Kathmandu, November 1|:

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Georgian Chamber of Commerce and Industry (GCCI) have signed a memorandum of understanding MoU) recently.

The accord is aimed at promoting bilateral trade relations, investment, technology transfer, as well as exploration of new potential areas of mutual interests of business community of these two countries, states a press release issued by FNCCI today.

Chandi Raj Dhakal, president of FNCCI and Jemal Inaishvili, president of GCCI signed the MoU on behalf of their respective organisations. The signing of the accord took place during a joint meeting of these two business organisations, right after the 70th council meeting of the Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI) from October 27-28 held in Tibisli, Georgia.

As per the accord, both chambers have agreed to cooperate with each other on promotion of trade and commerce, economic cooperation and information exchange, sponsoring business and technical delegation as well as policy recommendation to the respective governments. FNCCI and GCCI have also agreed to organise trade fairs and business seminars in their respective countries to explore new avenues of business.

Speaking on the occasion, Dhakal said that Nepal holds an immense potential in tourism, agriculture enterprise, hydropower and infrastructure development, in which private sector from Georgia can work together with the Nepali business community.

“Technology transfer and investment from Georgia are vital for Nepal, which can be done through setting up joint ventures between Nepali and Georgian companies,” he said. GCCI president Inaishvili said that the Georgian business community is interested for investment in Nepal, particularly tourism promotion. He also informed that a jumbo business delegation from Georgia is planning to visit Nepal during January-February next year. He stressed on the need of regular exchange of delegation and update information on trade and investment environment in both countries.