NCC, LCCI agree for bilateral trade, tourism promotion

 Kathmandu, Dec. 22

Nepal Chamber of Commerce (NCC) and Lalmonirhat Chamber of Commerce and Industry (LCCI) of Bangladesh have discussed business facilitation between the two countries.

They have also reached an agreement to increase businesses through the development of road and air infrastructure. As this year marks the 50th year of the establishment of the bilateral ties between the two countries, the business representatives of the two countries have agreed to cooperate in the fields of energy, tourism and industry.

President of NCC, Rajendra Malla, said that Nepal, India and Bangladesh have signed a tripartite agreement for energy trade. "To exploit the opportunities in this sector, we call for investment from Bangladesh and effective implementation of the agreement," he said.

Malla emphasised that along with the road network in Bangladesh, the relationship should be expanded at the citizens level by expanding air connectivity. In the context of Nepal's high trade deficit with Bangladesh, he suggested finding products with export potential.

As Nepal has the potential to reduce its trade deficit through energy trade, Malla requested for its facilitation and investment in electricity projects here.

In the context of the high demand for energy in Bangladesh, there was a bilateral discussion on various options for exporting from Nepal. Although there is an energy trade agreement between Nepal, Bangladesh and India, its practical implementation has not yet been completed.

Malla also said that Nepal is open for investment even in small and medium industries in Nepal and that they will take initiatives with the government for the protection of such investment.

Morol Humayun Kabir, Senior Vice-President of LCCI, stressed the need for developing road infrastructure to facilitate trade between the two countries. He said that both countries should take initiative to increase air and road connections as well.

Kabir said that they were ready for investment in the energy and tourism sectors in Nepal, but the chamber should take initiatives for policy facilitation.

 Published in The Rising Nepal daily on 23 December 2022.