Kathmandu, Nov. 8
Office
of the Investment Board, Nepal (IBN) jointly with Embassy of the Republic of
Korea in Nepal, Korea International Trade Association (KITA) hosted '2023
Nepal-Korea Investment Seminar' in Kathmandu on Wednesday.
The
seminar discussed the investment opportunities in Nepal, Korean companies'
experience and new financing avenues, informed the IBN.
Speaking on the occasion, Chandra Prasad Dhakal, President
of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said
that Korea’s advanced technology and Nepal’s natural resources and vibrant work
force are a perfect match and urged the Korean investors come to Nepal and
invest in energy, tourism, agro-processing and ICT.
"These are the areas where Korean expertise and
investment can make impact," he said, "This is the perfect time for
investing in this sector as our regional markets are opening and energy
industry here is starting to become mature."
Nepal has more than 350 Korean ventures with huge
investment.
Dhakal said that the growth of the ICT sector has been
impressive, and there is unrealised potential of more than US$ 4 billion. "Korea
is a great example of success in the area of digital economy and ICT. We can
work together to learn from successful innovation," he stated.
According to him, some Nepali banks are waiting for approval
to start their branch operations in Korea. This will support more business and
investment between the two countries.
Nepali export to Korea last year was worth US$ 2.3 million
while it imported goods worth US$ 300 million. "We need to strike a
balance. With your help, we can achieve it," said Dhakal.
Dukgeun Ahn, Minister for Trade, Industry and Energy
of Korea sent a video message to the seminar where he highlighted the cordial
bilateral relations between Nepal and Korea and said that both the nations
needed to further the ties in economic as well as social fronts.
Tae-Young
Park, Ambassador South Korea in Nepal, said that Korea is willing to further
deepen diplomatic and economic ties with Nepal. He pledged his support in
facilitating Korean investment in various projects in Nepal.
Likewise,
Marn-Ki Jeong, Vice President of KITA, said that his association is ready
to work with the FNCCI and IBN to realise the potential in trade and investment
in Nepal.
Sushil
Bhatta, Chief Executive Officer of the IBN, said that along with clean and
renewable energy, Nepal is looking for investments in tourism, clean
transportation, IT, infrastructures, manufacturing, mining and minerals,
resilient urban infrastructure development and services sector.
"Nepal
aspires to grow as an emerging investment destination and our entire efforts
are laid towards the direction of bringing in more Foreign Direct Investment (FDI)
by offering conducive investment climate for the investors," he said.
According
to him, as South Korea stands in the top five FDI source countries, IBN has
been pursuing more investments from Korea.
He
stated that Korean third investment in hydroelectric project in Upper Trishuli-1,
following the successful engagement in Modi and Chameliya hydroelectric
projects, is expected to achieve significant breakthrough in terms of project
progress while celebrating the semicentennial of diplomatic ties.
Similarly,
we believe that the Korean investment in vehicle manufacturing and production
of electronics equipment will take shape in the near future, said Bhatta.
He expected the announcement of additional Korean investment on the
occasion of the 50 years of diplomatic relations between the two nations.
Nepal-Korea friendship started in 1974. Since that time, the
two countries have made a strong cultural and economic connection between them.
Nepal
and Korea are going to mark semicentennial of diplomatic relation in May next
year. Since the establishment of diplomatic relation in 1974, Nepal and South
Korea are maintaining the friendly relations based on goodwill, friendship and
mutual cooperation.
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