Nepal Should Capitalize on Bilateral Relationship with Russia: FNCCI President

President of the Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal has said that it is important for Nepal to capitalise on the bilateral relationship that Nepal and Russia share to strengthen trade and investment cooperation.

Dhakal mentioned this during a meeting between the Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Industries of Russian Federation on Tuesday at the secretariat of the Federation of Nepalese Chambers of Commerce and Industry.

The delegation of the Chamber of Commerce and Industries of Russian Federation was led by its President Sergei Katyrin.

During the meeting, Dhakal said that since the establishment of Federation of Nepalese Chambers of Commerce and Industry, it has been advancing and facilitating bilateral business connections and international trade collaborations. He shared that it has been 13 years since Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Industries of Russian Federation established formal relations after signing the Agreement on Cooperation in Moscow on July 25, 2011.

Dhakal added that the meeting on Tuesday will further continue the valued relations, and help promote trade and investment relations between Nepal and Russia. He said he is confident that this partnership could further open up new paths to economic growth and development for both nations. Dhakal apprised the gathering of the long history of diplomatic relations between Nepal and Russia stating that the then Soviet Union had extended important, economic and development cooperation to Nepal and contributed to accelerate Nepal’s modernisation process.

He also informed the Russian delegation that Nepal offers tremendous investment potential as most of the sectors are still untapped. Moreover, our collaboration could help Nepali businesses export their products and services to the Russian market, he shared.

Meanwhile, Dhakal also informed the Russia delegation that the government of Nepal has amended 12 laws and regulations to create a better investment climate in Nepal. He also shared that the government has also already prepared the framework of Bilateral Investment Agreement. He urged the Russian businesses to cash in on this valuable opportunity, to invest in Nepal in the attractive areas for mutual benefit. He also said the potential sectors for investment in Nepal are tourism and tourism infrastructure, agro-processing, hydropower projects and infrastructure, ICT, manufacturing, to name just a few.

Meanwhile, Sergei Katyrin, President of the Chamber of Commerce and Industries of Russian Federation, who is accorded the position of a minister in the order of precedence, said that Russian investors are keen to invest in Nepal. He stated that he will take the initiative to inform more Russian business people about the investment opportunities in Nepal. He also said that Russia is a huge market and he would assist Nepali businesses to export their products to Russia.

During the programme, presentations were also made by the Chamber of Commerce and Industries of Saint-Petersburg and Chamber of Commerce and Industries of Lipetsk region. Also, Gokarna Awasthi, Director General of the Federation of Nepalese Chambers of Commerce and Industry, informed the Russian delegation about the initiatives that the Federation of Nepalese Chambers of Commerce and Industry has taken to improve the business climate of Nepal.

Meanwhile, Dhakal also thanked the Chamber of Commerce and Industries of Russian Federation and Russian investors for their participation in the forthcoming Nepal Investment Summit to be held on April 28 and 29.