Nepal and China signed eight agreements in the Chinese capital Beijing during the visit of Prime Minister KP Sharma Oli on Wednesday.

Businesspersons and officials from both countries signed memorandum of understandings (MoUs) on construction of cement factory, hydropower projects, setting Highland Food Park and matters related to trade and economic cooperation at an event held at the Nepali Embassy.

Nepali and Chinese investors signed agreements to construct jointly Nepal Kaligandaki Gorge Hydropower Project, Syuri Nyadi HPP, hydro projects in Marsyangdi Basin and co-operation framework agreement on Trishuli Galchhi HPP. The combined output of these projects would reach around 900 megawatts of power.

The Investment Board of Nepal (IBN) and China’s Huaxin Cement Company signed a project investment agreement to build a cement factory in Nepal with an installed capacity of 3,000 metric tons per day.

The project, with an investment of $144 million, would create 1,000 jobs, according to the IBN.

Nepal and China Communication Construction Company signed an MoU for the feasibility study on Eastern Tarai River Training. President of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) Bhawani Rana and Guizhou Federation of Industry and Commerce President Li Hanyu signed the MoU on trade and economic co-operation between the two countries.

Speaking at an event held at the Nepali Embassy in Beijing on Wednesday, PM Oli said, “Today we signed some joint investment projects with the Chinese business community. I urge our Chinese friends to invest in Nepal with full confidence,” he said, assuring the Chinese on security of their investments in Nepal.