The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and Korea Importers Association (KOIMA) have signed a memorandum of understanding (MoU) to promote Nepali products and expand investment opportunities between Nepal and South Korea.
The agreement was signed on Thursday in Seoul, South Korea, by FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan. The signing ceremony took place at the Nepali Embassy in Seoul, with Minister for Industry, Commerce, and Supplies, Damodar Bhandari, present as a witness.
KOIMA, established to facilitate the import of industrial raw materials and goods not produced locally, is expected to play a pivotal role in expanding the market for Nepali products in South Korea. Currently, Nepal’s exports to South Korea primarily include traditional goods such as felt, carpets, and yarn.
FNCCI, in a press statement, expressed optimism that the partnership would help identify new markets for industrial raw materials and other Nepali products, paving the way for economic growth and stronger bilateral trade relations.
Speaking at an event titled “Investment and Trade Opportunities in Nepal”, FNCCI President Dhakal emphasized Nepal’s potential as an attractive destination for South Korean investors. He highlighted the country’s youthful workforce, abundant natural resources, and proximity to large markets like India and China as key advantages for investment.
The cooperation is anticipated to deepen economic ties between the two nations, building on their long-standing diplomatic relationship. Minister Bhandari also stressed the significance of the partnership in creating favorable conditions for trade and investment, further solidifying Nepal’s presence in the South Korean market.
The signing of this MoU is seen as a significant step toward diversifying Nepal’s trade portfolio and fostering sustainable economic development through international collaboration.
20th Dec 2024
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