KATHMANDU, DECEMBER 20
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) have signed a memorandum of understanding (MoU) to promote Nepali products and expand investment.
The MoU was signed on Thursday in Seoul, the capital of South Korea, during a program where FNCCI President Chandra Prasad Dhakal and KOIMA President Bu-wang Kwan Kim participated.
KOIMA is an organization established in South Korea to promote industrial raw material imports, especially goods not produced locally, to foster industrial development and make such goods accessible to the general public.
FNCCI believes that collaboration with this import-focused organization will make it easier to expand Nepalese products in South Korea. This partnership is also expected to reduce the trade deficit between Nepal and South Korea, which currently stands at approximately Rs 7 billion.
Currently, traditional items such as felt products, carpets, and yarn are among the main exports from Nepal to South Korea. FNCCI hopes that the partnership with KOIMA will also help explore markets for industrial raw materials and other goods.
Speaking at an event organized to celebrate 50 years of diplomatic relations between Nepal and South Korea and the signing of the MoU, FNCCI President Chandra Prasad Dhakal highlighted the immense potential for strengthening economic ties between the two countries.
At the event titled "Opportunities for Trade and Investment in Nepal," hosted by the Nepalese Embassy in Seoul under the chief patronage of Nepal's Minister for Industry, Commerce, and Supplies, Damodar Bhandari, President Dhakal stated that Nepal's young and energetic workforce, natural resources, and proximity to large markets make it an attractive destination for South Korean investors.
Dhakal shared updates on recent progress in Nepal's investment climate, emphasizing reforms introduced with FNCCI's active involvement. He highlighted the government's initiatives to amend eight investment-related laws to create an investor-friendly environment and approved a bilateral investment agreement framework as a significant step toward facilitating foreign investments.
Dhakal also mentioned Nepal's favorable economic indicators, noting that the country's foreign currency reserves have reached about USD 17 billion and that Nepal has received its first credit rating, which he said is satisfactory within the South Asian context.
He underscored the importance of infrastructure development and urged South Korean expertise and investment in roads, railways, airports, urban planning, hotels, resorts, cable cars, and smart cities.
Inviting the South Korean business community to explore trade and investment opportunities in Nepal, Dhakal assured them of full support through FNCCI's Foreign Investment Assistance Desk.
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