KATHMANDU, Aug 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.
Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday, President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.
Chandra Dhakal elected Senior Vice President of FNCCI
President Dhakal noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. He ited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.
While calling for an enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential, President Dhakal further proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. "Enhancing border infrastructure to simplify customs procedures was also emphasized. To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund," he said.
Dhakal also stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums. The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.
