EIGHT YEARS LATER NEPAL-ROK BILATERAL CONSULTATION MECHANISM MEET, NEPAL TO FOCUS ON BRINGING IN KOREAN INVESTMENT AND SUPPLY OF MORE HUMAN RESOURCES (By Sharachchandra Bhandary) Kathmandu, Mar. 16: In a bid to further consolidate and deepen Nepal-Republic of Korea (RoK) ties, high-ranking officials of both countries are meeting this week in the latters capital Seoul, with special focus on bringing in Korean investment and supplying more human resources from Nepal. After a gap of almost eight years, a four-day Second Bilateral Consultation Mechanism Meeting is taking place from Wednesday. Owing to a variety of reasons including political instability and transition at home, the meet could not convene earlier as agreed bilaterally. Both the Governments had agreed to hold consultation meetings at the interval of two years alternately in Kathmandu and Seoul. The Joint Secretary-level Consultation Meeting Commissioned in the year 2001 by the Foreign Ministries of both countries aims at enhancing cooperation and cementing bond of friendship. Ambika Devi Luintel, Joint Secretary and Head of the North-East Asia Division at the Ministry of Foreign Affairs is leading a three-member delegation to the meeting. -: 11 :- The entire gamut of bilateral relations will be discussed in the meeting in addition to regional and international issues concerning both countries,- she said, adding means and ways of attracting Korean investment and potential of sending more Nepali workers to Korea under Employment Permit System (EPS). Referring to the utmost priority of the Government in building infrastructure like hydropower, she informed that Nepali delegation will emphasize on garnering more support and cooperation for the socio-economic development of Nepal. We will seek for enhanced level of economic cooperation and other avenues of bilateral interest aiming at receiving tangible result,-She said. Since the establishment of the diplomatic relations in 1974, Korea and Nepal formed strong partnership in a wide range of areas such as politics, economy, and culture, she said and added that Particularly, in the area of construction, Korea and Nepal have continued to maintain bilateral cooperation since Korea Development Cooperation participated in the construction of the Kathmandu Airport. Recently, more Korean companies regard Nepal as a strategic partner and seek to be more actively involved in its construction market, she stressed. Private companies of Korea are known for their commitment to construction period and consistent technology development in the global construction market, she added. Nepal suffers huge trade imbalance with RoK. According to Export Promotion Centre, Nepal exported Rs 339.59 million worth of goods to RoK and imported commodities amounting to Rs 4.411 billion in 2012. Currently, 171 Korean projects are in operation in Nepal which has provided 6,820 jobs with an investment of Rs. 6.422 billion in these projects. RoK is one of the important trading partners of Nepal. RoK, due to the volume of transactions with Nepal, became Nepals 11th major trading partner. Kiran Saakh, the president of Nepal-Korea Chamber of Commerce and Industries stressed on the need of more efforts to increase the business volume of the two countries. Korea attaches paramount importance to her relation with Nepal, and Lumbini, the birth place of Lord Buddha and the Roof of the World -Mt. Everest, are the solid source of promoting tourism and revamping it,- he opines. As Koreans have experiences in many areas, Korean government and people want to extend their hands of cooperation for the development activities of Nepal including hydro power sector and infrastructure development, he further said, adding the Nepali delegation should deal these matters prudently. -: 12 :- There are around twenty thousand Nepalis working in Korea under the (EPS) and every year over 24,000 Koreans visit Nepal. Thus, there is a potential for this existing network to be expanded and further developed into mutually beneficial economic relations on commerce, industry, Information Technology, tourism to art and culture. As a modest development partner, Korea has been providing grants aid, technical cooperation, equipment and given opportunity for development studies and has been assisting by sending Korean experts and volunteers through the Korea International Cooperation Agency (KOICA). Trainings to Nepali officials in various sectors and assistance in agriculture, community development, public works, IT, health, education, hydro power and volunteer, among others, is of vital importance that has been rendered by RoK. The Republic of Korea is increasingly becoming an important and reliable partner in Nepal’s economic development. Construction, sericulture development, hydropower development, road and infrastructure development, health science, e-governance are some of the major areas supported by the Government of Korea to Nepal in the past. Korea also has assisted Nepal with soft loan through the Economic Cooperation Fund of Government of Korea. Both countries have concluded an agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income; both countries have also agreed to form a Nepal-Korea International and Cooperation Committee of Industrialists and Businessmen. Both the governments have signed an integrated Air Services Agreement (ASA). As a result of this understanding, the Korean Air is operating its regular flights in the Seoul-Kathmandu-Seoul sector every week. RoK has been associated as Observer to SAARC. It is believed that Koreas association will not only expand its linkages with the region but also help its economic integration with other member countries as well. RSS
Posted on: Sun, 16 Mar 2014 12:46:18 +0000
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