Foreign Secretary Shanker Das Bairagi and Chinese Ambassador to Nepal Yu Hong, in the presence of Foreign Minster Dr Prakash Sharan Mahat, signed the memorandum of understanding (MoU) related to the OBOR amidst a programme at the Ministry of Foreign Affairs, Singha Durbar Friday. Talking to media persons after the signing ceremony, the Minister said the understanding was itself a great step in the relationship between the two countries. “This agreement will bring Nepal and China closer through road connectivity and also the Chinese investment to home thus supporting in efforts aimed at achieving economic development.” Addressing the function also attended by Deputy Prime Minister and Minister for Finance Krishna Bahadur Mahara, the Foreign Minister said the agreement was important for Nepal which would benefit the country in terms of expansion of road connectivity, construction of railway and an increment in Chinese investment. “Nepal is a landlocked country and it is still a least-developed one,” he said, expressing his hope that it would see investment here by its valuable neighbour China which would support in the economic development. With the signing of the MoU, a new chapter has begun in the area of foreign investment and trade promotion, he added. Nepal would reap benefits from this Chinese project which would expand to Europe and Africa, and Nepal felt that a new dimension had been added to the sector of economic development with the signing of the MoU. “Nepal needs the maximum investment and we want that Chinese investment is channeled in Nepal through this new project,” he said and expressed the belief that Nepal would reap the benefit from this MoU. Recalling that many rounds of discussions and interactions had been held at different levels between the two countries prior to arriving at this juncture of signing the MoU, the Foreign Affairs Minister extended special thanks to both the Nepali and Chinese sides extending support for its realisation, according to Yek Raj Pathak, Minister Mahat’s press coordinator. On the occasion, Foreign Secretary Bairagi said Nepal would be benefited from this important project initiated by China and that this should be taken as a significant achievement of Nepal’s development endeavour. China’s ambassador to Nepal Yu Hong expressed that this project would contribute to enhancement of China-Nepal cooperation as well as to the economic development of the South Asia region itself.