FNCCI to hold Nepal-India investment summit in October

Published On: July 24, 2017 08:56 AM NPT By: Republica | @RepublicaNepal

KATHMANDU, July 23: In an effort to attract Indian investment in Nepal, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is planning to hold Nepal-India investment summit in October this year.

Publishing the achievements of the first 100 days of the newly elected FNCCI executive committee on Sunday, FNCCI president Bhawani Rana said the summit will be held towards mid-October.

Speaking at a press meet held in Kathmandu, president Rana said the newly elected executive committee has started its tenure with four major agenda: administrative reform and institutional development of FNCCI; policy lobbying and intervention; economic diplomacy and international trade; and capacity building of private sector & FNCCI members through innovative programs.

“For the administrative reform, FNCCI had formed an expert committee. They have already submitted their report, now it will be implemented soon,” president Rana said, “FNCCI plans to adopt more technology-friendly measures. We also have started the process to construct a separate building for commodity council.”

Rana also informed that FNCCI is focusing on consolidating trade exchanges and economic diplomacy with other countries.

She also informed that the elections of provincial chambers of commerce and industry have already been completed in six provinces, and the remaining one will also be completed soon.

Rana informed that during the first 100 days, the new executive committee worked on issues related to employment, reconstruction, and women entrepreneurship; and signed an agreement with the Ministry of Industry for a five-year project on rural enterprises and remittance.

At the end of the press meet, senior vice-president of FNCCI, Shekhar Golchha said FNCCI is preparing for the management of provincial chambers of commerce and industry.

“We are committed to further our cooperation with the government for the development of the nation,” Golchha said. He also stressed on the need to target the international market in the coming days.

Talking about the Goods and Services Tax (GST) recently introduced in India, he said there is a lot of confusion about it not only in Nepal but even in India. He however claimed that the GST will promote fair trade and discourage illegal imports.
GST was implemented in India on July 1 this year.

Likewise, FNCCI announced that it would be organizing a cross border trade and tourism expo jointly with the government of West Bengal on August 28. It also said that it will establish Nepal-India investment promotion cell in order to strengthen trade and tourism of the country.

FNCCI is planning to launch ‘women in business’ program, FNCCI president cup T20 cricket, among other initiatives.

On the occasion, president Rana also launched a members’ helpline in order to provide immediate support to FNCCI members, who can use the toll free number 16600100018 to avail the service.