Hyundai car assembling plant inaugurated in Nepal

By A Staff Reporter,Kathmandu, May 11: Globally famous Hyundai cars are now going to be assembled in Nepal as the South Korean car manufacturer Hyundai has established its plant in Nepal.

The Company has established the plant in Nawalparasi in collaboration with Laxmi Motor Corporation, which is the authorised distributor of Hyundai vehicles in Nepal.

Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the Hyundai Motor Assembling Plant in Nawalparasi during a function on Friday. 

The plant was inaugurated on the occasion of the 50th year of the establishment of diplomatic relations between the Republic of Korea and Nepal.

Addressing the event, Prime Minister Prachanda said that the government was committed to accelerating the economic transformation of the country by keeping the morale of investors, including industrialists high.

Prime Minister Prachanda said that the country would be taken forward on the journey of prosperity through economic development.

Stating that the economy would be strengthened by taking the private sector into confidence, the Prime Minister said that the government was committed to facilitating investment.

"Without the private sector’s investment and cooperation between the state and the private sector, the country's economy cannot boost, productivity cannot increase and employment opportunities cannot be created," Prime Minister Prachanda said. "The government is always with the private sector to create an investment environment, promote the private sector and protect and facilitate investment sectors."

After the new motor assembling industry comes into operation, more domestic and foreign investors will be attracted to Nepal, Prime Minister Prachanda said, adding that along with industrialisation, imports would be substituted and hundreds of skilled and semi-skilled workers would be employed.

According to the Prime Minister, once the vehicles are assembled in Nepal, consumers will be able to purchase vehicles at a discounted price while the consumption of internal resources and electricity will increase, contributing to the growth of the gross domestic product.

"Our fiscal and monetary policies should be promotion-oriented and not control-oriented," Prime Minister Prachanda said, "Those policies and regulations should contribute to the promotion of production and employment." 

He said that the internal and external indicators of the economy are heading towards a positive direction due to the continuous efforts of the government.

"The third investment conference has just been completed. The government has amended important laws through the ordinance on the eve of the investment summit," Prime Minister Prachanda said. "It will play an important role in encouraging and promoting internal and external investment by addressing the problems seen in the investment sectors."

He said that the enthusiasm seen at the investment conference, the common vision and commitment seen in Nepal's political parties and the attraction of investors indicate that Nepal would soon become an attractive investment destination.

The assembling plant is spread over an area of about 10 bighas of land in Ramgram-6 of Nawalparasi.

The construction work of the assembling plant had started for about a year.