OBOR can be a model project of the century: FNCCI President

Published On: June 15, 2017 01:45 AM NPT By: Republica | @RepublicaNepal

KATHMANDU, June 14: President of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI), Bhawani Rana has said that the One Belt, One Road (OBOR) initiative of China can become a model project of the 21st century.

Addressing the 12th China-South Asia Business Forum in Kunming, China, on Monday, President Rana said that the project initiated by the Chinese government can turn out to be a model project of this century as it can help in the economic development of several countries, a statement issued by FNCCI on Wednesday stated.

A team of business leaders led by President Rana is in China to participated in the forum which concludes on Thursday. The event is being organized jointly by China Council for the Promotion of International Trade (CCPIT) and SAARC Chamber of Commerce and Industry (SCCI) for the promotion of international trade.

Nepal formally became a partner of OBOR initiative on May 12. The forum is attended by business leaders of Nepal, India, China, Afghanistan, Bhutan, Pakistan, Sri Lanka, the Maldives, Bangladesh and representatives from SCCI, according to the statement.

“OBOR will also help to revive the socio-economy of the world at large, by creating jobs, capital and prosperity for the whole of humanity. Landlocked countries like Nepal can take a huge benefit from OBOR to develop the nation economically. The OBOR project will help Nepal to connect with other economically strong countries,” Rana said in the meeting, according to the statement.

Addressing the forum, Rana further added that along with the opportunities arising out of OBOR, Nepal faces new challenges, mostly in its lack of competitive strength and investment capacity. “The private sector of Nepal should produce goods to export to China so that the train that comes full with goods does not have to return empty. In this, Nepal needs investment in industries which can utilize the newly opened vistas of connectivity,” Rana said in the meeting, according to the statement.