Nepal to seek SKorean investment

- POST REPORT, Kathmandu

May 11, 2014-

Minister for Foreign Affairs Mahendra Bahadur Pandey is leaving for the South Korean capital of Seoul on Monday at the invitation of his counterpart Yun Byung-se. The visit marks the 40th year of Nepal-Korea diplomatic relations, said a Foreign Ministry statement.

On May 15, Pandey will address an investment symposium to be held in Seoul, where he will pitch for South Korean investment in Nepal’s infrastructure sector. The symposium  will be attended by top Korean entrepreneurs and business fraternity, according to the ministry.

Investment Board Nepal CEO Radesh Panta, Energy Secretary Rajendra Kishor Chettri , Industry Secretary Krishna Gywali and other government officials will accompany Pandey to Korea.

Minister Pandey will also address an elite Korean business delegation, where he will brief Nepal’s situation after the second Constituent Assembly election and gradually improving investment climate, said Ambika Luitel, joint secretary at MoFA, who is also traveling to Korea. Pandey will also urge the Korean investors to invest in Nepal’s priority sectors.

The Nepali side will seek Korean investment especially in Nepal’s hydropower sector and infrastructure projects like road and rail, among others. Besides bilateral mutual issues, the two sides will also discuss South Korean participation in South Asian Association for Regional Cooperation (Saarc). South Korea is an observer state for Saarc.

Issues related to Nepali migrant workers such as pension for those serving for a long time, management of dead bodies of Nepalis killed in Korea and bank facilities are among other agendas to be discussed during the visit. Pandey and his delegation will return on May 16.

As the South Korean economy is on an upward trajectory, Nepal has been trying to lure Korean investment in infrastructure projects, and the Investment Board Nepal, private players and government officials are making frequent visits to the country.

Published: 12-05-2014 09:07

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