'50 Years of Diplomatic Relations' Korea-Nepal Take Economic Cooperation to the Next Level... TIPF Signed

KCCI Hosts 'Han-Nepal Business Forum'

Marking the 50th anniversary of diplomatic relations between Korea and Nepal, government officials and key business leaders from both countries gathered to pledge enhanced cooperation in trade, investment, and corporate partnerships.

The Korea Chamber of Commerce and Industry (KCCI) held the 'Korea-Nepal Business Forum' on the 19th at the KCCI building in Jung-gu, Seoul, jointly with the Nepal Embassy. The forum was organized to explore cooperation strategies between Korean companies and Nepal.

In his congratulatory speech, Jung In-kyo, Director General of Trade Negotiations, said, "This year, marking the 50th anniversary of diplomatic relations, is the optimal time for both countries to further advance economic cooperation," adding, "Let us continue to actively engage in expanding trade and investment and diversifying industrial cooperation between the two countries." Damodal Bundari, Minister of Industry, Commerce and Supplies of Nepal, stated, "Nepal offers a unique and diverse investment environment with abundant natural resources, a strategic location, and a young and dynamic workforce," and added, "Korea, with its advanced technology, expertise in various fields, and strong global market presence, is an ideal partner for Nepal."

Provided by the Korea Chamber of Commerce and Industry

The trade volume between Korea and Nepal has increased approximately 53 times over the past 50 years since establishing diplomatic relations in May 1974. Labor exchange is also active, with about 47,000 Nepalese workers employed in Korea. The two countries have maintained economic exchanges mainly focused on construction and infrastructure projects such as hydropower, and recently have expanded cooperation into manufacturing and tourism sectors.

During the event, Korea and Nepal also signed the Trade and Investment Promotion Framework (TIPF). This aims to elevate economic cooperation to a higher level in commemoration of the 50th anniversary of diplomatic relations and to jointly respond to the rapidly changing international trade order. With this signing, Korea has concluded TIPFs with a total of 29 countries. TIPF refers to a cooperative framework covering various fields such as supply chains, green industries, and digital sectors. Unlike Free Trade Agreements (FTAs), TIPFs have lower legal binding force but enable rapid project discovery and market development. It has gained attention as protectionism expands and supply chain management emerges as a key issue in international trade.

Lee Sung-woo, Director General of International Trade at KCCI, said, "Domestic manufacturing, infrastructure, and construction companies have entered Nepal, and many Nepalese workers are employed in Korea, contributing to mutual development and economic growth beyond simple trade relations," adding, "We hope that the Nepalese government's efforts to foster manufacturing through investment procedure simplification, industrial complex development, and infrastructure improvement will encourage many Korean companies to take an interest in entering Nepal."

The forum was attended by over 80 political and business figures from both countries, including Jung In-kyo, Director General of Trade Negotiations; Damodal Bundari, Minister of Industry, Commerce and Supplies; Lee Sung-woo, Director General of International Trade at KCCI; Susil Gyawali, Director General of Nepal Investment Board; Babu Ram Adhikari, Director of Bilateral Trade at the Ministry of Industry, Commerce and Supplies; Chandra Dakal, Chairman of the Federation of Nepalese Chambers of Commerce and Industry; and Puspa Raj Bhattarai, Charge d'Affaires of the Embassy of Nepal in Korea.

This content was produced with the assistance of AI translation services.