“Studies being made to expand branches of Chinese banks”

KATHMANDU: The Chinese side has been supportive of the establishment of a branch of a Chinese bank, which businessmen have been requesting for a long time, claiming that there is a payment problem in Nepal-China trade.

High-level officials from the China Council for Promotion of International Trade (CCPIT) are in Nepal and have stated that they are researching the facilitation of banking services in South Asian countries, including Nepal.

“There is a demand for the services of Chinese banks not only in Nepal but also throughout South Asia,” CCPIT Vice Chair Zhang Shaogang said at the program of the Nepal China Chamber of Commerce and Industry on Monday. I believe.’

Saogang, Vice Chair of CCPIT, stated that before Chinese banks expand their services in this region, the market size of this region, demand for financial transactions with China, and cooperation with local banks are being studied.

He stated that because South Asia, including Nepal, has a high potential for commercial cooperation, the issue of expanding banking services is being approached positively.

During the discussion, Nepali businessmen requested that the issue of payment in business with China be taken seriously. Vice Chair Shaogang arrived in Kathmandu on Sunday, leading a CCPIT team of seven people. For four days, the visiting team will meet with various government representatives as well as Nepalese business organizations.

In the program, Tribhuwandhar Tuladhar, Chairman of the Nepal China Industry and Commerce Association, stated that economic relations between Nepal and China, which had slowed following the Covid-19, have improved in recent days.

“Increasing business relations with China, increasing the number of Chinese tourists is a good thing for us,” Chair Tuladhar said, “We want to have a sustainable economic partnership with China.” For this, there is a need to increase connectivity between China and Nepal. We have seen the need to significantly increase air connectivity along with the ground.’

CCPIT Vice Chair Shaogang recalled that China is Nepal’s second largest economic partner and expressed his belief that cooperation can extend beyond investment and tourism. He stated that Chinese investors are eager to invest in Nepal, and that if they can be linked via the proposed railway, they will benefit from cooperation.

Vice Chair Shaogang mentioned that BRI can add a quality dimension to the two countries’ trade relations, and that Nepal is expected to participate actively in the upcoming BRI Summit.

He suggested that if Nepali producers are encouraged, Nepali products will be established in the Chinese market. He mentioned that the world’s quality products will participate in expos held in various cities throughout China.

Rajesh Kaji Shrestha, the outgoing president of the Nepal China Chamber of Commerce and Industry, recalled that China recently added Nepal to its list of tourist destinations and predicted that the two countries’ cooperation would reach new heights.

Businessmen Yamuna Shrestha, Bikram Pandey, Sudarshan Chapagain, banker Ashok Sherchan, and others informed the Chinese side about the difficulties in Nepal-China trade.

They also suggested that the Sthal border be fully operational, that problems with the export of Nepalese products be resolved, and that direct flights be operated from Pokhara and Bhairahawa airports to various cities in China.