FNCCI strengthens ties with BVMW Germany through MOU signing for investment cooperation

KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) took a significant step toward fostering international collaboration by signing a Memorandum of Understanding (MOU) with BVMW Germany. The MOU, inked on February 7, 2024, aims to explore opportunities for German companies to invest in Nepal or engage in collaborations with Nepali businesses.

The formal signing ceremony took place at the Embassy of Germany in Kathmandu and saw the participation of FNCCI President Chandra Prasad Dhakal, Christoph Ahlhaus, Executive Chairman of BVMW, and German Ambassador to Nepal Dr. Thomas Prinz.

President Dhakal emphasized the need for collaboration between FNCCI and BVMW to promote stronger trade relations between Nepal and Germany. Recognizing Germany as a trusted export destination for Nepal over the decades, he highlighted the importance of exploring avenues to boost exports from Nepal to Germany.

Expressing concern for small and medium-sized enterprises (SMEs), President Dhakal underscored the potential impact on these businesses as Nepal transitions to a developing country status, potentially losing duty-free access for exports to Europe. He stressed the need for robust support for SMEs, particularly those led by women, and urged FNCCI and BVMW to collaborate in their promotion and development.

The primary objectives outlined in the MOU include enhancing cooperation between FNCCI and BVMW, establishing a practical framework for investment promotion, and strengthening institutional relations through mutual cooperation.

Under the terms of the MOU, FNCCI and BVMW will engage in regular information exchange on investment policies, rules, regulations, procedures, incentives, and opportunities. Both organizations will also share general updates on statistics and data related to Nepal and Germany, making them accessible to each other.

The MOU further outlines initiatives for encouraging and supporting the exchange of business delegations and investment missions. FNCCI and BVMW commit to assisting each other in organizing joint events focused on investment and entrepreneurship.

The collaboration between FNCCI and BVMW is anticipated to pave the way for increased economic cooperation, creating a conducive environment for German companies to explore investment opportunities in Nepal and fostering a stronger partnership between the two nations.