China’s Belt and Road Initiative may help Nepal realize its dream of development and economic prosperity. Nepal, a land-locked and least developed country, needs the cooperation of neighbors, especially China, to upgrade its status to a developing country. Introduced by China in 2013, the Belt and Road Initiative aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road. The Belt and Road Initiative is expected to bring opportunities in multiple fields including trade, connectivity, physical infrastructure development, tourism and investment.
China and Nepal are interested in enhancing cooperation, namely, strengthening policy coordination and consolidating mutual trust, expanding connectivity and sharing experience for economic development, promoting unimpeded trade, deepening the financial integration and constructing the road for innovation, strengthening the people-to-people bond for mutual learning.
Nepal seeks investment under the Belt and Road Initiative in various possible sectors like hydropower, agriculture, trade related infrastructure, tourism, herbs and herbal products, natural resources and service sectors.
But for that to happen Nepal needs to pay attention to basic pre-requisites like connectivity, infrastructure development, reforms in laws, and policy amendments, among others. In addition there is a need for sincerity and political commitment for implementation of the initiative from the Nepali side.