Nepal and South Korea have officially signed a bilateral Trade and Investment Promotion Framework (TIPF) agreement, marking a significant milestone in their diplomatic and economic relations. The agreement was signed by Nepal’s Minister for Industry, Commerce, and Supplies, Damodar Bhandari, and South Korea’s Trade Minister, Inkyo Cheong, during a ceremony held in Seoul, the capital of the Republic of Korea.
This event coincided with the 50th anniversary of the establishment of diplomatic ties between the two nations. Minister Bhandari expressed optimism that the TIPF agreement would strengthen diplomatic, cultural, and economic ties. He emphasized Nepal’s commitment to fostering a favorable environment for foreign investment, according to his personal secretary, Ananda Bhatta.
Minister Cheong highlighted South Korean investments in Nepal, particularly in sectors such as hydropower and automobile assembly. He expressed confidence that the TIPF agreement would elevate bilateral relations and enhance economic cooperation. Reflecting on the longstanding cordial ties between the two nations, Minister Cheong advocated for further strengthening their partnership.
During the program, Sushil Gyawali, Chief Executive Officer of Investment Board Nepal, presented an overview of Nepal’s investment climate and opportunities. Baburam Adhikari, Chief of the Bilateral Trade Division at Nepal’s Ministry of Industry, Commerce, and Supplies, provided insights into the country’s current trade policies and areas for improvement.
The Korea Nepal Business Forum hosted the event, with participation from officials representing Nepal’s Ministry of Industry, Commerce, and Supplies, the Investment Board Nepal, and the Embassy of Nepal in Seoul. Around 30 business representatives, including Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), attended on behalf of Nepal’s private sector.
This agreement is expected to pave the way for enhanced economic collaboration and mutual growth between the two countries.