Kathmandu, July 6

Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha Friday said that Nepal had both opportunities and challenges to economic development as it was sandwiched in between two emerging economies- India and the People’s Republic of China.

Inaugurating a seminar on ‘High Growth Trajectory in China and India: Opportunities and Challenges to Harness Potentials in Nepal’, organised here by the Institute of Foreign Affairs, DPM Shrestha hoped that the seminar would succeed to explore ways to take more benefits from the two giant neighbours for the promotion of Nepal’s potential sectors of development.

Urging the Indian and Chinese investors for more investment in Nepal, Shrestha said that Nepal should be able to promote agricultural and hydropower sectors for its development.

Informing about Nepal’s preparation to observe 2012 as the Investment Year, he further pledged to utilise the natural resources available in the country for the sake of nation’s economic prosperity.

On the occasion, Minister Shrestha also released a souvenir published by the institute.

Speaking at the inaugural ceremony, Chinese Ambassador to Nepal Yang Houlan said that Nepal should take benefits from the increasing trade of China.

The Chinese Ambassador vowed to motivate the Chinese business community to invest in Nepal as well.

Secretary at the Foreign Ministry Durga Prasad Bhattarai said that the production cost in Nepal would automatically go up since it is a landlocked country and underlined the need of utilising economic diplomacy and information technology for the nation’s economic development.

Institute’s Executive Director Dr Rhishiraj Adhikari said that needs of the people have been unlimited after the political change in the country.

He underlined the need of increasing investment in tourism and hydropower sectors for the economic and social transformation.