Nepal needs to capitalise on bilateral relationship with Russia: FNCCI President Dhakal

• FNCCI holds meeting with Chamber of Commerce and Industry of the Russian Federation

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has emphasised the importance for Nepal to leverage its bilateral relationship with Russia to bolster trade and investment cooperation.

Dhakal made these remarks during a meeting between the FNCCI and the Chamber of Commerce and Industry of the Russian Federation, at the FNCCI secretariat on Tuesday.

The delegation from the Chamber of Commerce and Industry of the Russian Federation was led by its President, Sergei Katyrin.

During the meeting, Dhakal stated that since the establishment of the FNCCI, it has been promoting and facilitating bilateral business connections and international trade collaborations. He shared that it has been 13 years since the FNCCI and the Chamber of Commerce and Industry of the Russian Federation established formal relations, following the signing of the Agreement on Cooperation in Moscow on July 25, 2011.

Dhakal added that Tuesday's meeting would further strengthen these valued relations and help promote trade and investment relations between Nepal and Russia. He expressed confidence that this partnership could open up new avenues for economic growth and development for both nations. Dhakal informed the gathering of the long history of diplomatic relations between Nepal and Russia, stating that the then Soviet Union had extended significant economic and development cooperation to Nepal, contributing to accelerating Nepal's modernisation process.

He also informed the Russian delegation that Nepal offers tremendous investment potential as most of the sectors are still untapped. Furthermore, he shared that their collaboration could assist Nepali businesses in exporting their products and services to the Russian market.

Meanwhile, Dhakal also informed the Russian delegation that the government of Nepal has amended 12 laws and regulations to create a better investment climate in Nepal. He also shared that the government has already prepared the framework of a Bilateral Investment Agreement. He urged Russian businesses to seize this valuable opportunity to invest in Nepal in attractive areas for mutual benefit. He also mentioned the potential sectors for investment in Nepal, such as tourism and tourism infrastructure, agro-processing, hydropower projects and infrastructure, ICT, and manufacturing, to name just a few.

Meanwhile, Sergei Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation, who holds the position of a minister in the order of precedence, said that Russian investors are keen to invest in Nepal. He stated that he will take the initiative to inform more Russian business people about the investment opportunities in Nepal. He also said that Russia is a huge market and he would assist Nepali businesses to export their products to Russia.

During the programme, presentations were also made by the Chamber of Commerce and Industries of Saint-Petersburg and the Chamber of Commerce and Industries of the Lipetsk region. Additionally, Gokarna Awasthi, Director General of the Federation of Nepalese Chambers of Commerce and Industry, informed the Russian delegation about the initiatives that the FNCCI has taken to improve the business climate of Nepal.

Meanwhile, Dhakal also expressed his gratitude to the Chamber of Commerce and Industry of the Russian Federation and Russian investors for their participation in the forthcoming Nepal Investment Summit, which is to be held on April 28 and 29.