Nepal welcomes investment in nationally prioritized sectors from China: ambassador
Published: Mar 01, 2023 11:28 PM
Nepali Ambassador to China Bishnu Pukar Shrestha Photo: Courtesy of Nepali Embassy in China

Nepali Ambassador to China Bishnu Pukar Shrestha Photo: Courtesy of Nepali Embassy in China

Nepal is a virgin land for investment and it welcomes investment from China in the nationally prioritized sectors including energy, agriculture, tourism, mines, mineral, infrastructure, and information and communication technology, said Nepali Ambassador to China Bishnu Pukar Shrestha on Tuesday.

“China is a trusted neighbor and reliable development partner of Nepal. China is not only the largest source of tourism for Nepal, but also one of our largest trade and investment partners,” he said. 

Shrestha made the remarks during a symposium on “Opportunities for Investment and Tourism in Nepal,” organized by the Embassy of Nepal in collaboration with the Zhong Qi Wen Dao Communication Center. 

Nepal’s development goals include becoming a middle-income country by 2030. 

“To achieve these goals, Nepal’s finance is inadequate,” he said. The country requires “foreign direct investment in the form of private sector capital, technology, knowledge and skill. So, Nepal wishes to forge a partnership with its close neighbors and development partners including China and their private sectors for investment,” he added. 

Currently, Nepal has waived visa fees for Chinese tourists. There are also several flight routes between the two countries. 

Shrestha noted that the Nepali government has adopted liberal and investment-friendly policies, rules and regulations to attract investment. The Investment and Technology Transfer Act 2019, the double taxation avoidance agreement with eleven countries including China, the transit and transport agreement with China, public-private-partnership (PPP), and the modalities of Build, Operate, Own and Transfer (BOOT) among others are in place.

“Investment can be made through projects by individual companies or joint ventures as per the needs of neighboring countries based on the principles of mutual benefits, equitability and sustainability. Additionally, small and medium-scale projects can be developed by addressing the local demand in a sustainable manner,” he said. 

He specially noted the tourism resources in Nepal that can be further explored for investment. 

Talking about tourism, Nepal is endowed with magnificent and unique natural resources. People can enjoy amenities including trekking, hiking, mountaineering, rafting, paragliding, bungee jumping, boating and many more adventurous activities. Nepal is also rich in terms of cultural heritage, the Nepali diplomat said. 

“Because of all the specialties and unique characteristics, world tourism companies like Lonely Planet, Rough Guide and Trip Advisor have categorized Nepal as a top value destination for tourism. Therefore, I would like to invite you all to visit Nepal and enjoy its unique beauty,” he said. 

Shrestha told the symposium that “Nepal and China have enjoyed close, deep-rooted and time-tested bilateral relations since the establishment of diplomatic relations in August 1955. The relations are based on the principles of peaceful-coexistence, mutual understanding, mutual benefit and win-win cooperation.” 

The comprehensive relations between the two countries were elevated in October 2019 to a Strategic Partnership of Cooperation Featuring Everlasting Friendship for Development and Prosperity.