Nepal and South Korea have signed a Trade and Investment Promotion Framework (TIPF) agreement, signifying a new chapter in their bilateral relations.  

The agreement was signed on Thursday, December 19, in Seoul, South Korea’s capital, by Nepal’s Minister for Industry, Commerce, and Supplies, Damodar Bhandari, and South Korea’s Trade Minister, Inkyo Cheong, as reported by RSS, the state-owned news agency.  

This year, the two nations commemorated the 50th anniversary of their diplomatic relations, first established on May 14, 1974.  

Both ministers expressed optimism that the TIPF agreement would enhance diplomatic, cultural, and economic cooperation between Nepal and South Korea.  

Minister Cheong underscored South Korea’s contributions to Nepal’s development, highlighting investments in hydropower, the automobile sector, and assembly industries as key areas of collaboration.  

The signing ceremony also saw participation from industrialists and business leaders from both countries.  

Baburam Adhikari, Chief of the Bilateral Trade Division at Nepal's Ministry of Industry, Commerce, and Supplies, presented an overview of Nepal’s trade policies and proposed improvements. Similarly, Sushil Gyawali, CEO of the Investment Board Nepal, delivered insights into Nepal’s investment climate and opportunities.  

The event, organized by the Korea Nepal Business Forum, included representatives from Nepal’s Ministry of Industry, Commerce, and Supplies, the Investment Board Nepal, and the Embassy of Nepal in Seoul. A 30-member business delegation, led by Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), also attended the program.  

The TIPF agreement is expected to pave the way for stronger trade and investment collaboration between the two countries.  

RSS