Government tells North Korea to take back its Investments

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Government tells North Korea to take back its Investments

September 17: The government has instructed North Korean embassy in Kathmandu to take back all the investment made by the country in Nepal.

The government issued such directive to the embassy in accordance to the decision taken by the United Nations Security Council against North Korea. The government has given two months time for North Korea to take back its investment.

The security council had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.

The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.

The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.

Earlier, the Department of Industries had asked the North Korean Embassy to take back its investment twice. Officials at the department said that the embassy agreed to comply with the decision verbally but did not take back the investment. Therefore, the department asked the Ministry of Foreign Affairs to formally instruct the embassy to take away its investments, informed sources told New Business Age.

Information officer at the department said that the government has asked the embassy to take back its investment within one month as per the instruction of the UN.

United States has shown keen interest in North Korean investment in Nepal.

 

United States Secretary of State Mike Pompeo had written a letter to Prime Minister KP Oli last year reminding him that Foreign Minister Pradeep Gyawali had agreed to implement the decision of the UN Security Council.

North Korea has been reportedly expanding its business in Nepal at a time when the UN has been asking the government to implement its decision.

Last year, North Korean ambassador to Nepal met with Home Minister Ram Bahadur Thapa and Speaker Krishna Bahadur Mahara and informed them about the country’s interest in investing in hydropower sector of Nepal.

Currently, there are nine businesses running with investment from North Korea including six hotels, two IT companies and one hospital.

 

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