Deputy Prime Minister and Minister for Home Affairs Narayan Kaji Shrestha said on Saturday that Nepal and China will sign the implementation plan of the Belt and Road Initiative “very soon” without giving any specific details and dates. Signing of the BRI implementation plan is the key to negotiate and execute the projects under the initiative. Nepal and China signed the memorandum of understanding on BRI in 2017. Nearly seven years since, not a single project under the initiative has either been executed or negotiated.

“Once we sign the implementation plan, we will move into the implementation phase,” Shrestha said while addressing an event that is part of the Silk Road Youth Forum and South Asian Cooperation Conference.

The Belt and Road Initiative, which aims to enhance connectivity and promote economic cooperation, has opened up new avenues for collaboration between the two nations, Shrestha said, adding that one of the cornerstones of Nepal-China cooperation is infrastructure development.

“China's support in building critical infrastructure, such as roads, bridges, and energy projects, has been instrumental in propelling Nepal towards economic growth and stability,” Shrestha said. “The connectivity fostered through these projects not only strengthens bilateral ties but also contributes to the broader vision of regional cooperation and integration.”

The signing of the BRI implementation plan between Nepal and China has been one of the prime agenda since early 2020 but an agreement has been elusive due to differences between the two sides over investment modality.

“China's BRI has emerged as a transformative force in shaping the economic landscape of South Asia,” said Shrestha. “The BRI with its emphasis on connectivity, infrastructure development, and economic cooperation aligns seamlessly with the development aspirations of nations in the region.”

Shrestha went on, “The Belt and Road Initiative is not just about building roads and bridges. It is also about creating pathways for shared prosperity. The economic corridors envisioned by the BRI have the potential to unlock new markets, facilitate trade, and spur economic growth. For nations like Nepal, nestled in the heart of the Himalayas, these initiatives open up possibilities for enhanced connectivity that can transform the economic landscape.”

Yan Dongping, vice-president and general secretary of the Silk Road Youth Forum, Bijaya Krishna Shrestha, deputy mayor of Madhyapur Thimi Municipality, Commercial Counselor of the Chinese Embassy Xie Yu, Matrika Poudyal, spokesperson of the Institute of Foreign Affairs, Tsetan Namgyal, assistant professor of the center for inner Asian Studies at Jawaharlal Nehru University, Aneka Rebecca Rajbhandari and Raunab Singh Khatri, and Hou Shixin, among others, highlighted various facets of Nepal-China ties during the event.