Nepal welcomes Chinese investment

(Xinhua)
Updated: 2009-08-20 15:47

KATHMANDU: Nepal desperately needs investment from countries like its neighbor China, especially at a time when the world is undergoing an economic recession, said Nepali Finance Minister Baburam Bhattarai.

Addressing a high level roundtable financial meeting on attracting Chinese investments in Kathmandu on Sunday, Bhattarai assured an economic revolution in the country within a few years.

The meeting, themed the "China-Nepal Economic Cooperation", was organized by the Federation of Nepalese Chambersof Commerce and Industry.

Bhattarai showed his commitment to address the technical problems and hurdles faced by Chinese investors in Nepal.

Answering questions by Chinese businessmen and investors at the meeting, Bhattarai said, "The Nepali government is about to form an 'Investment Board' very soon headed by the Prime Minister, which would solve the problems of Chinese investors too."

"We invite our friends form China to invest in the energy sector so that we will not be bothering by the energy crisis for long," he added.

On the same occasion, Chinese Ambassador to Nepal Qiu Guohong said that with the growth of Chinese economy, the number of Chinese investors had also increased to 200 in Nepal by October 2008.

"The increasing number of Chinese investors in Nepal has made great contribution to the economic growth of Nepal," he said.

According to the Chinese envoy, Chinese companies are willing to work in Nepal.

However, he uncovered some problems faced by Chinese investors in Nepal such as tariff, customs duty, visa complication and language problems.

"Nepal has abundant resources in hydropower and other sectors too, I hope the Nepali side will create a favorable investment environment for Chinese investors," the Chinese envoy said.