Nepal Embassy organizes investment seminar in Seoul, Korea

By Seok-Jae Kang
Vice President, Asia Journalists Association

SEOUL: The Embassy of Nepal in Seoul, Korea hosted an investment seminar for Korean investors at the Korea Press Center in downtown Seoul on July 3, 2024.

Under the title “Nepal: A Potential Destination for Investment,” the seminar attracted journalists and Korean business people.

The purpose of the seminar, the Nepal Embassy said, was to apprise Korean investors of the investment opportunities and business environment in Nepal as well as to provide details of some potential projects showcased during the investment summit in April this year. This year marks the 50th anniversary of the diplomatic relations between Korea and Nepal.

The seminar drew such VIPs as Dr. Jyoti Pyakuryal, ambassador of Nepal to the Republic of Korea; Mr. Pushpa Raj Bhattarai, deputy chief of mission and minister counsellor of the Embassy of Nepal; and Mr. Pradyumna Prasad Upadhyay, joint secretary of the Office of the Investment Board Nepal (IBN).

Honorable Biraj Bhakta Shrestha, minister of youth and sports of Nepal, was supposed to make a congratulatory speech at the seminar, but had to cut his Korean trip to return home earlier for other urgent matters. On July 1, the sports minister met with Dr. Chungwon Choue, president of World Taekwondo, at the WT headquarters in Seoul and exchanged opinions on the development of taekwondo in Nepal, including the high-altitude training center in Sailung, Nepal. The two agreed to visit Sailung in November this year on the occasion of the Mr. Everest International Open Taekwondo Championships.

In her welcome and opening speech, Nepali Amb. Dr. Pyakuryal said, “As Nepal requires $16 billion per year in investment to meet the sustainable development goals (SDGs) by 2030, the government of Nepal has accorded top priority to bringing in foreign investment, especially in priority sectors such as energy, manufacturing, agriculture, ICT, infrastructure, urban planning, tourism, transportation, mines and minerals, and health.”

The ambassador cited Nepal’s cheap, quality human resources as one of the main attractions for Korean investment, calling for Korean investments in 150 projects.

The seminar served as a good opportunity for a deeper understanding of the investment environment in Nepal, potential areas for investment, investment procedures, and investment-related laws.

The welcome speech was followed by a key presentation by Investment Board Nepal (IBN) joint secretary Upadhyay on “Investment Opportunities and Investment Process in Nepal.”

Then followed four presentations, each in biotechnology, IT, energy and agriculture sector.

The presenters and their topics were: “A Collaborative Potential in Biotechnology Industries in Nepal: Opportunities for Novelty and Commercialization” by Dr. Devi Basnet, senior research scientist of Medytox Global Biopharmaceutical Company; and “Strategic Opportunities for Global Investors in Nepal’s IT Sector” by Dr. Gyanendra Prasad Joshi, assistant professor of Sejong University. “Nepal has ample manpower in the IT sector, and we are strong especially in the IT export services.”

In the energy sector, Mr. Mukesh Ghimire, assistant director of the Alternate Energy Promotion Center of the Ministry of Energy, Water Resources and Irrigation of Nepal and Mr. Joon Hyung Kim, senior manager of Korea South East Power Company, make their respective presentations on “Overview and Potential Collaboration Opportunities in Energy Sector In Nepal.”

Mr. Madan Marasini, senior agriculture officer of the Ministry of Agriculture and Livestock Development of Nepal, made a presentation on “Investment Opportunities in Agriculture Sector.” He said that “Nepal is attracting investment in its organic agriculture development projects and organic model farms.”

Mr. Pushpa Raj Bhattarai, deputy chief of mission of the Nepal Embassy in Seoul, delivered a closing speech, saying “Nepal is the land of opportunities for global investment.”