A memorandum of understanding has been signed between Federation of Nepal Chamber of Commerce and Industry of Koshi Province and Udaya Project for the promotion of small and medium industries in Koshi Province. Rajendra Raut, president of Federation Koshi Pradesh, and Arun Rana, team leader of Udaya Project, signed the memorandum of understanding on Thursday.

Raut, chairman of Federation of Koshi Province, said that micro, domestic and small industries play an important role in the economic and social development of the country. According to him  Nepal's small and medium industries contribute about 22 percent to the total domestic product and provide employment to 1.7 million people.  It is said that this agreement will help in the promotion of professional development services, capacity development, network expansion, coordination and sustainable development of small and medium industries and building a business environment.

Similarly, the team leader of the Udaya project, Rana, said that the memorandum of understanding will present the outline of a partnership for deploying business development consultants targeting small and medium enterprises active in Koshi province. He expressed his belief that the project will facilitate access to capital, investment and innovation promotion of industry and business. 

The Federation of Koshi Province has been conducting various programs for the promotion of small and medium industries in collaboration with all district and city industry and commerce associations, object associations and professional associations within the province. The Federation expects that this agreement will make the role played by the Federation more effective in the promotion of industry and business.