On the occasion of the 50th anniversary of the establishment of diplomatic relations between Nepal and China, Nepali King Gyanendra has expressed the belief that mutual understanding and cooperation of the two countries will scale new heights in the years ahead charting a more collaborative relationship to suit the challenges and opportunities that lie ahead.

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

"We in Nepal greatly value our friendship with China which has remained a true friend of Nepal and the Nepalese people," Radio Nepal Monday quoted the king as saying.

"We would like to take this opportunity to express our sincere appreciation to China for cooperation in various sectors, which has significantly contributed to Nepal's development endeavors," the king noted.

This occasion echoes the very warm, cordial and cooperative relationship between Nepal and China during the past 50 years, and inspires the two countries to chart a new course for stronger and consolidated bonds of friendship and cooperation that has been subsisting from generation to generation, the king added.

In the message, the king also expressed best wishes for continued peace, stability and prosperity of the Chinese people.

"Nepal and China enjoy traditional friendship marked by warmth of friendship, cordiality, mutual trust, understanding and cooperation. After the establishment of diplomatic relations, the two countries have made great progress in strengthening understanding and cooperation," the radio also quoted Nepali Minister for Foreign Affairs Ramesh Nath Pandey as saying.

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.

The economic relations and cooperation between China and Nepal have made headway in different areas over the past 50 years, Chinese Ambassador to Nepal Sun Heping told Xinhua.

"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's total volume of trade with China was 157 million US dollars in its fiscal year 2003/2004 (July 16, 2003 to July 15, 2004), up 8 percent over the previous fiscal year and accounting for 6 percent of Nepal's total trade volume, according to Sun.

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, Sun added.

Source: Xinhua