Nepal and Korea reach TIPF agreement

Minister for Industry, Commerce and Supplies Damodar Bhandari and his South Korean counterpart, Inkyo Cheong, signed a bilateral Trade and Investment Promotion Framework (TIPF) agreement.

The agreement was signed in Seoul, the capital of the Republic of Korea, on the occasion of completion of 50 years of establishment of diplomatic relations between Nepal and the RoK.

On the occasion, Minister Bhandari expressed the confidence that the TIPF agreement will take the diplomatic, cultural and economic ties between the two countries to a new high. He stated that the government is committed to creating a favorable environment for foreign investment in Nepal, said Ananda Bhatta, Minister' Bhandari's personal secretary.

South Korea's Trade Minister Cheong said that the companies from his country have invested in the hydropower, automobile, assembling, among other sectors, in Nepal. He opined that the TIPF agreement will take the relations and economic collaboration between the two countries to a new height.

Recalling the cordial ties between the two nations since the past, Minister Cheong underscored on promoting partnership between them.

Chief Executive Officer of Investment Board Nepal, Sushil Gyawali made a presentation on the investment climate and opportunities in Nepal. Industrialists and businessmen from Nepal and South Korea attended the program.

Chief of the Bilateral Trade Division at the Ministry of Industry, Commerce and Supplies, Baburam Adhikari made a presentation on the existing trade policy of Nepal and topics of improvement on it.

Officials from the Ministry, the Investment Board Nepal and the Embassy of Nepal in Seoul from the government side and some 30 businessmen including President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Dhakal, on behalf of the Nepali business sector, participated in the program organized by the Korea Nepal Business Forum.