Kathmandu, 29th January, 2015 :Â Â Nepal and the Czech Republic have inked an agreement on investment promotion and enhancement of economic cooperation.
The agreement, signed for the first time between the two countries, is focused on industrial development, expansion of investment, and partnership and cooperation with the private sector.
The Agreement on Cooperation was signed by Minister for Finance Dr Ram Sharan Mahat and the visiting Czech Minister of Industry and Trade Jan Mladek at ceremony held at the Ministry of Finance today.
With this agreement, both the countries have agreed to encourage economic cooperation and take initiatives which will contribute to the development of industrial cooperation and investment, including for the cooperation between private sectors.
The objectives of the agreement, among others, are mutually exchange of information on economic development, promotion of cooperation and partnership between investment companies of both the countries, encouraging projects of common interest, exploration of opportunities concerning trade fairs, exhibitions and other promotional activities, Finance Minister Mahat said on the occasion.
He said a joint committee co-chaired by the Deputy Minister of Trade and Industry of the Czech Republic and the Finance Secretary of Nepal would be established to implement this agreement.
The full returns of the investment would be achieved in a diverse country Nepal and laws have been simplified so that the investors can take it back in an easy manner, the Finance Minister added.
Reiterating Nepal’s desire to boost its export trade to the Czech Republic, Finance Minister Mahat appreciated the interest and cooperative sentiment it showed towards Nepal. He said the bilateral agreement signed today is the initial phase towards expanding mutual cooperation and expressed the hope it would help in exploring multiple areas of development and cooperation.
There is immense possibility of expansion of cooperation between Nepal and the Czech Republic, he said and called on the Czech investors to invest in the areas of comparative advantage in Nepal. In this connection, he mentioned the tourism, agriculture, agricultural products and food processing.
The Czech Minister, while stating that his country has experience in constructing airports even in remote areas, producing solar and wind energy and electricity from coal, water supply and solid waste management, food processing, manufacturing aircraft and production of agriculture implements, expressed his country’s commitment to working together with Nepal in these sectors.
Finance Minister Mahat also hosted a luncheon in honour of the visiting Chech Minister and his delegation today.
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