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Nepal PM kicks off China visit eyeing investment deals / Photo: © AFP
NYSE - LSE
Nepal PM kicks off China visit eyeing investment deals
Nepal's prime minister was in Beijing on Tuesday to meet Chinese leaders, seeking to expand infrastructure cooperation after breaking with the longstanding tradition of new leaders making their first official visit to neighbouring India.
Khadga Prasad Sharma Oli, who returned to power in July after two previous terms in the top job, arrived in Beijing to kick off the trip Monday evening, footage on Chinese state broadcaster CCTV showed.
The leader of the Himalayan republic is scheduled to meet with Chinese President Xi Jinping and Premier Li Qiang during his visit, which will last until Thursday.
Beijing's foreign ministry said last week that Xi and Oli would "have in-depth exchanges of views on deepening our traditional friendship".
That includes expanding cooperation under the Belt and Road project -- Xi's flagship international infrastructure initiative -- and "exchanges and cooperation in various fields", ministry spokeswoman Mao Ning said.
Pradeep Gyawali, deputy secretary of Oli's Communist Party of Nepal Unified Marxist-Leninist (CPN-UML), told AFP the visit would centre on prior investment deals -- including for the recently finished construction of an international airport in tourist hub Pokhara.
Oli has sought to walk a fine line between neighbours China and India, the world's two most populous nations, but has favoured Beijing in an effort to cut Kathmandu's historical reliance on New Delhi.
Nepali media reported that Oli likely chose Beijing as his first destination due to the absence of a formal invitation from New Delhi.
Nepal's foreign ministry said Oli will "exchange views on matters of mutual interest" with his Chinese counterparts during the trip.
He will also deliver a keynote address at China's prestigious Peking University and speak at a bilateral business forum, the ministry said.
India accounted for nearly 65 percent of Nepal's total trade in the 2023-24 fiscal year, according to customs data.
China's trade share was about 15 percent, though Chinese companies lead in some industries -- including a 70 percent share of Nepal's burgeoning electric vehicle market.
India has the highest foreign investment in Nepal, pumping in more than $750 million last year, with China investing more than $250 million, according to Nepal's central bank.
P. Rasmussen--BTZ
