Nepal Police," read the statement.

Pushkar expressed the importance of these two project in equipping and capacitating Cyber Bureau to control increasing cases of cyber-crime as well as reintegrating the returnee migrant workers from Korea to establish themselves in their society and to increase their employability in Nepal.

During the event, Chong-suk expressed his concerns on the rate of cybercrimes that is massively increasing worldwide, including in Nepal, and hoped that the Cyber Crime Control Project will be an important support to strengthen the capacity of Nepal Police to control cybercrimes in Nepal.

He also stated that through the Korea Returnee Migrants project the large number of Korea returnees can utilize their skills and establish enterprise, which can generate employment and contribute in economic growth of the country.

Published in The Rising Nepal daily on 24 September 2022.