Nepal and South Korea signed a memorandum of understanding on Tuesday to create jobs through recycling and upcycling projects in Pokhara.

The MoU was signed by Korean Ambassador to Nepal Taeyoung Park and Finance Secretary Madhu Kumar Marasini.

As per the MoU, the Korean government, through the Korea International Cooperation Agency, will spend USD9.8 million on the project. The United Nations Development Programme will implement it in collaboration with the Ministry of Federal Affairs and General Administration and Pokhara Metropolitan City.

KOICA said in a statement that the primary objective of this project is to create sustainable recycling and upcycling enterprises to foster green economic practices.

According to the statement, one of the core components of this project is to establish a green venture zone, which is one of the state-of-the-art centres for understanding recycling, upcycling, innovation and startups.

The green venture zone will showcase final products crafted from recycled and upcycled materials, featuring exhibition halls hosting national and international events revolving around environmental themes.

The project shall create programs focusing on recycling and upcycling ventures, coupled with initiatives aimed at facilitating behavioural changes related to waste management, reads the statement.

The project aims to establish 30 recycling upcycling enterprises, consequently generating numerous green jobs in Pokhara, said KOICA.