Nepal-Egypt CCI formed

Kathmandu, Jan. 5: Nepal-Egypt Chamber of Commerce and Industry (NECCI) has been formed under the chairmanship of Akhil Chapagain.

According to the NECCI, the bi-national CCI has been formed with the aim of developing markets for Nepalese products in Egypt in order to enhance the export of Nepal and also marketing Nepal in Egypt as destination for foreign direct investment (FDI) opportunities, particular focus on tourism and agriculture.

"We will put our efforts to facilitate trade delegations between the two countries to foster opportunities for mutual business and investment in Nepal. We also aim to make it easier for our members to obtain recommendations for business visas to Egypt," said Chapagain.

Minister for Industry Nabindra Raj Joshi appreciated the efforts of the private sector in forming the bi-national chamber and said that a new avenue had been opened for the Nepalese business community.

Ambassador of Egypt to Nepal H. E. Baher said that the potentiality in the economic relations between the two countries was very promising and should be important for the sake of the mutual benefits of the two governments and people.

The Board of Directors of the NECCI are vice-presidents Anoj Rimal and Chang Agrawal, general-secretary Umesh Rayamajhi, treasurer Jayandra Chudal, secretaries Jyotsana Shrestha and Shobha Gyawali, and executive members Anuj Mani Timilsina, Binaya Upadhya, Khagendra Sitaula, Jeevan Bhandari, Min Man Shrestha, Pawan Agrawal, Shree Chand Bhatt and Shriya KC.

Diplomatic relation between Nepal and Egypt was established on July 16, 1957.

Nepal established its residential embassy in Egypt in Cairo in 1966, and Egypt opened its residential embassy in Kathmandu in 1970.

Nepalese exports to Egypt are negligible at just Rs. 116,351 in 2016, while imports the same year were of Rs. 999,483,735.

Nepal imports items include juice, sauce, dairy products, bird eggs, natural honey, coffee, tea, cocoa, lubricating oil, paints, fruits, nuts and pharmaceutical products from Egypt and exports sugar, tobacco, carpets and other textile items.

Likewise, the number of Egyptian tourists visiting Nepal is also low in comparison to other countries.

Only 437 visited Nepal from January to September 2016.

Chapagain promised to bring more tourists from Egypt and enhance the export size in the days to come.

Nepal and Egypt also signed a Memorandum of Understanding (MoU) on establishing a bilateral political consultation mechanism between the foreign ministries on July 16, 2007.