China begins construction of market complex in Tibet

BEIJING: China has commenced the construction of a USD 30 million commercial complex in Tibet near the Indo-Nepal border aimed at boosting trade with Nepal.

A ground breaking ceremony was held at the Tibet's Burang County, which is also located close to the Indian border.

According to the local government, the Tanggar International Border Trade Market covers an area of 72,403 square meters and will receive a total investment of 195 million yuan (USD 30 million).

The market, once built, will become a commercial complex that incorporates merchandise trade, business, leisure, logistics and storage.

Burang borders Nepal to the south and India in the southwest, state-run Xinhua news agency reported.

Statistics from the local port management committee showed the total trade volume reached 54.2 million yuan by last November and 557 foreign merchants have set up offices at Burang Port.

China has opened up it border with Tibet to supply petroleum and other essential products to Nepal during recent agitation against the new Constitution by Madhesis that restricted supplies from the Indian side.

Both countries singed an transit treaty during recent visit of Nepal Prime Minister K P Sharma Oli.