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      Nepal desperately needs investment from countries like its neighbor China, especially at a time when the world is undergoing an economic recession, said Nepali Finance Minister Baburam Bhattarai.

    Addressing a high level roundtable financial meeting focused on attracting Chinese investments in Kathmandu on Sunday, Bhattarai assured an economic revolution in the country within a few years.

    The meeting hosted to highlight the "China-Nepal Economic Cooperation", was organized by the Federation of Nepalese Chambersof Commerce and Industry which was subjected to outline the dejected aspects of Chinese investments in Nepal.

    Bhattarai showed his commitment to address the technical problems and hurdles faced by Chinese investors in Nepal.

    Answering questions asked by Chinese businessmen and investors on the occasion, Bhattarai said, "The Nepali government is about to form a 'Investment Board' very soon headed by Prime Minister which would solve the problems of Chinese investors too."

    He dragged Chinese businessmen to invest in Nepal's hydropower sector citing the 16 hours power cut problem. "We invite our friends form China to invest in the energy sector so that we will not be bothering by the energy crisis for long," he added.

    On the same occasion, Chinese Ambassador to Nepal Qiu Guohong said that with the growth of Chinese economy, the number of Chinese investors had also increased to 200 in Nepal by October 2008.

    "The increased number of Chinese investors in Nepal has made great contribution to the economic growth of Nepal," he said.

    According to the Chinese envoy, since the republican government in Nepal has shown seriousness toward Chinese investment, Chinese companies are willing to work in Nepal.

    However, he uncovered some problems faced by Chinese investors in Nepal such as tariff, customs duty, visa complication and language problems.

    "Nepal has abundant resources in hydropower and other sectors too, I hope the Nepali side will be creating a favorable investment environment for Chinese investors," the Chinese envoy said.