Business / Economy

Nepal eyes South Asia's development through China's Belt and Road Initiative

(Xinhua) Updated: 2016-03-18 10:28

KATHMANDU - Nepal has regarded China's Belt and Road Initiative as a milestone to turn promising South Asia into a developed region in the world.

Addressing a seminar on "South Asia China Cooperation under One Belt One Road Initiative" held here on Thursday, Nepal spoke highly of the Chinese initiative which will create immense economic opportunities for the region.

"China's Silk Road Economic Belt initiative will connect Asia and Europe, creating more opportunities in trade, investment and infrastructure development in our region", Nepalese Minister for Industry Som Prasad Pandey said while addressing the seminar.

The minister further said that the economic belt would take the whole Asia into a new height by exploring development.

He was of the view that Nepal will become a transit country between two giant economies China and India through this initiative.

Addressing the seminar, Chinese Ambassador to Nepal Wu Chuntai said China and South Asia having a population of over 3 billion is a region of opportunity.

"Our region is a land of opportunity. We should seize this golden opportunity for more peace and development," the Ambassador said.

The one-day seminar was organized by the Nepal China Executive Council by bringing the experts from countries including China, India, Bangladesh, Sri Lanka and Nepal together.

Various scholars attending the seminar highlighted on the prospects of the Chinese initiative that would invite immense opportunities for common development and prosperity in the region.

Nepal agreed to become a part of the Silk Road Economic Belt in December, 2014.

Meanwhile, the Organization for South Asian regional Friendship and Cooperation with China (OSARFCC) handed over its secretariat from Sri Lanka to Nepal in the sidelines of the seminar. OSARFCC was established in 2011 with the support of the Chinese People's Association for Friendship with Foreign Countries".

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