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With the aim of further strengthening the economic cooperation between Nepal and India, Nepal-India Chamber of Commerce and Industry (NICKI) and Federation of Indian Chamber of Commerce and Industry (FICCI) have reached an understanding to work jointly to promote mutual trade, investment and cross-border trade.
According to the MoU signed by Nikkei Chairman Sunil KC and FICCI General Manager Jyoti Vij in New Delhi, the two organizations will exchange business delegations, share non-confidential information and organize joint promotional events . According to the agreement, Nikkei will be the exclusive partner of FICCI for Nepal and FICCI will be the exclusive partner of Nikkei for India. In the
agreement, it is also mentioned that both sides will regularly exchange various publications and data related to trade and investment. 'We will organize at least one major joint event every year and facilitate the exchange of delegations between businessmen of Nepal and India,' Nikkei Chairman Casey said, 'Our partnership will include joint studies, market surveys and economic development and the exchange of publications to identify new areas of interest.'
FICCI Director General Jyoti Vij also said that both organizations have a common responsibility to strengthen economic relations. "We are moving forward with the commitment to strengthen trade and investment relations between India and Nepal as the leading business organizations of our respective countries," she said.
FICCI, headquartered in New Delhi, has more than 250,000 public and private sector companies. It has been playing a leading role in policy reform, economic growth, innovation and investment promotion. The agreement formalized the long-standing economic interdependence between the two South Asian neighbours.
Both organizations have pledged to work closely together to exploit new opportunities while solving the challenges facing cross-border business . Nikki's members will be able to use all FICCI's resources and network to expand Nepal's business and economy.
According to the agreement, both chambers will also work in cooperation with BBIN and BIMSTEC region, apart from Nepal and India. 'We are now starting the NIKKI-FIKKI TRARAC 1.5 initiative, in which representatives of both organizations and governments will participate . This initiative will help promote investment and fulfill the current growing investment aspirations in Nepal,' said KC .
