Nepal
is preparing to sign Bilateral Investment Promotion and Protection Agreement
(BIPPA) and Double Taxation Avoidance Agreement (DTAA) with China soon.
Addressing
a seminar 'Nepal-China (Guangdong) Investment and Cooperation' organised jointly
by Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and China
Council for Promotion of International Trade (CCPIT) Guangdong Sub-Council,
here today, finance minister Shankar Prasad Koirala informed that the government
is in the process of concluding BIPPA and DTAA to protect foreign investment
from China.
Koirala,
on the occasion, also invited Chinese investors to invest in priority sectors including
hydropower, infrastructure, tourism, mining, construction, commercialisation of
agriculture, and service sectors in Nepal.
The
FNCCI and China Council for the Promotion of International Trade (CCPIT)
Guangdong Sub-council also signed a memorandum of understanding today.
Vice
president of the FNCCI Bhaskar Raj Rajkarnikar led the Nepali team in the
seminar that was organised to promote investment, trade and tourism between
Nepal and China, whereas vice secretary-general of Guangdong Provincial
Government Liu Xiaojie led the 40-member Chinese business delegation.
Welcoming
the Chinese delegation, on the occasion, Rajkarnikar hoped the new Constituent Assembly
(CA) will complete the task of drafting a new Constitution that will help boost
economic and business sector. He also urged the Chinese investors to invest in Nepal.
Likewise, lauding the peaceful
conclusion of CA elections in Nepal on November 19, Chinese ambassador to Nepal
Wu Chuntai said that the Nepali and Chinese private sectors are vibrant
communities and embassy is always happy to facilitate to encourage the bilateral
economic relations.
"There
is a huge potential of business cooperation between Guangdong and Nepal in
various areas," vice secretary general of Guangdong Provincial Government
of China Liu Xiaojie said, expressing his readiness to discuss the feasibility
of establishing a China Products Centre in Nepal.
On the occasion, coordinator of Investment Promotion Forum of
FNCCI Chandra Prasad Dhakal gave a presentation on investment opportunities in
Nepal. He also highlighted on the need for the establishment of Nepal-China
joint venture bank.
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