Kathmandu. Prime Minister KP Sharma Oli has pledged to invest Rs 20 billion for setting up a buffalo meat processing plant in Nepal.

The Department of Industry has approved foreign direct investment worth Rs 20 billion.

Prime Minister Oli said that Chengdu Jian Food Company based in Sichuan Province of China has received foreign direct investment approval worth Rs 20 billion from the Department of Industry to set up a buffalo meat processing industry in Marin-4, Sindhuli.

He said the industry produces 200,000 metric tonnes of meat and 55,000 metric tonnes of ancillary products annually.

“As per the agreement signed during my visit to China last Month, Chengdu Jian Food Company based in Sichuan province of China has received foreign direct investment approval worth Rs 20 billion from the Department of Industry to set up a buffalo meat processing industry in Marin-4, Sindhuli. The industry produces 200,000 metric tons of meat and 55,000 metric tons of ancillary products (skin, internal organs, head) annually. The industry will employ 5,156 people and export meat worth Rs 150 billion annually to China. This will be important for exports and job creation. ‘