Himalayan News Service

Kathmandu, February 25:

The present government is committed to respecting the rule of law, rights of civil society, good governance and promotion of economic advancement, said Madhukar SJB Rana, minister for finance.

Rana was speaking during the inauguration of the 13th annual general meeting of Nepal German Chamber of Commerce and Industries (NGCCI) here in the capital today. Underscoring the support of German government in various fields for the development process in Nepal, Rana said that NGCCI is a major bilateral institution for employment generation and economic advancement. Hydropower is one of the potential sectors where foreign direct investment could be encouraged, said Rana. Speaking at the AGM, Frank Erwin Ring, ambassador of Federal Republic of Germany and honorary president of NGCCI said that development cooperation, commercial ties and cultural sharing have been top priorities of the German government. Germany has been providing technical and financial support to Nepal in sectors like sustainable development, local self-governance, health, and renewable energy.

“A stable political environment is a must for the promotion of economic activities. Restoration of peace and democracy will provide opportunities to business and commerce sectors,” Ring said. Rohini Thapaliya, president of NGCCI, said that Germany is the third largest export market for Nepal and is also an encouraging source of direct foreign investment.

Thapaliya also informed that a memorandum of understanding has been signed between NGCCI and EuRec Technology GmbH, Waste Disposal System, Lutz Jesco GmbH, IGV GmbH Institute of Grain Processing, GUB Ingenieurgesellschaft GmbH and Krueger Asia Affairs for a pilot project on ‘Environment and Life in Kathmandu.’

Binod Bahadur Shrestha, president, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that a downward trend has been observed in trade between the two countries over the last decade. “Challenges lie ahead for Nepal to gain a better foothold in the German market,” he said.