NICCI President suggests tapping economic potential in Indo-Pacific region

 Kathmandu, Sept. 29

Shreejana Rana, President of the Nepal-India Chamber of Commerce and Industry (NICCI), addressed the Indo-Pacific Economic Conclave 2023, organised by Bengal Chamber of Commerce and Industry (BCCI) in India, said that there is a vast economic potential in the Indo-Pacific region.

She highlighted its economic vitality, cultural diversity, and innovative capacity while acknowledging the challenges impeding progress, NICCI said in a statement.

Rana touched on critical issues such as infrastructure gaps, logistical inefficiencies, and the disruptive impact of COVID-19 on supply chains. According to NICCI, her speech encompassed topics like cargo shipment, infrastructure development, logistics optimization, supply chain efficiency, and visa regulations.

She proposed comprehensive solutions, including improving regional connectivity through infrastructure development, simplifying trade agreements, harmonising regulations, and promoting supply chain flexibility.

Rana also advocated for bilateral labor movement agreements to address labor shortages and emphasized the importance of digitalization and e-commerce for seamless cross-border trade.

Recognising the importance of environmental considerations, Rana urged collaborative efforts for sustainable practices and eco-friendly trading. She emphasized cultural exchanges, educational programs, and tourism to foster greater cooperation, unity, and regional identity.

Rana highlighted collaborative research, innovation initiatives, and disaster management efforts as drivers of economic growth and technological advancement. She proposed the establishment of early warning systems and joint response teams to mitigate the impact of natural disasters.

In a significant move, NICCI and the Bengal Chamber of Commerce and Industry (BCCI) signed a Memorandum of Understanding (MoU) to realise the Indo-Pacific region's potential, promote economic cooperation, and foster a prosperous, interconnected future.

Published in The Rising Nepal daily on 30 September 2023.