Nepal-China business summit strengthens economic ties, FNCCI President Dhakal highlights investment opportunities in Nepal

KATHMANDU: The Nepal-China Business Summit, a pivotal event during the official visit of Nepal’s Prime Minister Pushpa Kamal Dahal to China, witnessed significant discussions on bolstering economic cooperation between the two nations. In his address, Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the growing economic ties and highlighted numerous investment opportunities for both countries.

President Dhakal extended his warm greetings to the attendees and expressed heartfelt gratitude to the governments of China and Nepal for their support in organizing the summit. He also acknowledged the role of the China Council for the Promotion of International Trade (CCPIT) in facilitating this event.

Underlining the historic and geographical proximity between Nepal and China, President Dhakal emphasized the substantial growth in economic relations in recent years. China has emerged as one of Nepal’s leading sources of foreign direct investment (FDI), accounting for over 35% of approved foreign direct investments.

The Nepal-China Business Summit served as a strategic platform for business leaders from both nations to explore opportunities in investment, trade, and technology transfer. President Dhakal expressed confidence that these discussions would yield concrete outcomes benefiting Nepal and China.

Dhakal also highlighted Nepal’s favorable economic indicators, including a comfortable external sector, declining poverty rates, and duty-free access for Nepalese products in India, China, and other developed countries. He emphasized Nepal’s commitment to further opening up to foreign investment, technology transfer, and public-private partnerships.

The FNCCI President invited the business community to invest in Nepal’s hydropower sector, with untapped potential for domestic consumption and export to neighboring countries, including China. He noted the rising popularity of Chinese electric vehicles in Nepal, indicating the need for expanded hydropower capacity to support EV charging infrastructure.

Nepal’s flourishing hospitality industry, with numerous standard hotels catering to Chinese tourists, was also showcased. Recent progress in tourist infrastructure, including the operation of international airports in Bhairahawa and Pokhara, presented opportunities for China’s involvement in Nepal’s tourism sector.

In addition to hydropower and tourism, President Dhakal highlighted potential growth areas such as ICT, minerals, herbal products, and organic agricultural products. He stressed the importance of facilitating cross-border trade and removing trade barriers for increased mutual benefits.

President Dhakal recommended that Chinese banks consider partnerships or establishing operations in Nepal to further enhance bilateral trade and investment activities. He concluded by inviting the Chinese business community to explore opportunities in Nepal across various sectors, promoting regional prosperity through collaboration.

The Nepal-China Business Summit concluded with optimism for the future as both nations look forward to further strengthening their economic cooperation.

“FNCCI and CCPIT are actively planning various activities to strengthen economic ties between our two countries”, added President Dhakal, reaffirming FNCCI’s commitment to promoting economic relations between Nepal and China.

Fiscal Nepal |
Sunday September 24, 2023, 05:06:29 PM |

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