On September 3, Chinese Ambassador to Nepal Yu Hong attended the signing ceremony of the Project Investment Agreement (PIA) between Nepal Investment Commission and Red Lion Hope Cement Co., Ltd.
Red Lion Hope Cement Co., Ltd. is a joint venture between China Red Lion Holding Group and Nepal Hope Holding Group. It plans to invest 360 million US dollars in the construction and operation of cement production lines and supporting low-temperature waste heat power generation projects in Lumbini District. It is currently the largest foreign investment project in Nepal's manufacturing sector.
PIA is the guarantee of the Nepalese government for the legitimate rights and interests of large foreign-funded enterprises in Nepal, which is signed by the Investment Commission on behalf of the Nepalese government. The agreement clarifies the content and scope of project investment, the responsibilities and obligations of both the government and enterprises, the legitimate rights and interests of enterprises and financial incentive policies.
The event was hosted by the Investment Commission of Nepal, including the Minister of Finance of Nepal, the CEO of the Investment Commission, the Director-General of the Industrial Bureau, the Director-General of the Immigration Bureau, and about 200 representatives of the Nepalese Business Association, business representatives and local media attended the signing ceremony.
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