AIDIA President Sunil KC (2nd from right) speaking at the second Round Table Meeting on Nepal-Zimbabwe Economic Partnership in Kathmandu on Tuesday. (Photo: AIDIA)
Participants have called for regular and meaningful engagements of private sectors of Nepal and Zimbabwe for economic development.
Speaking at the second Round Table Meeting on Nepal-Zimbabwe Economic Partnership, organized by Asian Institute of Diplomacy and International Affairs (AIDIA), here on Tuesday, they also urged the Non-Resident Ambassador of the Republic of Zimbabwe to Nepal, Stella Nkomo, to bridge the gap between the private sectors of both the country.
The Non-Resident Ambassador of the Republic of Zimbabwe to Nepal Stella Nkomo presented her credential to the President Ramchandra Paudel on Monday.
Welcoming and congratulating the Non-Resident Ambassador of the Republic of Zimbabwe to Nepal, Nkomo, on the occasion, AIDIA founder Sunil KC hoped that the follow up of the first Round Table Meeting on Nepal-Zimbabwe Economic Partnership, organized in 2018 in Kathmandu, is expected to engage more private sector in the days to come. “There are many areas of joint investment and collaborations,” he said, adding that the trade between Zimbabwe and Nepal is very negligible at present. “Thus, there is a huge potential for trade and economic activities to grow.”
Responding to the participants, the Non-Resident Ambassador of the Republic of Zimbabwe to Nepal highlighted the possibilities of investment in Zimbabwe and the private sector engagement between the two countries.
She also invited Nepali business people to invest in Zimbabwe as the country offers tax benefits, and easy repatriation of profits. “The investors can repatriate 100 percent of their profit,” she said, presenting the opportunities for investment in Zimbabwe.
The South Asian country Nepal and the South African country Zimbabwe established formal diplomatic relations on November 27, 1984. Since then, the two countries have maintained cordial relations, though their bilateral engagements remain limited. There is potential for enhanced cooperation in areas such as trade, investment, and cultural exchanges.
Like Nepal, Zimbabwe has a potential for hydropower development, though Zimbabwe’s economy is mostly dependent on mines and minerals. Nepal can export textiles and handicrafts to Zimbabwe as Nepal has expertise in these sectors. Similarly, Nepal has more potential to expand exports of traditional goods to Zimbabwe.
Zimbabwe, with its abundant mineral resources such as gold and lithium, offers export opportunities to Nepal, which is looking to diversify its import sources. Both countries, being landlocked, share common logistical challenges that could foster mutually beneficial trade partnerships.
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