FNCCI, CCPIT sign MoU for investment in trade and tourism

KATHMANDU, Nov 25:

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and China Council for the Promotion of International Trade (CCPIT) Guangdong Sub-council have signed an agreement for exchange of investment for trade and tourism.

Bhaskar Raj Rajkarnikar, senior vice-president of FNCCI, and Qiu Zhaoxian, vice-president of CCPIT Guangdong Sub-Council, signed the memorandum of understanding (MoU) to this effect during the Nepal-China (Guangdong) Investment and Cooperation Seminar held here on Sunday.

The seminar was organized jointly by FNCCI and CCPIT to promote investment, trade and tourism between Nepal and China.

Speaking on the occasion, Rajkarnikar urged Chinese investors present at the seminar to put their money in Nepal´s potential sectors. “We need stable and peaceful business environment. I hope the new Constituent Assembly (CA) will complete the task of writing a new constitution so that the economic and business sector can spearhead with economic growth of the country,” he added.

Finance Minister Shankar Prasad Koirala said the government was in the process of concluding Bilateral Investment Promotion and Protection Agreement (BIPPA) and Double Taxation Avoidance Agreement (DTAA) with China to protect investment from Chinese investors in Nepal. He also invited Chinese investors put their money in priority sectors such as hydropower, infrastructure, tourism, mining, construction, commercialization of agriculture, and other service sectors.

Hailing the success of CA elections, Chinese Ambassador to Nepal Wu Chuntai said the Chinese embassy in Nepal is always happy to encourage bilateral economic relations. Liu Xiaojie, vice secretary general of Guangdong Provincial Government of China, said there is a huge potential for business cooperation between Guangdong and Nepal in various areas. He also expressed willingness to discuss the feasibility of establishing a China Products Center in Nepal. On the occasion, Chandra Prasad Dhakal, coordinator of Investment Promotion Forum of FNCCI, made a presentation on ´Investment Opportunities in Nepal´ and highlighted the need to establish a bank jointly promoted by Nepal and China.

Rajkarnikar led the Nepali side in the discussions, while Liu Xiaojie led a 40-member Chinese delegation in the seminar.

High level government officials and prominent businessmen from Nepal and investors, industrialists, hoteliers and traders from China attended the seminar.

Source: Republica