Press Information Bureau
Government of India
Ministry of Finance

22-October-2011 16:11 IST

The Union Finance Minister Shri Pranab Mukherjee assured the Finance Minister of Nepal Mr Barsha Man Pun of India’s full cooperation and support in building-up various projects in Nepal. Shri Mukherjee gave this assurance when Mr Pun called on him in his office here today. Shri Mukherjee asked his Nepalese counterpart only to prioritize these projects so that they could be taken-up accordingly.

The Finance Minister Shri Mukherjee said that construction work on building Integrated Check posts on Indo –Nepal border has already started on Indian side and asked Mr Pun to get it expedited on Nepal side as well. He said that these check posts once operational would help in both i.e. in expediting the customs clearances as well as immigration clearances in an efficient manner. Shri Mukherjee said that Bilateral Investment Promotion Agreement (BIPA) signed between two countries yesterday would also help in providing necessary institutional frame work for the investors from both sides. However, Shri Mukherjee asked Mr Pun to ensure safety and security of Indian businessmen visiting Nepal for promoting trade and investment between two countries.

The Finance Minister of Nepal Mr Pun assured Shri Mukherjee about the safety and security of Indian businessmen visiting Nepal. He sought support of the Finance Minister Shri Mukherjee in completing various projects in Nepal. He also assured that finalization of DTAA between two countries would also be got expedited. He thanked Shri Mukherjee for all his support to Nepal and invited him to visit Kathmandu at the earliest.

Shri Mukherjee thanked Mr Pun for his invitation and again assured the support of India in best possible manner.

DSM/SS

Bilateral Investment Promotion Agreement promotes investor framework and enables prioritized infrastructure and trade facilitation. India committed to support development projects in Nepal contingent on Nepali prioritisation. Construction of Integrated Check Posts on the Indo-Nepal border has begun on the Indian side and India urged Nepal to expedite completion to improve customs and immigration processing. The Bilateral Investment Promotion Agreement was noted as providing an institutional framework for investors, while India requested Nepal ensure the safety of Indian businessmen; Nepal assured security and sought support for project completion and expedited finalisation of a Double Taxation Avoidance Agreement.