Nepal Again Asks North Korea to Take Back its Investment

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Nepal Again Asks North Korea to Take Back its Investment

October 20: The Department of Industries has asked North Korean investors to take back their investment from Nepal for the third time. The department wrote a third letter to the North Korean Embassy in Kathmandu last Wednesday after it did not respond to the earlier letters.

The government issued such directive to the embassy in accordance with the decision taken by the United Nations Security Council against North Korea. The security council had decided to impose sanctions on North Korea on May 11, 1993 for its active involvement in pursuing nuclear ambitions and missile tests.

The UN Security Council decided to impose more sanctions including economic sanctions on December 22, 2018 after it stepped up its activities to enrich nuclear energy.

The UN had written a letter to the Ministry of Foreign Affairs to shut down industries operating with North Korean investment. Based on the letter, the government decided to clamp down the businesses backed by North Korean investment.

Earlier, the Department of Industries had asked the North Korean Embassy to take back its investment twice.

The government in mid-September had given two months time for North Korea to take back its investment.


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