19th December 2024, Kathmandu
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has signed an agreement with the Korea Importers Association (KOIMA) to promote Nepali products and boost investment.
Nepal-South Korea Trade Partnership
The MoU was signed in Seoul, South Korea, on Thursday by FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan.
KOIMA’s Role in Industrial Growth
KOIMA imports industrial raw materials and goods not produced in South Korea. It plays a vital role in strengthening the country’s industrial environment.
The collaboration between FNCCI and KOIMA will help expand the reach of Nepali products in South Korea. FNCCI believes this partnership will reduce the current trade deficit of NPR 7 billion between the two nations.
Expanding Nepali Exports to South Korea
This collaboration aims to find new markets for Nepali products, such as felt, carpets, and yarn. It will also open doors for industrial raw materials and other goods.
FNCCI believes that by working with KOIMA, it can introduce Nepali products to a broader audience in South Korea.
Marking 50 Years of Diplomatic Relations
The signing of the MoU coincides with the 50th anniversary of diplomatic relations between Nepal and South Korea.
During the event, President Dhakal highlighted the significant potential for enhancing economic relations. He emphasized Nepal’s young workforce, rich natural resources, and proximity to large markets as attractive factors for South Korean investors.
Improving Nepal’s Investment Climate
At the “Trade and Investment Opportunities in Nepal” event, Dhakal discussed Nepal’s progress in improving its investment environment. He mentioned recent reforms, including amendments to eight laws, aimed at making Nepal more investment-friendly. He also spoke about the new bilateral investment agreement framework that will facilitate foreign investments.
Positive Economic Indicators in Nepal
Dhakal shared that Nepal’s foreign exchange reserves have reached approximately USD 17 billion. The country also achieved its first credit rating, which is seen as satisfactory. These positive developments make Nepal an appealing destination for foreign investment.
Infrastructure Development and Investment Prospects
Dhakal stressed the importance of infrastructure development in Nepal, such as in roads, railways, airports, and urban planning. He encouraged South Korean investors to bring their expertise to these sectors. Investment opportunities exist in hotels, resorts, cable cars, and smart cities.
Invitation to South Korean Investors
In his closing remarks, Dhakal invited South Korean businesses to explore investment opportunities in Nepal. He assured them that FNCCI would offer full support through its Foreign Investment Assistance Desk.
This support will help investors navigate the growing Nepali market and secure their business interests.
For more: Nepal-South Korea Trade Partnership
