KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has stressed the need to promote partnership on bilateral investment between Nepal and South Korea to address a growing trade imbalance between the two countries.
In his address to the Nepal-Korea Investment Conference on Wednesday, FNCCI President Dhakal said Nepal's exports to the Republic of Korea is meagre as compared to its imports, underlining the need for more Korean investment in Nepal.
He advised that Nepal-South Korea partnership could be enhanced in energy, tourism, agricultural processing business, and in the information and communication sector. These areas remain as the backbone of Nepali economy, according to him.
Stating that there are presently above 350 Korea-funded enterprises in Nepal, he said, Nepal has already proved to be an appropriate investment destination for South Korea.
The FNCCI president viewed that Nepal could reap benefits through the utilisation of its natural resources and human resources by bringing in modern technology from Korea. He said Korea would also benefit from increasing its investment in Nepal as it will facilitate the expansion of Korea's trade in the whole of South Asia.
Dhakal argued that Nepal's partnership with Korea will be important as it would help Nepal diversify its economy as a developing country. Stating that some of the Nepali banks were waiting for Korea's approval to operate their branches there, he urged finalising the approval process at the earliest as formal and accessible banking transactions would contribute to the expansion of trade and investment.
The FNCCI president urged Korean investors to invest in Nepal, saying that there were opportunities for joint investment in technical and vocational education in Nepal as many Nepalis were working in Korea.
