New industrial park to boost China-South Asia ties

China's Tibetan Autonomous Region will actively promote the establishment of an industrial park in Nepal, as well as construction of a comprehensive bonded area in Lhasa in 2017, according to an official in Lhasa, Chinanews.com reports.

Wang Xuguang, director of the Economic Development Bureau under the Administrative Committee of  the Lhasa Economic and Technological Development Zone, said that Lhasa will also set up five bases in Beijing-Tianjin–Hebei region, Yangtze River Delta, Pearl River Delta, southwest China and South Asia to boost Lhasa's economy and trade.

Tibet, which is located in southwest China, is an important stop on China’s Belt and Road Initiative and a gateway to South Asia as it borders countries including India, Bhutan and Nepal.

As one of the less developed countries, Nepal relies largely on imports for almost all products except for agricultural produce, Wang said. But the country’s imports have fallen far short of its needs.

The China-Nepal Industrial Park will tap into Tibet’s resources and attract export-oriented businesses in the areas of designer clothes OEM, energy logistics, daily necessities production, whole vehicle assembly, water purification, agricultural and livestock produce processing, electronic products manufacturing and the new energy industry. The efforts are expected to meet local needs as well as setting up an industrial chain eyeing South Asian market.

Through mutual consultation, Nepal agreed on China’s plan to develop an industrial park in 2016.  and the project sites will be based  in south Nepal and Nuwakot. Efforts are now on the way to finalize signing of a framework agreement on cooperative development of the industrial park, Wang said.