Kathmandu. The Nepal-India Chamber of Commerce and Industry (NIKCI) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have signed a memorandum of understanding (MoU) to promote mutual trade, investment and cross-border trade.

Sunil KC, President of Nikki and Jyoti Vij, General Manager of FICCI signed the agreement at a function held in New Delhi. The two organisations will exchange business delegations, share non-confidential information and organize joint promotional events.

As per the MoU, Nikkei will remain ficci’s special partner for Nepal while FICCI will be nikki’s special partner for India. According to the MoU, the two sides will regularly exchange various publications and statistics related to trade and investment.

“We will organize at least one major joint event each year and support the exchange of delegations between entrepreneurs from Nepal and India,” said Sunil KC, President of NIKCI. ’

Ficci Director General Jyoti Vij also said that both the organizations have a common responsibility to strengthen economic relations. “We are moving forward with our commitment to strengthen trade and investment relations between India and Nepal as major business entities of our respective countries,” she said.

Founded in 1927 on the advice of Mahatma Gandhi, FICCI is one of india’s oldest and most influential trade organizations. Headquartered in New Delhi, the organization has more than 250,000 companies in the public and private sector. It has been playing a leading role in policy reform, economic growth, innovation and investment promotion.

Similarly, Nikki, founded in 1993 by Prabhakar SJB Rana, is a bilateral, non-profit business organization. It has been promoting trade, investment and economic cooperation between Nepal and India. It serves as a bridge between businesses and institutions from both countries, providing a platform for strategic partnerships, market analysis, policy dialogue and cooperation in the fields of energy, tourism, infrastructure and industry. India’s Ambassador to Nepal is Nikki’s guardian. Ambassador Navin Srivastava is currently the patron of Nikki.

The agreement formalises the long-standing economic interdependence between the two South Asian neighbours. The two organisations pledged to work closely to explore new possibilities while addressing challenges in cross-border trade. Nikkei members will be able to use all of FICCI’s resources and networks to expand Nepal’s trade and economy.

As per the agreement, the two chambers will work in collaboration in the BBIN and BIMSTEC sectors in addition to Nepal and India. “Our partnership is not limited to bilateral trade and economic relations, it extends far beyond that,” kc said.

“We are now launching the Nikkei-FICCI Track 1.5 initiative, which will have the participation of representatives of both organisations and the government. This initiative will help promote investment and meet the current investment aspirations in Nepal. ’