Kathmandu, May 11: As Nepal and Korea is celebrating 50 years of establishment of diplomatic relations organizing various programs, the inaugural of Hundai Car Assembling Plant by Globally renowned Hyundai car is a historic milestone.

Following inauguration by prime minister Pushpa Kamal Dahal Prachanda, the care are now going to be assembled in Nepal as the South Korean car manufacturer Hyundai..

The Company has established the plant in Nawalparasi in collaboration with Laxmi Motor Corporation, which is the authorised distributor of Hyundai vehicles in Nepal.

Prime Minister Pushpa 'Prachanda' inaugurated the Hyundai Motor Assembling Plant in Nawalparasi during a function on Friday.

The plant was inaugurated on the occasion of the 50th year of the establishment of diplomatic relations between the Republic of Korea and Nepal.

Addressing the event, Prime Minister Prachanda said that the government was committed to accelerating the economic transformation of the country by keeping the morale of investors, including industrialists high.

Prime Minister Prachanda said that the country would be taken forward on the journey of prosperity through economic development.

"Without the private sector’s investment and cooperation between the state and the private sector, the country's economy cannot boost, productivity cannot increase and employment opportunities cannot be created," Prime Minister Prachanda said. "The government is always with the private sector to create an investment environment, promote the private sector and protect and facilitate investment sectors."

"Our fiscal and monetary policies should be promotion-oriented and not control-oriented," Prime Minister Prachanda said, "Those policies and regulations should contribute to the promotion of production and employment."

Park Tae Young, Ambassador of the Republic of Korea to Nepal, also addressed the inauguration program saying that the inauguration of the plant is highly important event to mark 50 anniversary of establishment of diplomatic relations between the two countries.

The assembling plant is spread over an area of about 10 bighas of land in Ramgram-6 of Nawalparasi. The construction work of the assembling plant had started for about a year.