Belt and Road Initiative opens window of opportunity for Nepal: Stakeholders

KATHMADNU - Nepali stakeholders have said that Nepal's participation in China-proposed Belt and Road Initiative has opened window of many opportunities in the areas of trade and investment.

Nepal and China had signed a Memorandum of Understanding on Belt and Road Initiative on May 12 in Kathmandu before Nepali delegation led by Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara participated the Belt and Road Forum for International Cooperation in Beijing on May 14.

Speaking at the 14th meeting of Nepal-China Non-governmental Cooperation Forum on Thursday, a platform of apex private sectors of two countries, Mahara said Nepal should take advantage of the opportunity to attract more Chinese investment in Nepal.

"Nepal is very much keen to take advantage of China's high economic growth," he said.

Bhawani Rana, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex private sector body of Nepal, said following the signing of the MoU on Belt and Road Initiative, the door has been opened for more cooperation between two countries.

"There is a lot of scope of investment from China in the areas of hydropower, manufacturing sector, tourism and road infrastructure under public-private partnership modality," she said.

The forum was formed in 1996 with the joint initiative of FNCCI and All China Federation of Industry and Commerce (ACFIC) to promote economic and business cooperation, joint ventures and cultural exchanges from the private sectors of two countries.

On the occasion, Chinese Ambassador to Nepal Yu Hong stressed that Nepal needs to take measures to improve investment climate including in the areas of policy stability and infrastructure development.