A Bilateral Annual Consultation Meeting on Development Cooperation between Nepal and Republic of Finland was concluded in Kathmandu today. The Nepalese delegation was headed by Mr Vidyadhar Mallik, Finance Secretary, Ministry of Finance, Government of Nepal and the Finnish delegation was led by Ms. Marajatta Rasi, Under Secretary of State, Ministry of Foreign Affairs, Republic of Finland.

Mr Mallik, in his opening statement, highlighted the overall macro-economic situation and presented socio-political scenario of the country. He further emphasized the need for increased level of assistance from development partners, including from Finland, to meet the growing development demands of the people in the aftermath of the end of the decade-long conflict.

Ms. Rasi expressed her concern on the ongoing peace process in Nepal and wished for its earliest and successful conclusion. She took note of the recent political happenings in Nepal, most notably the postponement of Constituent Assembly elections, and stressed on the need for conducting it as early as possible.

On development side, Nepal and Finland agreed to expand mutual cooperation in the sectors such as water and sanitation, environment and forestry. In addition, Finland assured to continue its support on education, peace process and human rights. The consultation has also explored new areas of future cooperation between two countries such as rural hydro-power, agro-processing and ICT also involving the private sector. It was recalled that the recently held negotiations on the Draft Agreement on Promotion and Protection of Investment between the two countries would pave the way for private sector development after its conclusion at the earliest.

Likewise, Finland reaffirmed its support to Nepal's peace process through mobilizing the Nepal Peace Trust Fund. Nepal appreciated the Finnish commitment.

The agreed minutes were signed today by Mr Mallik and Ms Rasi on behalf of their respective governments.

The Government of Nepal expressed its sincere appreciation to the government and people of Finland for their cooperation in Nepal's socio-economic development. The Finnish delegation thanked the government of Nepal for warm hospitality and cordial arrangement extended during the consultation.