Kathmandu, November 15

Suraj Vaidya, president of SAARC Chamber of Commerce and Industry (SAARC CCI), has signed a memorandum of understanding (MoU) with Sunil Motiwal, CEO of SAARC Development Fund (SDF), during the SAARC CCI roundtable conference on ‘Energising SAARC: Creating Synergies’ in collaboration with the Federation of Nepalese Chambers of Commerce and Industry.

The MoU was signed with an objective to contribute towards social economic development of the SAARC region through project collaboration, according to a media release.

Both institutions agreed to collaborate to leverage synergies in their skills, strengths and competencies to further strengthen their collaborative links.

Both SAARC Development Fund and SAARC CCI agreed to communicate with each other on an ongoing basis for sharing of information, experiences and potential areas of collaboration.

Such sharing may include, inter alia, information about relevant international economic and social developments, programmes, new initiatives and opportunities in the region.

The roundtable was attended by representatives from the diplomatic community, present and former government officials, think-tanks, media and youth.

Very recently, SAARC CCI has brought forward a study wherein more than 120

potential projects have been identified for investment in SAARC member states.

The study highlights 15 to 20 projects from each member country of SAARC.

“SAARC Development Bank, China Council for Promotion of International Trade (CCPIT) and partners from the development sector have shown keen interest in partnering for the launch of the study,” the release adds.

Furthermore, SAARC CCI and Faisalabad Investment Industrial Estate Development and Management Company recently signed an MoU for developing a first-of-its-kind SAARC Industrial Park in Faisalabad, Pakistan.

The industrial park will attract investments from all eight member states to form industrial units, with special incentives, to promote trade and commerce across SAARC.

SAARC CCI has a mandate to bridge the gap between public and the private sector and to promote economic cooperation through trade liberalisation among SAARC member states.

The mandate of SAARC Development Fund, established in April 2010, is to promote the welfare of the people of SAARC region and to accelerate economic growth, social progress and poverty alleviation in the region, contributing towards regional cooperation and integration through project collaboration.