Himal Press 
KATHMANDU: Nepal and South Korea have signed the bilateral Trade and Investment Promotion Framework (TIPF) agreement.
Ministry for Industry, Commerce and Supplies Damodar Bhandari and his South Korean counterpart, Ahn Duk-geun, signed the agreement in Seoul on Thursday, marking 50 years of diplomatic relations between Nepal and South Korea.
Speaking on the occasion, Minister Bhandari expressed confidence that the TIPF agreement would elevate diplomatic, cultural and economic ties between the two nations. Bhandari also added that Nepal is committed to creating a conducive environment for foreign investment, according to the minister’s personal secretary, Ananda Bhatta.
Similarly, South Korean Minister Duk-geun highlighted the significant investments made by South Korean companies in Nepal, particularly in the hydropower and automobile assembly sectors. He added that the TIPF agreement would further strengthen bilateral relations and economic cooperation.
Meanwhile, private sector entrepreneurs from both nations participated in the Korea-Nepal Business Forum which focused on investment opportunities in Nepal. On the occasion, Investment Board Nepal CEO Sushil Gyawali provided insights into Nepal’s investment environment, while Babu Ram Adhikari, head of the Bilateral Trade Division at the Ministry of Industry, Commerce and Supplies, informed South Korean investors about Nepal’s trade policies and ongoing reforms.
