Beijing: Prime Minister KP Sharma Oli has urged Chinese investors to increase investment in Nepal. Addressing the ‘Nepal-China Business Summit’ organized in Beijing today, he called for more investment citing that the investment atmosphere in Nepal is improving and that there is potential to invest in many sectors. The summit was hosted jointly by the Federation of Nepalese Chambers of Commerce and Industry, China Council for the Promotion of International Trade (CCPIT) and the Nepali Embassy in China.
According to National News Agency Nepal, continuous reforms are being made to attract foreign investment into Nepal, and Prime Minister Oli emphasized that Nepal is ready to further expand investment opportunities and facilitate trade with favourable policy reforms. As the chief guest of the program, Oli highlighted the traditional relations between Nepal and China, stating that economic development was possible due to mutual cordial relations. He emphasized the government’s priority on private sector collabor
ation, describing it as the backbone of the economy, and assured that the government is always ready to protect domestic and foreign investment.
Despite China being one of the largest investors and the second-largest country in terms of trade with Nepal, Prime Minister Oli expressed concern over the trade deficit between the two countries. He advocated for efforts to facilitate trade, particularly emphasizing the potential market for Nepal’s agricultural products in China.
Chinese Vice Minister of Commerce Ling Ji, addressing the summit, acknowledged the longstanding relationship between China and Nepal and noted the increasing trade and economic activities. He committed to helping increase Chinese investment in Nepal and mentioned that China is Nepal’s second-largest trading partner. Vice Minister Ling also highlighted that transit will be facilitated to boost trade with other countries through China, and starting this December, Nepal will benefit from the duty-free facility provided by China to products f
rom least developed countries.
Moreover, President of FNCCI Chandra Prasad Dhakal spoke about the latest initiatives taken by the Government of Nepal to create a business-friendly environment. He mentioned the amendment of eight different laws related to investment facilitation and the preparation of a draft bilateral investment agreement. Dhakal also pointed out the ample potential for investment in Nepal, especially in sectors such as hydropower, tourism, manufacturing, and information technology.