By Our Reporter
A 60-member Chinese delegation led by Vice Chairman of the China Council for the Promotion of Investment and Trade (CCPIT) Zhang Shaogang Zhang is currently in Kathmandu to explore the opportunities in trade and investment in Nepal.
This is the largest business delegation to Nepal from the northern neighbour since the advent of the coronavirus pandemic at the end of 2019.
The delegation on Tuesday attended the Nepal-China Investment and Business Forum 2023, organised by the Confederation of Nepalese Industries (CNI) and CCPIT in Kathmandu.
Addressing the forum, also attended by Prime Minister Pushpa Kamal Dahal Prachanda, Zhang said that Nepal and China should continue to expand bilateral trade between the two countries and give full play to the trade promotion organisations.
“There are many attractive products in Nepal, but their visibility is yet to be felt among Chinese consumers,” he said.
According to him, as China’s largest trade and investment promotion agency, CCPIT will continue to host more trade and investment promotion events, in order to boost imports of Nepal’s premium products, including artworks, wool products, garments, agricultural products, tea and Chinese herbs.
According to the organisers, the business forum aimed to further consolidate the foundation for bilateral economic and trade cooperation and promote the Chinese and Nepali business communities to embark on a new journey.
Zhang also stressed further expanding areas of investment cooperation in infrastructure development including power stations, communications and roads.
He suggested Nepal get benefits from China’s sound industrial system and advantages in capital, technology and experience.
Addressing the forum as the keynote speaker, Prime Minister l Prachanda said that Nepal wants easy and more generous market access to China and other neighbouring countries.
“We believe that phenomenal economic progress achieved by our neighbours would open up wider avenues of opportunity for Nepal to grow and prosper through expansion of export trade and enhanced level of inward investment,” he said.
PM Prachanda said to the Chinese businesspersons that Nepal had made major reforms in its investment regime protecting foreign direct investment and easing the process.
“Our tax slabs are one of the lowest and our position is fairly good in ease of doing business. Investment in any sector is profitable in our country given the nascent stage of our industrial development,” he informed while stating that profitable areas of investment include hydropower, industrial manufacturing, infrastructure development, tourism, agriculture, minerals, and mining, among others.
No discrimination is made between domestic and foreign investors. There is no policy of nationalization of private industry. The other factor that makes a business competitive in Nepal is the availability of a less expensive workforce, reformed labour laws, and improved industrial relations. “We are seriously working on further simplifying the procedures and fully operationalising the one-stop service,” said the Prime Minister.
He also urged Chinese investors to invest in the areas of technology.
He also said that cross-border connectivity is vital for enhancing economic partnerships.
Ambassador of China to Nepal, Chen Song, said that China remains the second largest trading partner of Nepal and that the bilateral trade between the two nations should be enhanced.
Pledging that he would encourage Chinese enterprises to come to Nepal and invest here, he said that the expansion of economic ties between the two countries is further deepening the friendly relations.
He also invited Nepal to expand its trade promotion in China.
Vishnu Kumar Agrawal, President of CNI, said that Nepal expected an influx of Chinese tourists as the northern neighbour opened its borders for outbound tourism. We would like more Chinese investors in both trade and service sectors, he said.
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