Bilateral cooperation discussed with SKorean special envoy

By A Staff Reporter,Kathmandu, Jan. 22: Special Envoy of the Minister of Foreign Affairs of the Republic of Korea, Lee Jeongkyu, held meetings with Deputy Prime Minister Bishnu Prasad Paudel and other ministers on Tuesday.

Lee held meetings with Deputy Prime Minister and Finance Minister Paudel and Minister for Labour, Employment and Social Security Sarat Singh Bhandari and discussed ways to enhance bilateral cooperation and increase economic activities in Nepal.

Similarly, he also held a meeting with the Secretary of the Ministry of Foreign Affairs, Amrit Bahadur Rai.

Lee arrived in Kathmandu on Monday. 

During the meetings, both sides acknowledged the importance of high-level exchanges on the occasion of the 50th anniversary of diplomatic relations between the two countries, according to a press statement issued by the Embassy of the Republic of Korea in Kathmandu.

50 years of Nepal-RoK ties

Significant recent exchanges included a foreign ministerial meeting held on the sidelines of the UN General Assembly last year and the visit of Damodar Bhandari, Minister of Industry, Commerce, and Supplies of Nepal to Korea last month. 

They agreed to continue such exchanges in the future.

In particular, they expressed a shared commitment to strengthening cooperation in the areas of economy, development cooperation, employment and tourism. 

They pledged to leverage the Korea-Nepal Trade and Investment Promotion Framework (TIPF) signed in December last year to expand bilateral trade, investment, and industrial cooperation while continuing to support the operation of Korean companies in Nepal.

Furthermore, the two countries agreed to enhance employment cooperation through the Employment Permit System (EPS) and to strengthen development cooperation and people-to-people exchanges.

Since establishing diplomatic ties in 1974, Korea and Nepal have cultivated a strong and friendly partnership in various fields, including development, economy, employment, and tourism, underpinned by close human exchanges over the past 50 years.

Korea has recognised Nepal as a priority partner country for Official Development Assistance (ODA) for 15 consecutive years, focusing on key areas such as agriculture, health, vocational training and climate change.

In addition, Korean companies such as Samsung Electronics and Hyundai Motor have significantly contributed to Nepal’s manufacturing industry through the establishment of assembly plants in Nepal, while Korea has also made substantial investments in the energy sector, including the Upper Trishuli-1 Hydroelectric Project.

Since the signing of the Korea-Nepal EPS MOU in 2007, over 110,000 Nepali workers have been employed in Korea, contributing to the economic growth of both countries. The Korean government is also supporting reintegration programmes for returnee migrant workers to assist with entrepreneurship and resettlement in Nepal.

This visit by Korea’s Special Envoy underscores the Korean government’s strong commitment to reflecting on the past 50 years of friendly cooperation with Nepal and further solidifying its partnership with Nepal as a key partner country for the next 50 years of mutual growth and collaboration, read the statement. 

The delegation led by Special Envoy Lee Jeongkyu is also scheduled to visit the sites of Korean business operations and development cooperation projects during their stay in Nepal.