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Oli woos Chinese investors  

Tuesday, March 22nd, 2016
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PM Oli addresses the business community of China in Beijing on Tuesday. Photo: RSS

Prime Minister KP Oli has urged Chinese investors to invest in Nepal, promising to facilitate and protect their investments.

Addressing Chinese business leaders in Beijing on Tuesday, Oli explained why Nepal could be the best place for them to invest.

“Nepal is pursuing a liberal economy policy,” said Oli, who is on a weeklong tour around China. “Our new constitution lays the policy foundation of encouraging foreign capital and technological investment in areas of import substitution and export promotion.”

Oli told Chinese investors that Nepal has now simplified administrative procedures, established the Investment Board, ensured sector-specific incentives and is forming Special Economic Zones (SEZs) near the border to attract foreign investment, including from China.

“We have a single window facility for foreign investors,” he said. “No private industry will be nationalised.”

Oli also tried to woo Chinese investors by offering low labour costs, high return rates and investment-friendly labour laws. He said the policies of minimal tax slabs, no income tax on dividends and export earnings, and exemptions of taxes, duties and fees on factors of production used by the export industry would ensure high returns from Foreign Direct Investment (FDI).

“Chinese investors can have easy and quick access to the vast South Asian market through Nepal,” he said. “They can make their products cheaper, filled with South Asian flare if produced in Nepal.”

China is Nepal’s second largest trading partner and source of FDI, and is an important source for tourism. But Chinese investment in Nepal is still very low as compared to other countries. Oli called the development of China a miracle and expressed his willingness to link Nepal with the Chinese economy.

Yin Zhonghua, Vice Chairman of China Council for Promotion of International Trade, was among the Chinese business leaders addressed by Oli. China  has already signed 10 agreements with Nepal, allowing the landlocked nation recently blockaded by India to use a Chinese port for international trade.

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2 Responses to “Oli woos Chinese investors  ”

  1. Hurray on Says:

    Yeah China please come and exploit our poor citizens and enslave them with low wages and long work hours so that they will want to jump off the roof.

  2. Grimalzee on Says:

    Ole Ole Ole?

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