Kathmandu, Dec. 19
The Federation of
Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers
Association (KOIMA) have signed a Memorandum of Understanding to promote Nepali
products in the Korean market and expand investment.
The MoU was signed by
FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan at an
event held in Seoul, South Korea on Thursday, the FNCCI informed in a statement.
KOIMA is an
organisation established in South Korea to promote industrial environment and
provide easy access to goods by importing industrial raw materials and,
especially, goods not produced locally. "FNCCI believes that cooperation
with an organisation focused on imports will facilitate the expansion of Nepali
products in Korea. This is expected to reduce the trade deficit between Nepal
and South Korea, which currently stands at around Rs. 7 billion," reads
the statement.
According to the
FNCCI, given that Nepal currently exports traditional goods such as felt,
carpets and yarn, the FNCCI believes that cooperation with KOIMA will help find
markets for industrial raw materials and other products.
At the event held to
commemorate the 50th anniversary of diplomatic relations between Nepal and
Korea and to sign the MoU, Dhakal said that there is immense potential to
strengthen economic relations between Nepal and Korea.
Meanwhile, speaking at
the event titled ‘Investment and Trade Opportunities in Nepal’ organised by the
Nepali Embassy in Seoul, Minister for Industry, Commerce and Supplies Damodar
Bhandari, Dhakal said that Nepal's energetic and youthful workforce, natural
resources and proximity to large markets are important for Korean investors.
Speaking at the
programme, Dhakal provided information about the government's steps to create an
investment-friendly environment by amending eight investment-related laws.
Dhakal also
highlighted Nepal's favourable economic indicators. He informed the investors
that foreign exchange reserves had reached around 17 billion US dollars and
that Nepal had received its first-ever credit rating which resulted in
satisfactory BB- rating.
Dhakal emphasised the
importance of infrastructure development and invited Korean expertise and
investment in roads, railways, airports, urban planning, hotels, resorts, cable
cars and smart cities.
No comments:
Post a Comment