Mid-Autumn Festival celebrated in Nepal

KATHMANDU — Minister for Industry, Commerce and Supply Matrika Prasad Yadav said on Tuesday that the government was committed to giving equal opportunity to the investors from around the world including from China.

Calling investors from China and other countries to invest in Nepal, Minister Yadav said that Nepal’s investment climate in Nepal has been far better than most other countries.

Speaking at a function organized by Xinhua News Agency, Kathmandu Bureau on the occasion of  Chinese Mid-Autumn Festival also known as Moon Festival, the Minister said that the government was ready to do whatever necessary to improve the investment climate in Nepal.

Answering to those who criticize 10-year long conflict behind economic backwardness of Nepal, he said that economic progress of the countries like Sri Lanka didn’t stop due to conflict and it should not because of Nepal too.

“In fact, Nepal has a culture of doing trading instead of entrepreneurship,” he said emphasizing that such culture should be reversed. “We should give priority to industries and increasing domestic production instead of trading,” he added.

Responding to complaints about the bad condition of Rasuwagadhi trade route bordering China, he said that the government has been working on improving it.

Rajesh Kaji Shrestha, president of Nepal-China Chambers of Commerce and Industry said that Nepal is yet to bring large-scale Chinese investment in Nepal.

“Despite much talk about growing Chinese investment in Nepal, a large investment is not coming from China yet,” he said.

He said that now, Nepal has the stable government which is supportive to invest in Nepal and the country should be able to attract large-scale investment now.

Speaking on the occasion, June Zhu, site manager (Asia Pacific Division) of China CAMC Engineering Co. Ltd, which is involved in building Pokhara International Airport, said that Chinese companies in Nepal are alleviating power shortage, improving the infrastructure and promoting the progress of Nepal’s communication facilities. “Each step is to improve Nepal step by step,” he said.

Speaking on the behalf of Chinese entrepreneurs working in Nepal, he said that Chinese companies in Nepal have also been involved in various charity works.

On the occasion, Nepali and Chinese business community inquired about various issues faced by them while doing business in Nepal.  Mid-Autumn festival is considered as second largest festival after Chinese new year.

Some statistics about Nepal China economic relations

Chinese FDI commitments to Nepal

Country FY 2015-16 FY 2016-17 FY 2017-18

CHINA (MAINLAND) Rs6,211.8m Rs6,326.75m Rs46,506.94m

CHINA (HONG KONG) Rs56.44m Rs2,000.00m Rs629.02m

CHINA (TAIWAN) Rs85m Rs110m Rs20m

All Countries total Rs15,139.63m Rs15,206.46m Rs55,650.77m

Source: Department of Industry

Nepal China Trade

Export Rs1681.5m Rs1701.5m Rs2437.8m

Import Rs115694.3m Rs127245.0m Rs 159636.3m

Total trade Rs 117375.8m Rs128946.5m Rs162074.1m

Source: Nepal Rastra Bank

Tourist arrivals from China

The calendar Year Number

2015 64675

2016 104005

2017 104664

2018 ( First Half) 71,379 (mainland) +4366 ( Chinese Taipei)

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