KATHMANDU: An eight-point bilateral agreement between the representatives of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Austrian Federal Economic Chamber was signed amid a programme here today to strengthening the economic ties between the two countries.

The agreement signing ceremony was held in the presence of Minister for Industry Sunil Bahadur Thapa where FNCCI President Bhawani Rana and Vice-President of Austrian Federal Economic Chamber, Richard Schenz, signed the agreement papers.

The agreement stresses the expansion of collaboration between the two countries in the sectors as bilateral trade, commerce and technology.

Both sides have agreed to review the agreement inked between the FNCCI and Austrian Federal Economic Chamber in 1993.

Furthermore, the agreement stresses on moving ahead by facilitating the extension of mutual interests and cooperation, and the exchange visits of business delegations to both countries among others.

On the occasion, Minister Thapa spoke of the need for exchanging knowledge, skills and technology between the two countries, citing the cutting-edge cable car system in Austria.

Stating that the investment climate was favourable in Nepal, he urged the Austrian side to invest in Nepal confidently.

The Minister also underscored the high-level visits between Nepal and Austria to buttressing the ties between the two countries.

Similarly, National Planning Commission (NPC) member Dr CK Poudel and Secretary at the Ministry of Industry Yam Kumari Khatiwada urged the Austrian side to consider investment in agriculture, energy and service sector, stating that a favourable environment for investment was created in Nepal politically and at policy level.

Austrian Ambassador to Nepal Brigitte Oppinger-Walchshofer shared that the Austrian entrepreneurs were encouraged to invest in Nepal. She expressed her confidence that the trade ties between the two countries would further bolster in the upcoming days.

Echoing with Minister Thapa, FNCCI President Bhawani Rana said, "A favorable environment was created in Nepal owing to the political stability and the reforms at policy level by the second generation."

Austrian Federal Economic Chamber president Richard Schenz shared that the Austrian entrepreneurs were willing to invest in Nepal and pledged to attract more Austrian investment in Nepal.

The representatives of the Austrian Federal Economic Chamber and Austrian entrepreneurs are currently on a visit to Nepal in course of exploring investment opportunities.