Kathmandu, January 19:

In order to promote bilateral trade and investment relationship between Nepal and Ireland, Nepal-Ireland Chamber of Commerce and Industry (NICCI) has been established under the chairmanship of Suresh Kumar Basnet.

Although it is still at a growing stage, Ireland is a potential market for many Nepali products, while Irish investors are keen to invest in hydropower and tourism in Nepal, said Basnet, at a programme on Friday, organised to announce the establishment of the chamber.

Records of formal bilateral trade activities between the two countries was started being kept with the establishment of a bilateral diplomatic relationship between Nepal and Ireland in August 1999.

According to available statistics, Nepal exported various goods worth Rs 9.2 million to Ireland, while the figure for imports stood at Rs 25 million in 2004-05.