NICCI seeks IBN’s support to organise Nepal-India Partnership Summit

The Nepal India Chamber of Commerce and Industry (NICCI) sought Investment Board Nepal’s (IBN) support to organise Nepal-India Partnership Summit targeting Indian investors. In the meeting with IBN CEO Sushil Bhatta on December 18, it drew the Investment Board’s attention toward a trend of slowdown on Indian investment in Nepal in recent months. Sunil KC, Vice President of NICCI, said that one of the few programs planned by the Association for attracting investment from India in the coming days is to organise bilateral ‘Nepal-India Partnership Summit’ in Nepal and India every year targeting Indian investors. He also proposed that the IBN should be a major partner. He informed that there is another plan to set up a ‘Nepal Innovation Center’ in Delhi to facilitate Indian investors who want to invest in Nepal. Stating that the involvement of IBN is necessary, he requested the board for their support stating that attracting Indian foreign investment to Nepal is of interest to both NICCI and IBN. Saibal Ghosh, also Vice Pesident at NICCI said addressing problems of foreign-investment industries in Nepal is very important stressing that problems of intellectual property rights, brand registration, delay in test marketing permit and contract manufacturing should be solved. He drew attention to the need to facilitate payment of larger sums through the approval of Nepal Rastra Bank as the services related to software and machinery maintenance do not come under the perimeter of Rs 100,000. IBN CEO Bhatta said that the IBN is positive towards the proposition made by the NICCI, adding that IBN is also discussing the scope of Indian investment in Nepal.