Nepal-China BIPPA, DTAA soon

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.