KATHMANDU, OCTOBER 12
Finance Minister Prakash Sharan Mahat, who is in Marrakesh of Morocco in connection with participating in the World Bank (WB)'s annual meeting, has urged the Korean companies to invest in Nepal, as the foreign companies investing in Nepal have been earning good profits.
In a meeting with Deputy Prime Minister and Finance Minister of Korea, Choo Kyungho, today, Finance Minister Mahat urged the Korean companies also to mobilise their capital in investments in Nepal as it is an appropriate opportunity for them, the Ministry of Finance stated.
"Not only the Indian multinational company Dabur, the American multinationals Coca-cola and Pepsi, and Indian company ITC India have been earning profits by investing in Nepal, the Malaysian telecom company has also been making profit," Minister Mahat shared on the occasion.
He informed his Korean counterpart that the government is effortful to further facilitating the private sector investment through the current fiscal year's budget, adding that it plans to provide such facility to the private sector in the coming days as well. "We are eager to welcome Korean investors to Nepal," he reiterated.
Stating that the trade and investment climate is continuously improving in Nepal, finance minister assured that the Korean investors will not have any hassles investing in Nepal. He also informed that the government of India has already decided to buy 10,000 MW electricity from Nepal.
He suggested that investing in the hydropower production, construction of transmission and distribution line, digital, agriculture and tourism sectors in Nepal would pay off well.
The finance minister urged the Korean government to support Nepal in capacity development through concessional loans and grants for building the tourism infrastructure.
The Korean deputy prime minister and finance minister said that Korea is ready to provide assistance for the development of infrastructure in Nepal.
Stating that there was the problem of dual taxation in some Korean investments, he urged Minister Mahat to address this problem. Finance Minister Mahat said he was ready to resolve the problem related to double taxation and also expressed commitment to protect Korean investment.
Finance Minister Mahat also invited his Korean counterpart to visit Nepal. The Korean deputy prime minister and finance minister said he was eager to visit Nepal and urged Minister Mahat to set the agenda of the visit at the earliest.
Minister Mahat lauded the Korean government for providing employment opportunity to 12,000 Nepalis in South Korea.
A version of this article appears in the print on October 13, 2023, of The Himalayan Times
