MoU signed to boost Nepal-China tradeNepal-China Executives Council, a non-profit organisation based in Nepal, and the Chinese government on Wednesday signed an agreement to work in collaboration to promote bilateral trade and investment.
Nepal-China Executives Council, a non-profit organisation based in Nepal, and the Chinese government on Wednesday signed an agreement to work in collaboration to promote bilateral trade and investment.
The Memorandum of Understanding signed with the Department of Commerce (DoC) of the Chinese province of Yunnan is expected to help both the countries to share information on trade, tourism and investment, and explore investment opportunities in both the countries.
Council President Rajesh Upadhyaya said the agreement would ultimately help in deepening relationship between people of the two countries. “At the time when Nepali products are gaining popularity in the Chinese market, the agreement could work as a platform to further increase Nepal’s exports to China,” said Upadhyaya, adding plans to open a contact office in Kunmin are underway to fully implement the agreement.
In recent days, Nepal has been witnessing a significant rise in inflow of Chinese tourists. Also, flow of Chinese investment has gone up in Nepal, while volume of bilateral trade has been growing every year.
Yang Hui, deputy director of the DoC of Yunnan Province, said the agreement would focus on promoting bilateral trade, and investment in manufacturing, mining and agricultural sectors.
“It will help both the countries to tap opportunities and recommend potential investment areas to investors,” he said. “The Chinese government will prioritise Nepal and work in close collaboration with the country.”
Entrepreneurs have also pinned high hopes on the bilateral cooperation. Bijay Rajbhandary, managing director of CE Construction, said the agreement could help in the establishment of joint venture businesses in Nepal.
CE Construction has been working in construction, hydropower and realty sectors for over two decades. The company, according to Rajbhandary, is looking for foreign investors to invest in 41MW and 100MW hydroelectricity projects. Niranjan Khanal, an entrepreneur, said the agreement has paved the way for receiving support in development of eco-tourism and information technology.