FNCCI inks pact with CII

Kathmandu: The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and Confederation of Indian Industries (CII) have inked a Memorandum of Understanding (MoU) that will help promote investment in Nepal.

The MoU is also aimed at boosting the volume of exports between India and Nepal and FNCCI president Kush Kumar Joshi and former CII president Subodh Bhargava signed the MoU on behalf of their respective organisations.

The MoU will help expand exports, water resources sharing, tourism, land, air and water transportation and form a new joint task force to support development work. Earlier, the FNCCI team met Indian finance minister P Chidambaram in New Delhi today.

The visiting Nepali entrepreneurs on the occasion apprised the Indian finance minister of the problems Nepali traders are facing in bilateral trade.
According to the MoU, a new Joint Task Force will be formed and that will prepare a report
and submit to Joint Economic Council (JEC) within the six months to boost trade realtions between the two countries.

The team also met Indian tourism minister Ambika Soni A team of 38 representatives of FNCCI yesterday accompanied Prime Minister Pushpa Kamal Dahal ‘Prachanda’ to New Delhi.

Another 12-member team of the Confederation of Nepalese Industries (CNI) led by its president and CA member Binod Chaudhary is also in New Delhi.
The aim of the FNCCI sojourn is to better economic relations between Nepal and India. According to an FNCCI release, the team consists of persons from all major sectors of the country.

The CII, Federation of Indian Chambers of Commerce and Industries (FICCI) and Associated Chambers of Commerce (ASSOCHAM) have jointly organised the meet.
FNCCI representatives are also planning to meet Indian officials to discuss how to promote the tourism sector and bilateral economic support.