Kathmandu: Finance Minister Dr. Prakash Sharan Mahat has invited Korean companies to invest in Nepal, citing the profit earned by foreign companies who have invested in the country. In a meeting with the South Korean Deputy Prime Minister and Finance Minister, Choo Kyung-ho, Finance Minister Mahat informed all foreign companies that have invested in Nepal have made good profits and there are excellent opportunities for Korean companies in Nepal as well.

Indian multinational companies like Dabur, American companies Coca-Cola and Pepsi, Indian company ITC India, and Malaysian telecom companies have all reported significant profits from their investments in Nepal. Minister Mahat stated, ‘We are looking to facilitate private sector investment in the upcoming fiscal year’s budget.’

Minister Mahat expressed a warm welcome to Korean investors interested in Nepal, assuring them that the Nepalese government is continuously improving the ease of doing business.

‘Indian government has decided to purchase 10,000 megawatts of electricity from Nepal,’ Mahat said. ‘There are excellent opportunities for Nepal in hydroelectric power generation, transmission, and distribution, the digital sector, agriculture, and tourism, among others.’

He encouraged Korean companies to invest in Nepal and partner with Nepali workers, emphasizing that Korean companies have shown excellent progress by employing Nepali labor. He also called for cooperation in Nepal’s economic growth.

‘Now is the time for you to support countries in need,’ Mahat said. ‘There is a huge potential for tourism development in our country, but the poor road infrastructure is a problem. We don’t invest in areas like roads that yield long-term benefits. We request support from the Korean government in infrastructure development, grants, and capacity building.’

In a meeting with Minister Mahat, the South Korean Deputy Prime Minister expressed their readiness to support Nepal’s infrastructure development.”

In a meeting, Korean Finance Minister Choo Kyung stated that with continuous efforts, it is possible for individual incomes in Korea to rise from $80 to $33,000 in 60 years. He emphasized resolving the issue of double taxation on Korean investments and requested Minister Mahat for a solution.

In response, Minister Mahat expressed his readiness to resolve the double taxation issue and assured protection for Korean investments.

Finance Minister Mahat extended an invitation to Korean Deputy Prime Minister Choo Kyung-ho to visit Nepal, to which Deputy Prime Minister Choo Kyung expressed his interest in visiting Nepal and suggested prioritizing the agenda.

Minister Mahat praised the improvement in Korea’s labor laws, which benefit around 12,000 Nepali workers employed in Korea.

In the meeting, the Korean Finance Minister reaffirmed their commitment to supporting Nepal’s efforts to improve the standard of living for its people.

Although Nepal has made good progress in hydropower project construction, Minister Mahat urged for increased investment in transmission lines to ensure adequate benefits from the hydropower sector.

In the meeting’s agenda, the Korean Finance Minister extended an offer to assist Nepal with the 2030 World Expo in Busan, Korea. Italy’s Rome, Saudi Arabia’s Riyadh, and Korea are competing to host the 2030 World Expo.

In response, Minister Mahat expressed his positive outlook on Korea’s capability to host the Expo and indicated his support for the Korean application.

Finance Minister Dr. Mahat requested Korea’s Deputy Prime Minister and Finance Minister Choo Kyung to grant Nepal’s national carrier, Nepal Airlines, permission to operate direct flights to Korea.

Furthermore, Minister Mahat emphasized that if Korean Airlines can operate direct flights to Nepal, Nepal Airlines should also be given the same privilege.