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Nepal plans to sign BIPPA with China

(Xinhua)

14:52, November 01, 2011

KATHMANDU, Nov. 1 (Xinhua) -- After its southern neighbor, Nepal is planning to sign Bilateral Investment Protection and Promotion Agreement (BIPPA) with northern neighbor soon, Finance Minister Barsha Man Pun said.

Barsha Man Pun -- talking to media in the western district of Banke in Nepalgunj Monday -- said that the government is preparing to sign BIPPA with China very soon to attract more foreign investments for the economic development of the country.

Nepal on Oct. 21 signed BIPPA with India, making it a seventh nation to enter into investment protection and promotion agreement with Nepal, during Prime Minister Baburam Bhattarai's recent India visit.

According to Tuesday's The Himalayan Times daily, Nepal has already signed BIPPA with France, Germany, Britain, Mauritius, Qatar and Finland, though these countries do not have significant investments in Nepal.

The BIPPA will not only boost the confidence of the foreign investors that their investment is safe in Nepal as it will get equal treatment not less than that their own domestic investors, but also help reduce cost of doing business by both the countries.

Indian firms are the biggest investors in Nepal accounting for about 47.5 percent of total approved foreign direct investments (FDIs). There are about 150 operating Indian ventures in Nepal engaged in manufacturing, services -- banking, insurance, dry port, education and telecom -- power sector and tourism industries.

India is the largest trading partner and largest investor of Nepal. China is the second largest trading partner in terms of imports, while in terms of exports China comes at the eight position.

India and China -- both rising global economic powerhouses -- are also the largest markets giving Nepal strategic benefit in case Nepal can attract investments from both the countries and exploit their markets, reported the daily.

 
 
     
 
 
 
     
 
 
 
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