China, Nepal sign 8 pacts for major-infrastructure projects; deepen bilateral-ties
China and Nepal today signed eight agreements for developing major infrastructure projects in the land-locked Himalayan nation to further deepen bilateral ties. China has been investing heavily in Nepal in the last few years to enhance the connectivity and infrastructure. Nepal PM KP Sharma Oli arrived in Beijing yesterday on his first official visit to China since his re-election. Here's more.
Agreements signed to develop hydropower projects, cement industries
The agreements were signed between the governments and private companies of Nepal and China to develop hydropower projects, cement industries, and establish highland food-parks. An agreement was signed between the Investment Board of Government of Nepal and Huaxin Cement Narayani Pvt Ltd under which the Chinese firm has pledged $130 million of FDI to generate 3,000 metric tons of cement per day.
A $46mn investment on establishing highland food parks
Another MoU was signed to prepare a detailed feasibility-study on Eastern-Tarai Irrigation System in the Biring, Kamala, and Kankai rivers. Nepal, China agreed on establishing the highland food-park for varieties of fruits and vegetables with an investment of over $46mn. They also agreed for the development of 164 MW Nepal Kaligandaki Gorge Hydropower Project to be developed in BOOT (Build, Own, Operate, Transfer) model.
Agreement for sale of Nepali pashmina in China
Another agreement was signed for the construction of 40.27 MW Siuri Nyadi Hydropower Plant Project in EPCF model. An agreement between Nepal Pashmina Industries Association and One Belt One Road International Trade Platform of CIC Mutual Trade Investment Company was signed for the Nepali pashmina sale in China. China's purchase order for the pashmina would be between 200,000 to 500,000 pieces every year.
Two more hydropower projects included in the agreements
The Himalayan Times in Kathmandu reported that a separate Memorandum of Understanding on Framework Agreement for Cooperation in Marsyangdi Cascade Hydropower Project of 600 MW was also signed. The report added that the both China and Nepal also agreed for the Construction of 75 MW Trishuli Galchhi Hydropower Project in EPCF (Engineering, Procurement, Construction and Finance) Model.
Oli to address Nepal-China Business Forum and Beijing think-tanks
During his six-day visit, Prime Minister Oli is scheduled to hold bilateral talks with the Chinese Prime Minister Li Keqiang and address a Nepal-China Business Forum and think-tanks in Beijing. The Nepali Prime Minister's visit comes after his trip to India soon after his election as Prime Minister and followed by Prime Minister Narendra Modi's return visit to Kathmandu.
Oli signed treaty in 2016 to widen China-Nepal ties
Oli, during his brief tenure in 2016, widened China-Nepal ties by signing the transit-trade treaty to reduce Nepal's dependence on India at the height of Madhesis agitation and sought expansion of road links through Tibet besides extension of China's railway to Nepal through the Himalayas.