Ambassador of Republic of Korea Park Young-sik and chairperson of Ankur-Nepal, Returnees Workers Association from Korea, jointly inaugurated Workshop on the rule of Private sector in the economic development of Korea, supporting the success of Nepali returnees.

Organized by Embassy of Republic of Korea and Ankur, the program aimed to learn the Korean economic development experiences and to learn the various successful models of projects run by Korea returnees.

Professor of Yonsei University of Korea Dr. Yoo Chung-sik suggested that Nepal needs to further open its economy making foreign investor friendly policies, acts and regulation and to promote private sectors in the economic development.

Sharing the experiences of economic development of Korea with Nepali audiences, Professor Dr. Yoo Chung-sik said Korea and Nepal is in the same economic state in 1960 with per capita income below US$100. “Thanks to opening up economy and massive participation of private sector Korea has made a big progress in the shortest period of time,” said Professor Dr. Chung-sik.

He said that the role of private sector with the facilitation by the government through investment friendly policies law, labor settlement and open market are keys for the prosperity and development of Korea.

Presenting his paper on The Role of the Private sector in the economic development of Korea Dr. Chung-sik stressed the need to invest more in education sector particularly in the technical education sector.

Dr. David Sharma, Nepal Innovation and Technology and Entrepreneurship Center, Pokhara University, presented a paper on hot to model a business after returning from Korea. Country director of ILO Richard Howard presented ILO project in Nepal.

Professor of University of Korea (Tech) Dr. Choi Seong-joo also presented a paper on improving vocational skill of returning workers through vocational training school in Nepal.