90 Chinese companies participate in Nepal Trade Fair

Ninety Chinese companies have participated in the 5th Nepal International Trade Fair, which kicked off here on Thursday. The five-day event comprises a separate Chinese pavilion under China Exhibition and Forum where 90 stalls have exhibited a variety of products.

Chinese companies have displayed food items, decoration materials, fancy garments, shoes and slippers, agricultural products, among others. The annual event hosted by Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has around 350 domestic and foreign stalls.

Inaugurating the trade fair amid a special ceremony, Nepalese President Bidya Devi Bhandari said: "The political transition in the country has just ended as Nepal recently promulgated its new constitution. Now it's time to attract foreign investment and uplift national economy."

Stressing on the need of prioritizing industries based on locally available raw materials and technology, President Bhandari expressed hope that the fair would disseminate a message that Nepal is safe for foreign investment.

The event aims to bring national and international traders on a single platform to market products and strengthen business.

Beside the regular display and sale of products, various workshops are being held on the sidelines of the fair exploring the possibility for joint investments in potential areas.

This is the country's only international level trade fair, which is being organized in March every year.

Meanwhile, Nepal has regarded China's Belt and Road Initiative as a milestone to turn promising South Asia into a developed region in the world. Addressing a seminar on "South Asia China Cooperation under One Belt One Road Initiative" held here on Thursday, Nepal spoke highly of the Chinese initiative which will create immense economic opportunities for the region.

"China's Silk Road Economic Belt initiative will connect Asia and Europe, creating more opportunities in trade, investment and infrastructure development in our region", Nepalese Minister for Industry Som Prasad Pandey said while addressing the seminar. The minister further said that the economic belt would take the whole Asia into a new height by exploring development.

He was of the view that Nepal will become a transit country between two giant economies China and India through this initiative.