Kathmandu, August 1

Confederation of Nepalese Industries (CNI) and Punjab, Haryana and Delhi Chamber of Commerce and Industry (PHDCCI), India today signed a memorandum of understanding (MoU) to establish Nepal-India Centre in CNI and India-Nepal Centre in PHDCCI to resolve the issues related to investment, industry and trade between two countries.

KV Rajan, former secretary at the Ministry of External Affairs India and former Indian ambassador to Nepal, will lead the India-Nepal Centre in PHDCCI and Vice President of CNI Nirvana Chaudhary will lead Nepal-India Centre in CNI.

The MoU aims to promote Indian investment in Nepal, work with Indian ventures in Nepal to resolve the problems being faced by them, integrate Nepali industries to the value chain of Indian industries and promote industrialisation in Nepal, provide trainings to Nepali entrepreneurs, among others.

These two centres will work to maintain cordial relationship between Nepal and India as backchannel diplomacy, popularly known as track II diplomacy.

The MoU was signed by Hari Bhakta Sharma, president of CNI, and Anil Khaitan, president of PHDCCI, here today in the presence of Minister of Finance Yubaraj Khatiwada and Ambassador of India to Nepal Manjeev Singh Puri.

CNI has said that the MoU will be a benchmark to strengthen Nepal-India economic engagement in the future. Through bilateral engagements, CNI believes that it will contribute to CNI's prosperity agenda.

CNI's prosperity roadmap, which was submitted to the government, consists of seven basic principles, namely high broad-based and sustainable economic growth; dignified employment creation with fair equitable access; good governance with policy stability and consistency; high level professionalism in both public and private sectors; physical and knowledge infrastructure; culture of peaceful and dignified opposition and protests and law and order at home and skilful development diplomacy.