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Kathmandu, December 19: An agreement on bilateral trade and investment promotion framework was signed between Industry, Commerce and Supply Minister Damodar Bhandari and his South Korean counterpart Inkyo Cheong. Minister Bhandari, who is visiting Korea on the occasion of the 50th anniversary of the establishment of bilateral relations between the Republic of South Korea and Nepal, signed the agreement in a ceremony held in Seoul, the capital of South Korea.

Minister Bhandari expressed his belief that the TIPF agreement signed on the important occasion of the 50th anniversary of the establishment of bilateral relations between South Korea and Nepal will take the diplomatic, cultural and economic relations between the two countries to new heights.

He also expressed his commitment to creating a suitable environment for foreign investment in Nepal.

South Korean Minister Cheong recalled the investments and activities in the fields of hydroelectric automobile assembly and other activities conducted by South Korean companies in Nepal and expressed the belief that the TIPF agreement will bring the bilateral relations and economic cooperation between the two countries to a new height.

Sushil Gyawali, the chief executive officer of the Investment Board, made a presentation about the foreign investment environment and opportunities in Nepal at the event, which was attended by private-sector industrialists and businessmen from Nepal and the Republic of Korea.

People’s News Monitoring Service.