A seminar on Nepal-China economic relations was held in Kathmandu Sunday in celebration of the 50th anniversary of the establishment of diplomatic relations between the two countries.

The seminar was jointly organized by Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the China Study Center, a non-governmental academic and Nepal-China friendship organization in Nepal.

Nepal and China enjoy great potential in developing their economic relations, and the two countries can cooperate in nearly every fields, from banking, construction, airlines, insurance, to agriculture and industry, Madhukar Shumshere J.B. Rana, Nepali Minister of Finance, told Xinhua on the sidelines of the seminar.

Addressing the ceremony, Chinese Ambassador to Nepal Sun Heping said that the economic relations and cooperation between China and

Nepal have made headway in different areas over the past 50 years.

"We have achieved a lot in strengthening China-Nepal economic relations, but we still have a long way to go," Sun said. "We should focus on deepening economic and trade cooperation so as to push forward the common development of our two countries. Further promoting our bilateral economic relations in the next 50 years needs the concerted efforts from our both sides."

Nepal and China formally established diplomatic ties on Aug. 1,1955.

Nepal's total volume of trade with China was 157 million US dollars in its fiscal year 2003/2004, up 8 percent over the previous fiscal year and accounting for 6 percent of Nepal's total trade volume.

More and more Chinese businessmen and companies have come to Nepal to seek business opportunities and to explore investment possibility. In 2004, the total number of Chinese investment projects reached 30 with input capital of nearly 40 million US dollars.

Source: Xinhua