Nepal - South Korea, Business talks during World Bank meeting

World Bank's annual meeting for 2023, with the theme “Global Action, Global Impact”, scheduled from October 09, 2023, to October 15, 2023, has concluded. The meeting was held in Marrakech, Morocco. Nepal also participated in the meeting and was represented by Finance Minister Dr. Prakash Sharan Mahat. The main highlight for the Nepal was Finance Minister's meeting with the Deputy Prime Minister and Finance Minister of South Korea, Choo Kyung-ho. 

In the meeting with Mr. Choo Kyung-ho, Dr. Mahat discussed the investment opportunities for international companies, assurance of a good operational environment, and ensured a good return on their investment. He cited the various big multinational companies like Pepsi, Coca-Cola, ITC India, Dabur, etc. already operating in Nepal and earning good profits and returns. He also informed his South Korean counterpart that the Nepal Government is putting every effort and plan for better FDI involvement in the current year's budget and the same will continue in the coming years as well. Dr. Mahat also stated that the business and investment scenario is constantly improving in Nepal and thus South Korean Investors will not have any hassles.

Towards the suggestion by Dr. Mahat, Mr. Choo Kyung-ho stated that his country is ready to provide technical and financial assistance to the development of infrastructures in Nepal. But he also stressed the fact that there is an issue of Double Taxation between the two countries and that needs to be resolved for more smooth business relations and encourage the South Korean investors. Dr. Mahat replied that he would look into the matter as soon as possible and come to a solution.

To show the favorable foreign investment environment in Nepal, Finance Minister Dr. Mahat also spoke about India's decision to buy 10,000 megawatts of electricity from Nepal. He thus suggested that hydropower along with the construction of transmission and distribution lines, agriculture, tourism, and the digital sector will favor the investors even more.

Besides the business discussions, Dr. Mahat forwarded an invitation to Mr. Kyung-ho to visit Nepal. The Deputy Prime Minister readily accepted the invitation and showed his key willingness to visit Nepal. He urged Dr. Mahat to set the agenda of the visit at the earliest. Dr. Mahat also thanked his South Korean counterpart for providing employment opportunities to some 12000 Nepalese and also requested permission to operate direct flights from South Korea by Nepal Airlines. 

In the context of this investment discussion, it is worth noting here that the World Bank recently stated that Nepal's economy is expected to grow at 3.9% in the Fiscal year 2024 and is further projected to grow by 5% in the Fiscal year 2025. Also, Nepal has implemented several policies and regulations including implementing Foreign Investment and Transfer of Technology Act, 2019 (FITTA) for better FDI prospects. The fact that as of mid-July 2021, 55 countries have invested in Nepal through FDI, as per Nepal Rastra Bank, National Bank of Nepal, survey validates the better and improving foreign investment opportunities and environment in Nepal. 

Korean to Nepali and Nepali to Korean Translation

Along with the news, we would also like to discuss regarding translation between Korean and Nepali. Whether you're a language enthusiast, a traveler, or a professional seeking accurate translation, you need to know all the nuances, challenges, and tactics to ensure precise translations of both Korean to Nepali and Nepali to Korean.

Accuracy in Korean Nepali Translation

Context is Key

When translating between Korean and Nepali, the context is your guiding star. The same word in Korean might have different translations in Nepali depending on the context, and vice versa. To navigate this linguistic terrain effectively, consult resources like the Cambridge Guide to Translation. It's your compass for context.

Idioms and Cultural Nuances

Korean and Nepali languages are rich in idiomatic expressions and cultural nuances. To understand these subtleties, delve into the offerings at the Korean Cultural Center. It's like immersing yourself in the cultural tapestry of both languages.

Proofreading and Revision

Ensuring accuracy is paramount. Consider using tools like Grammarly to polish your translations. If you seek professional help, ProZ can be your go-to resource. It's like having a translation guardian by your side for both Korean to Nepali and Nepali to Korean translations.

Use Professional Services

When precision is non-negotiable, professional translation services can be your savior. Platforms like One Hour Translation offer certified translations for both Korean to Nepali and Nepali to Korean. It's like having a team of language experts at your disposal.

Practice Makes Perfect

Mastery comes with practice. Engage in regular translation exercises and seek feedback from language enthusiasts in both directions. Platforms like Lang-8 are your playground for practice and learning. It's like having a friendly community cheering you on, whether you're translating from Korean to Nepali or from Nepali to Korean.