FICCI to organize 'invest Nepal'

KATHMANDU, August 3:

Federation of Indian Chambers of Commerce and Industry (FICCI) on Sunday said that it would organize a program named ´Invest Nepal´ for attracting investment in Nepal.

"Prime Minister Modi´s visit would impart renewed momentum to the Indo-Nepalese multifaceted ties leading to effective measures to enhance bilateral trade and investment," FICCI said in a statement issued on Sunday. "We need to harness this by exploring the untapped potential in hydropower, tourism, agriculture & food processing towards mutually beneficial economic growth and development.”

Jyotsna Suri, senior vice president of FICCI, said: "With a focus on calibration of the current level of economic engagement, some key deliverables that India and Nepal are eyeing during the forthcoming visit of Prime Minister Modi are finalization of the text of an India-Nepal Power Trading Agreement and an early conclusion of the agreement and completion of necessary formalities to enable entry into force of the Bilateral Investment Protection and Promotion Agreement (BIPPA)."

Nepal and India signed BIPPA and Double Taxation Avoidance Agreement (DTAA) in 2011. Indian industry also sees cooperation in hydropower sector as a win-win situation for both the sides and FICCI is keen to work with its Nepalese counterparts to make it a reality, FICCI said in the statement.

Source: Republica