Kathmandu. KATHMANDU: Nepal Chamber of Commerce (NCC) and Non-Resident Nepalese Association (NRNA) have signed a memorandum of understanding (MoU) to promote investment, expand trade and business and promote economic cooperation in the country. NCC President Kamlesh Agrawal and NRNA President Dr Hemraj Sharma signed the MoU amidst a programme in Kathmandu today.

The MoU signed between the two sides has included promotion of foreign direct investment in Nepal and facilitation in the development of trade, industry and entrepreneurship. NCC President Agrawal said that the agreement between the two sides will pave the way for bringing foreign direct investment by Non-Resident Nepalis in Nepal.

“We hope that the MoU between both sides will play an important role in strengthening collaboration between the business community of Nepal and domestic within Nepal,” he said, adding that it will pave the way for knowledge transfer, innovation and technology exchange between the two sides. ”

NRNA President Dr Sharma complained that Nepal was facing difficulties in attracting foreign investment due to various legal complexities. “The MoU between the two countries definitely needs to create a conducive environment at policy level for trade promotion and direct investment in the country. ”

As per the MoU, NCC and NRNA will jointly organize investment summits, roadshows, business summits and business events. Through such programs, opportunities for direct contact and business partnership will be created between foreign and non-resident Nepali investors and local entrepreneurs of Nepal.

Likewise, cooperation will be made in the promotion of export-oriented industries, support to small and medium enterprises (SMEs) and start-ups and conducting joint initiatives. Both sides have agreed to exchange experiences, expertise and best practices by organising trainings, workshops and seminars for capacity building.

The two organizations will also collaborate to recommend necessary policy reforms for improving business environment and to hold dialogue and coordination with the government and the concerned stakeholders.

Chairman Agrawal said that domestic and foreign investors cannot be fully attracted until there is stability and clarity in the economic policy and legal framework. “Today’s agreement should not be limited only on paper”, he said, adding that concrete results should be given in the areas of investment, trade, employment and economic transformation by putting into practice. ”

Sharma said the campaign of linking skills, knowledge, experience and capital of Nepalis scattered around the globe with the development of Nepal would be forwarded with priority. He also stressed the need to establish the NRNA as a common forum to contribute to the economic, social and investment development of Nepal by uniting the Nepalis living abroad.