In a significant move to boost economic cooperation, the Confederation of Nepalese Industries (CNI) and a visiting business delegation from the Russian Chamber of Commerce and Industry held discussions on expanding trade and business ties between Nepal and Russia on Wednesday. The talks focused on exploring investment opportunities and strengthening bilateral relations.
During the business discussion, CNI President Rajesh Kumar Agrawal highlighted Nepal’s potential as a fertile land for investment, strategically located between two of the world’s largest countries. He urged the Russian delegation to increase investment in Nepal, citing the potential benefits for investors.
Sergei Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation, who led the business delegation, emphasized the crucial role of the private sector in a country’s development. He expressed Russian industrialists’ readiness to invest in Nepal and collaborate with the CNI on important projects, fostering cooperation between businesses from the two nations.
To further solidify their partnership, the CNI signed Memorandums of Understanding (MoUs) with three Russian business organizations: the Chamber of Commerce and Industry of the Russian Federation, the St. Petersburg Chamber of Commerce and Industry, and the Lipetsk Chamber of Commerce and Industry. These MoUs aim to facilitate cooperation on matters of mutual interest, paving the way for increased economic engagement.
Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) also hosted discussions with the visiting Russian business delegation on Tuesday. During the meeting, FNCCI President Chandra Prasad Dhakal emphasized the importance of capitalizing on the bilateral relationship between Nepal and Russia to strengthen trade and investment cooperation.
Dhakal highlighted the FNCCI’s efforts in advancing and facilitating bilateral business connections and international trade collaborations since its establishment. He also mentioned the long-standing formal relations between the FNCCI and the Chamber of Commerce and Industries of the Russian Federation, established in 2011 through an agreement signed in Moscow.
The FNCCI President expressed confidence that the partnership between Nepal and Russia could open new paths to economic growth and development for both nations. He appraised the Russian delegation of the long history of diplomatic relations between Nepal and Russia, acknowledging the former Soviet Union’s significant contributions to Nepal’s modernization process through economic and development cooperation.
Dhakal informed the Russian delegation about Nepal’s efforts to create a better investment climate, including amendments to 12 laws and regulations. He also mentioned the government’s preparation of a framework for a Bilateral Investment Agreement, urging Russian businesses to seize this valuable opportunity and invest in Nepal’s attractive sectors.
The potential sectors for investment in Nepal highlighted by Dhakal included tourism and tourism infrastructure, agro-processing, hydropower projects and infrastructure, ICT, and manufacturing, among others.
With the signing of MoUs and discussions focused on investment opportunities, the meetings between Nepalese and Russian business leaders signify a significant stride towards strengthening economic ties and exploring mutually beneficial trade and investment prospects.
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