Nepal Purbadhar

शनिबार, फाल्गुन १९, २०८०
Saturday, March 2, 2024

शनिबार, फाल्गुन १९, २०८०
Saturday, March 2, 2024

Three tips for promotion of Nepal-China trade and investment

China and Nepal are good neighbors linked by mountains and rivers, good friends helping each other, and good partners sharing common development. Over the past 60-plus years since the establishment of diplomatic relations between China and Nepal, the business communities, under the guidance of the leaders of the two countries, have further deepened practical cooperation and achieved new and fruitful outcomes. China is Nepal’s largest source of foreign capital and tourists and the second-largest trading partner. In August 2022, China granted duty-free access to 98 percent of taxable Nepali products exported into China. This will provide a good opportunity for Nepal to export more tea, Chinese herbs, and agricultural and animal husbandry products to China.

China will stay committed to the fundamental national policy of opening to the outside world, pursue a mutually beneficial strategy for international cooperation, and adhere to the right course of economic globalization. We will steadily expand institutional opening-up with regard to rules, regulations, management, and standards, and amplify the interplay between domestic and international markets and resources.

As for investment, China has been the largest source of foreign investment for Nepal for five consecutive fiscal years. Chinese enterprises are also the main players in the Nepali project contracting market. As of the end of last year, China had signed project contracts worth USD10.74 billion in Nepal, with a turnover of US $5.48 billion. This fully demonstrates the great attention and importance Chinese investors attach to the Nepali market.

In October last year, the Communist Party of China (CPC) successfully held its 20th National Congress in Beijing. The Congress mapped out the timetable and roadmap for advancing the great rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. China will stay committed to the fundamental national policy of opening to the outside world, pursue a mutually beneficial strategy for international cooperation, and adhere to the right course of economic globalization. We will steadily expand institutional opening-up with regard to rules, regulations, management, and standards, and amplify the interplay between domestic and international markets and resources. This will position us to improve the level and quality of trade and investment cooperation. I believe Chinese modernization and China’s high-quality development will bring new development opportunities for Nepal and other countries.

2023 marks the first year to fully implement the strategic plans made at the 20th CPC National Congress and to embark on the new journey to build a modern socialist country in all respects. 2023 is also the first year after the new Nepali government took office. Today’s forum aims to further consolidate the foundation for bilateral economic and trade cooperation and promote the Chinese and Nepali business communities to march toward a new journey. To this end, I’d like to take the opportunity to make three proposals.

China will stay committed to the fundamental national policy of opening to the outside world, pursue a mutually beneficial strategy for international cooperation, and adhere to the right course of economic globalization. We will steadily expand institutional opening-up with regard to rules, regulations, management, and standards, and amplify the interplay between domestic and international markets and resources.

First, we should continue to expand bilateral trade. There are many attractive products in Nepal, but their visibility is yet to be enhanced among Chinese consumers. As China’s largest trade and investment promotion agency, CCPIT will continue to host more trade and investment promotion events, in order to boost imports of Nepal’s premium products, including artworks, wool products, garments, agricultural products, tea and Chinese herbs.

Second, China will stay committed to the fundamental national policy of opening to the outside world, pursue a mutually beneficial strategy for international cooperation, and adhere to the right course of economic globalization. We will steadily expand institutional opening-up with regard to rules, regulations, management, and standards, and amplify the interplay between domestic and international markets and resources. Today’s forum is attended by many Chinese businesses investing and operating in Nepal. We hope that businesses from the two countries will actively expand in-depth investment cooperation in accordance with market-oriented principles, so as to achieve mutual benefits and win-win development.

Third, we should give full play to the role of trade promotion organizations. CCPIT is the largest trade and investment promotion agency in China, while CNI is one of the most influential business organizations in Nepal. Our two organizations have been maintaining close cooperation. The two sides signed an MOU in 2016, reaching an agreement on strengthening platform building and providing professional services, among others. Looking forward, CCPIT stands ready to work with CNI to facilitate trade and investment cooperation between businesses of the two countries through exhibitions, mutual visits, training, and commercial and legal services. With these efforts, we will strive to promote the continued development of China-Nepal economic and trade cooperation.

This year the focus of CCPIT is “One Expo, Four Conferences”, namely the China International Supply Chain Promotion Expo, Global Trade and Investment Promotion Summit, Global Business Rule of Law Conference, Business Conference on Guangdong-Hong Kong-Macao Greater Bay Area Development, and Belt and Road CEO Conference. Meanwhile, CCPIT will continue to host the 16th China-South Asia Business Forum, 11th China (Sichuan)-South Asia and Southeast Asia Business Leaders Summit and 4th China-South Asia Standardization Cooperation Working Meeting. We welcome political and business leaders from Nepal to join us to discuss cooperation and promote development.

(This article is based on views expressed by CCPIT’s Vice-chairman Zhang at at Nepal China Business Forum 2023)

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