As Nepal and Korea mark 50 years of diplomatic ties, recent significant exchanges have included a foreign ministerial meeting during the UN General Assembly last year and the visit of Damodar Bhandari, Minister of Industry, Commerce, and Supplies of Nepal to Korea last month.

During the exchange of visits between the two countries, Lee Jeongkyu, the Special Envoy of the Minister of Foreign Affairs of the Republic of Korea, visited Nepal and met with Bishnu Prasad Paudel, Deputy Prime Minister and Minister of Finance; Sharat Singh Bhandari, Minister of Labour, Employment, and Social Security; and Amrit Bahadur Rai, Secretary of the Ministry of Foreign Affairs on Tuesday to explore ways to strengthen bilateral cooperation.

Sustained high-level exchanges between the two countries on the occasion of the 50th anniversary of diplomatic relations were acknowledged during the meeting, including the foreign ministerial meeting held on the sidelines of the UN General Assembly last year and the visit of Honorable Mr. Damodar Bhandari, Minister of Industry, Commerce, and Supplies of Nepal to Korea last month. They agreed to continue such exchanges in the future

They both affirmed their dedication to enhancing collaboration in the fields of economy, development cooperation, employment, and tourism.

They committed to utilizing the Korea-Nepal Trade and Investment Promotion Framework (TIPF) signed in December of the previous year to boost bilateral trade, investment, and industrial cooperation, while also backing Korean companies operating in Nepal. Additionally, they agreed to strengthen employment cooperation through the Employment Permit System (EPS) and to bolster development cooperation and people-to-people exchanges.

Since the establishment of diplomatic relations in 1974, Korea and Nepal have fostered a robust and amicable partnership across various sectors, including development, economy, employment, and tourism, supported by extensive human interactions over the past five decades.

Korea has consistently identified Nepal as a priority partner country for Official Development Assistance (ODA) for 15 consecutive years, focusing on critical areas such as agriculture, health, vocational training, and climate change.

Moreover, Korean corporations like Samsung Electronics and Hyundai Motor have made significant contributions to Nepal's manufacturing sector by establishing assembly plants in the country. Korea has also made substantial investments in Nepal's energy industry, including the Upper Trishuli-1 Hydroelectric Project.

Since the signing of the Korea-Nepal EPS MOU in 2007, more than 110,000 Nepali workers have found employment in Korea, benefiting the economic progress of both nations. The Korean government is also aiding in reintegration programs for returning migrant workers to support entrepreneurship and resettlement in Nepal.

The visit by Korea’s Special Envoy highlights the Korean government’s firm commitment to reviewing the past 50 years of friendly cooperation with Nepal and strengthening its partnership with Nepal as a key partner country for the next 50 years of mutual growth and collaboration, according to the statement.

The delegation, led by Special Envoy Lee Jeongkyu, is also set to visit Korean business operations and development cooperation projects during their time in Nepal.

Regarding the TIP Agreement, both parties expressed a joint dedication to enhancing cooperation in the areas of economy, development cooperation, employment, and tourism. They agreed to utilize the Korea-Nepal Trade and Investment Promotion Framework (TIPF) signed in December of the previous year to boost bilateral trade, investment, and industrial cooperation while continuing to support Korean companies' activities in Nepal. Additionally, they committed to strengthening

employment cooperation through the Employment Permit System (EPS) and enhancing development cooperation and people-to-people exchanges.

Since establishing diplomatic relations in 1974, Korea and Nepal have fostered a robust and amicable partnership in various sectors, including development, economy, employment, and tourism, supported by close human interactions over the past five decades.

Korea has designated Nepal as a priority partner country for Official Development Assistance (ODA) for 15 consecutive years, focusing on key areas such as agriculture, health, vocational training, and climate change.

Furthermore, Korean companies like Samsung Electronics and Hyundai Motor have made significant contributions to Nepal's manufacturing industry by establishing assembly plants in the country. Korea has also invested heavily in the energy sector, including the Upper Trishuli-1 Hydroelectric Project.

The visit of Korea's Special Envoy highlights the government's strong commitment to reflecting on the past 50 years of cooperation with Nepal and strengthening the partnership for the next 50 years of growth and collaboration. During their visit, the delegation, led by Special Envoy Lee Jeongkyu, also toured Korean business operations and development projects in Nepal.