8 Nov, Kathmandu: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has stressed on the need to promote partnership on bilateral investment between Nepal and South Korea to address a growing trade imbalance between the two nations.
In his address to the Nepal-Korea Investment Conference here today, the FNCCI President said Nepal’s exports to the Republic of Korea is meager AS compared to its imports, underlining the need of more Korean investment in Nepal. He advised that Nepal-South Korea partnership could be enhanced in energy, tourism, agricultural processing business, and IN information and communications sector. These areas remain as a backbone of Nepali economy, according to him.
Stating that there are presently above 350 Korea-funded enterprises in Nepal, he said, Nepal has already proved to be an appropriate investment destination for South Korea. The FNCCI president viewed that Nepal could reap benefit through the utilization of its natural resources and human resources by bringing in modern technology from Korea. He said Korea would also benefit from increasing its investment in Nepal as it will facilitate expansion of Korea’s trade in the whole of South Asia.
Dhakal argued that Nepal’s partnership with Korea will be important as it would help Nepal diversify its economy as a developing country. Stating that some of the Nepali banks were waiting for Korea’s approval to operate their branches there, he urged finalizing the approval process at the earliest as formal and accessible banking transaction would contribute to expansion of trade and investment.
The FNCCI president urged Korean investors to invest in Nepal, saying that there were opportunities for joint investment in the technical and vocational education in Nepal as many Nepali were working in Korea.