FNCCI to facilitate Thai investment in Nepal
KATHMANDU, APRIL 4
Nepal and Thailand have agreed to establish a Joint Business Council (JBC) to strengthen bilateral trade and investment. The decision was made during a meeting in Bangkok between the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Chamber of Commerce and Board of Trade of Thailand.
During the meeting, FNCCI President Chandra Prasad Dhakal and Board of Trade President Sanan Angubolkul discussed the formation of the council, which Dhakal stated that it will serve as a dedicated platform for continuous dialogue, collaboration, and business opportunities.
"Nepal stands as a land of promising potential, offering numerous opportunities for investors and businesses. The initiative to form a Joint Business Council will further strengthen our partnership and drive economic growth in both countries," he said," Dhakal stated.
Dhakal emphasized FNCCI's commitment to easing Thai investment, noting that Nepal has revised laws to create a more investment-friendly environment and guarantees investment security. He encouraged Thai investors to explore opportunities firsthand while informing the gathering of the potential in Nepal's tourism, energy, agriculture, information technology, and construction industries and suggested the possibility of joint ventures with Thai businesses in Nepal. He also urged Thailand to consider an on-arrival visa policy for Nepali citizens.
Senior Vice President of FNCCI, Anjan Shrestha, expressed that JBC could contribute to the economic development of both countries. He further stated that FNCCI will coordinate with the Nepali government to streamline investment procedures.
An agreement has been reached to move forward with the JBC, with FNCCI Director General Gokarna Raj Awasthi and Vibeke Lyssand Leirvag, President of the Joint Foreign Chambers of Commerce in Thailand, tasked with overseeing the process.
The decision follows a similar initiative with Qatar, where the Nepal-Qatar Joint Business Council was formed on April 24, 2024, and held its first high-level meeting in Doha on October 2, 2024.
Sanan Angubolkul stated that they are positive about the views expressed by the FNCCI and that the Board of Trade is ready for mutual cooperation. He also said that they will take the initiative with the government regarding the on-arrival visa process for Nepali citizens.
The event was attended by FNCCI Vice Presidents Hemraj Dhakal and Jyotsna Shrestha, Executive Committee Member Pashupati Dev Pandey, and representatives from the Thai Chamber of Commerce and Board of Trade of Thailand.
Earlier, in the presence of Prime Ministers KP Sharma Oli and Phetongtran Shinawatra, FNCCI and the Thai Chamber of Commerce signed a Memorandum of Understanding (MoU) in Bangkok on Wednesday regarding mutual cooperation and the enhancement of trade and business.
