Nepal & South Korea sign TIPF agreement to boost bilateral relations

KATHMANDU: Damodar Bhandari, Minister for Industry, Commerce, and Supplies of Nepal, and his South Korean counterpart, Inkyu Cho, signed the Bilateral Trade and Investment Promotion Framework (TIPF) agreement.

The signing ceremony took place today in Seoul, South Korea, marking the 50th anniversary of the establishment of diplomatic relations between the Republic of South Korea and Nepal.

Minister Bhandari expressed confidence that the TIPF agreement would elevate the diplomatic, cultural, and economic ties between the two nations to new heights.

He emphasized the government’s commitment to creating a favorable environment for foreign investment in Nepal, according to Bhandari’s personal secretary, Anand Bhattaa.

Minister Cho highlighted the investments made by South Korean companies in Nepal, including in sectors such as hydropower and automobile assembly.

He noted that the TIPF agreement would further enhance the relationship and economic cooperation between the two countries. Reflecting on the history of cordial relations, he stressed the need for both countries to be mutual partners moving forward.

The event, which included participation from private sector industries and businesses of both Nepal and Korea, featured a presentation by the Chief Executive Officer of Nepal’s Investment Board, Sushil Gyawali, on the investment climate and opportunities in Nepal.

Additionally, Baburam Adhikari, Head of the Bilateral Trade Division and Spokesperson at the Ministry of Industry, Commerce, and Supplies, presented on Nepal’s current trade policies and ongoing reforms in this area.

The Korea-Nepal Business Forum saw participation from around 30 industry leaders and businesspeople, including officials from the Ministry, Investment Board, Nepal’s Embassy in Seoul, and the Federation of Nepalese Chambers of Commerce and Industry, with its President, Chandra Dhakal, also present.