Nepal and South Korea have signed a Trade and Investment Promotion Framework (TIPF) to boost trade and investment ties. Nepal’s Minister for Industry, Commerce, and Supplies, Damodar Bhandari, and South Korea’s Trade Minister, Inkyo Cheong, signed the agreement in Seoul.
Image source: Vecteezy
This signing marked 50 years of diplomatic relations between the two nations. Minister Bhandari expressed hope that the TIPF would improve cultural, economic, and diplomatic ties. He said Nepal is committed to creating a business-friendly environment for global investors.
Minister Cheong spoke about South Korea’s investments in Nepal, like hydropower and automobile assembly. He added that the TIPF would enhance economic cooperation and bring new opportunities for both countries.
The Korea Nepal Business Forum organized the event. Sushil Gyawali, CEO of Investment Board Nepal, presented Nepal’s investment potential. Baburam Adhikari, Head of the Bilateral Trade Division, discussed Nepal’s trade policies and areas for improvement.
Many officials, business leaders, and industrialists attended the forum. Chandra Dhakal, President of FNCCI, was among them. Both nations aim to grow their partnership and achieve sustainable economic development through this agreement.
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