Nepal, April 28 -- The Nepal Investment Summit 2024 is beginning today. I am confident that the two-day summit will play an important role in the economic and social transformation of Nepal. I have often been asked about the secret of Korea's economic development during discussions with politicians and other stakeholders in Nepal. One key aspect of Korea's development has been the government's proactive steps to attract foreign direct investment (FDI) and the effective utilization of that investment.

Classical economists consider labor, capital, and land as the fundamental elements of production. During Korea's economic development, capital investment was insufficient and raising it was extremely challenging, although labor and land were...