Kathmandu, Jan. 31: Minister for Foreign Affairs Narayan Prakash Saud has stressed the need to explore possibilities of economic cooperation between Nepal and the Republic of Korea. Addressing a function organised on the occasion of the 50th anniversary of diplomatic relations between Nepal and Korea on Tuesday, Foreign Minister Saud stressed the need for exploring the areas of trade, economy and investment between the two countries for further strengthening relations between them.

Minister Saud urged the Korean investors to invest in potential sectors, including agriculture and tourism. He said that the government was ready to welcome a large number of Korean investors, industrialists and entrepreneurs at the upcoming investment summit to be held in April in Nepal.

Foreign Minister Saud also said that there was a great possibility of expanding economic cooperation between the two countries. He said, “Let’s explore the possibilities of economic partnership between us. Let’s increase bilateral trade and investment.” He said that partnerships should be strengthened in the fields of agriculture, energy, tourism and information technology. 

He said, “There are thousands of Nepali workers in Korea. Nepalis have chosen Korea for further studies. Thousands of Koreans come to Nepal as tourists. A large number of Koreans have invested in Nepal. In the coming days, we will further expand this partnership.” Foreign Minister Saud said that the exchange of high-level visits will also be speeded up and said, “I am confident that we can have a high-level visit on the occasion of the Golden Jubilee.”

He appreciated that the two countries have been closely cooperating in various fields, including the economy, employment, education, and people-to-people exchanges since the establishment of diplomatic ties in 1974 and there shall be further cooperation between the two countries in the future.

The diplomatic relations between the Republic of Korea and Nepal were established in 1974. This year – 2024, marks the 50th anniversary of the establishment of diplomatic relations between the two countries. 

To celebrate this occasion, the Embassy of the Republic of Korea in Nepal organised the Launching Ceremony of a Commemorative Logo and Book on Success stories after the introduction of the EPS programme on Tuesday.

The commemorative logo to mark the 50th anniversary of Diplomatic Relations between the Republic of Korea and Nepal was unveiled jointly by Foreign Minister Saud and the Ambassador of the Republic of Korea to Nepal, Park Taeyoung. 

The logo shall be jointly used by the Embassy of the Republic of Korea and the government of Nepal for the programmes related to Korea. The logo incorporates “50 Years” to mark the 50th anniversary with the colours and elements of the flags of both countries – Korea and Nepal. 

The book includes the success stories of 26 Nepali returnees who have successfully established their businesses in Nepal with the help of the skills learned in the Republic of Korea through various programmes such as the Employment Permit System (EPS).

Ambassador Park Taeyoung said that the Embassy would be organising various programmes in the cultural, economic and development areas to commemorate the 50th anniversary of diplomatic ties this year. He said that through the mutual cooperation programmes, the close ties would be further deepened and the bilateral relation between the two countries would reach a new height.

“As we celebrate this golden anniversary, we must also look ahead to the future. Our diplomatic ties have weathered the test of time. Now, more than ever, it is crucial for us to strengthen our cooperation for the challenges and opportunities that lie ahead. The global landscape is ever-changing, and by deepening our collaboration, we can navigate together these changes with resilience and solidity,” said the Ambassador.

Over the past five decades, the economic collaboration between Korea and Nepal has evolved into a model of mutually beneficial cooperation, he said. The bilateral labour and employment cooperation between Korea and Nepal has thrived since 2007 with the signing of the bilateral Employment Permit System MoU. Under this initiative, about 100,000 young individuals from Nepal have ventured to Korea enriching both nations. 

Secretary of the Ministry of Labour, Employment and Social Security Kewal Prasad Bhandari praised the priority given by the Korean government to Nepalis in the field of employment and expressed his belief that the skills, experience and knowledge learned by Nepalis in Korea will be useful in the country. He said that the Korean government’s contribution to Nepal’s development has expanded the friendly and brotherly relationship between the two countries.