Nepal, China agree to promote trade, investment relations

KATHMANDU - A strategic cooperation framework agreement was signed between China's Yunnan province and the Nepal-China Executives Council here on Wednesday to strengthen the trade and investment relations between the two sides.

The agreement was signed by Yang Hui, deputy director at Department of Commerce of Yunnan Province and Rajesh Upadhyay, president of Nepal-China Executives Council.

The agreement has been hailed by both Nepali and Chinese businessmen as creating a win-win situation for promoting business ventures.

"Kunming is the gateway from China to South and South East Asia under the Belt and Road Initiative. Since Nepal is also one of the countries en route the OBOR, we foresee more areas of cooperation and opportunities in the days ahead", Upadhyay said while addressing the gathering.

This agreement, in addition to events like China-South Asia Expo and China-South Asia Business Forum organized by Yunnan government annually, will pave the way towards deepening the business relations, he said.

Most of the Nepali businessmen maintained that it is the right time to invest and undertake mega projects in Nepal by the foreign investors, citing the stable politics situation and conducive business environment.

Addressing the ceremony, Yang said, "The agreement will promote economic cooperation in the areas like commerce, industry, energy, agriculture, tourism and socio-cultural exchanges among others."

The two sides have also agreed to encourage enterprises and make recommendations for investment in their respective areas.