KATHMANDU, OCTOBER 12

Finance Minister Dr. Prakash Sharan Mahat, currently in Marrakesh, Morocco to participate in the World Bank's annual meeting, has encouraged Korean companies to consider investing in Nepal, citing the success of foreign companies that have already invested in the country.

During a meeting with South Korea's Deputy Prime Minister and Finance Minister, Choo Kyung-ho, Minister Mahat emphasized the favorable investment opportunities in Nepal.

Minister Mahat mentioned, 'Not only have Indian multinational company Dabur, American multinationals Coca-Cola and Pepsi, and Indian company ITC India earned profits from their investments in Nepal, but even the Malaysian telecom company has seen profitability in the country.'

He also informed his Korean counterpart about the government's ongoing efforts to facilitate private sector investment through the current fiscal year's budget, with plans to continue supporting the private sector in the future. Minister Mahat reiterated, 'We are eager to welcome Korean investors to Nepal.'

Highlighting the improving trade and investment climate in Nepal, Minister Mahat assured Korean investors that they will face no significant hurdles when investing in Nepal. Additionally, he mentioned that the Government of India has already committed to purchasing 10,000 megawatts of electricity from Nepal.

Minister Mahat suggested that investments in hydropower production, the construction of transmission and distribution lines, digital technology, agriculture, and tourism sectors in Nepal would be highly profitable. He also requested the Korean government's support for capacity development in Nepal through concessional loans and grants, specifically for building tourism infrastructure.

In response, the Korean Deputy Prime Minister and Finance Minister expressed Korea's readiness to assist in infrastructure development in Nepal.

He also highlighted the issue of double taxation in some Korean investments and urged Minister Mahat to address this matter. In response, Finance Minister Mahat expressed his commitment to resolving the issue of double taxation and ensuring the protection of Korean investments.

Furthermore, Minister Mahat extended an invitation to his Korean counterpart to visit Nepal, which was warmly received. The Korean Deputy Prime Minister and Finance Minister expressed eagerness to visit Nepal and encouraged Minister Mahat to set the agenda for the visit at the earliest convenience.

Minister Mahat praised the Korean government for providing employment opportunities to 12,000 Nepalis in South Korea and requested their assistance in granting permission for Nepal Airlines to operate direct flights to Korea.'