Kathmandu, Feb 10: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has signed a Memorandum of Understanding (MoU) with BVMW Germany to explore the possibility of German investments in Nepal and collaboration with Nepali businesses, said the FNCCI.
The MoU was signed by FNCCI President Chandra Prasad Dhakal and Christoph Ahlhaus, Executive Chairman of BVMW on behalf of their respective organisations. The MoU signing ceremony was held at the Embassy of Germany in Kathmandu in the presence of German Ambassador to Nepal Dr Thomas Prinz.
During the MoU signing ceremony, Dhakal stressed the collaboration between FNCCI and BVMW to promote trade relations between Nepal and Germany.
He was of the view that both the organisations need to explore ways to increase exports from Nepal to Germany citing Germany has been a trusted export destination for Nepal for many decades.
He also mentioned that SMEs will be affected by Nepal’s graduation to a developing country status the most as Nepal will lose the duty free access for exports to Europe. So, SMEs, particularly run by women, need to be supported while emphasising that FNCCI and BVMW should collaborate for the promotion and development of SMEs.
The major objectives of the MoU are to enhance cooperation between FNCCI and BVMW and establish a practical framework to cooperate in investment promotion. The MoU also speaks about strengthening institutional relations and capacity building through mutual cooperation.
As per the MoU, both FNCCI and BVMW will have a regular exchange of information on investment policies, rules, regulations, procedures, incentives and opportunities. There will also be an exchange of general updates on statistics and data related to Nepal and Germany with a view to making them accessible to both organizations.
According to the MoU, both the organisations will take the initiative to encourage and provide support for the exchange of business delegations or investment missions. The FNCCI and BVMW have also agreed to assist each other to organise combined events related to investment and entrepreneurship.
