Nepal-China trade forum for enhancing ties

Chandi Raj Dhakal, immediate past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and All China Federation of Industry and Commerce (ACFIC) vice-chairman Xie Jingrong signed a memorandum yesterday in Chengdu City of Sichuan Province of the People's Republic of China.
Both sides agreed that the annual forum meeting held alternatively in China and Nepal is to be held as per determined by the two sides to respond to increasing mutual business activities. "The Forum's activities needs to move in a new direction as per the trade and investment opportunities created due to the changing global and regional economic dynamics and development," they agreed in the memorandum.
Both sides also agreed that under the framework of the Forum, multi-fold commercial activities between the two countries would take place such as exchange of trade delegations, training for Nepalese entrepreneurs and exchange of assistance for entrepreneurs.
Dhakal, who is leading a 23-member FNCCI team, expressed his satisfaction over the outcome of the meeting. The Chinese side also expressed its commitment to enhancing the Forum's role for mutually beneficial trade, investment and economic relations.
The Forum was established in 1996 by agreement between the governments of Nepal and China to promote trade, investment, cultural and other relations between the non-governmental and private sectors of the two countries. This is the 10th meeting of the Forum and was held in Chengdu City of Sichuan Province of the People's Republic of China.
The meeting also reviewed past activities and explored new investment opportunities for the future. The theme of the meeting was investment in Hydropower and Agriculture sectors of Nepal.Li Chongxi, vice-secretary of Sichuan Provincial Committee of the communist Party of China and Huang Xiaoxing, vice-governor of People's Government of Sichuan Province and Jinrong also graced the meeting.
On the occasion, FNCCI vice-president Bhaskar Raj Rajkarnikar gave a presentation on investment opportunities in Nepal and Nepal's initiatives in attracting Foreign Direct Investment (FDI), while coordinator of Hydro Forum in FNCCI Gyandra Lal Pradhan presented papers on the potentialy of Chinese investment in hydropower sector in Nepal.
An FNCCI team also held discussions with Chinese private sector representatives and authorities on construction of Trishuli-Syaprubesi-Rasuwagarhi road, direct air link between Nepal and Chengdu, foreign exchange facilities to Chinese tourist, listing of Nepal in major tourist destinations for Chinese tourists and quarantine facilities on the Nepal-China border.
Nepal needs more Chinese investment to bridge the gap of widening trade deficit that is around Rs 22 billion with China. Nepali entrepreneurs have been requesting the Chinese authorities to recognise Nepal Standard (NS) mark to facilitate trade between the two countries.
China has also shown interest in investing in cement, tourism, agriculture and hydropower sectors in Nepal.