KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the European Union (EU) to focus more on trade, investment, technology transfer and private sector partnership.

During a meeting with EU President Anjan Shrestha and Ambassador of the European Union to Nepal, Charles Whiteley, at the FNCCI Secretariat, Teku, President Shrestha said that the EU is an important development and trade partner for Nepal.

Stating that Nepal is in the phase of graduating from the least developed country (LDC) status by 2026, President Shrestha stressed the need for additional support from the EU in trade facilitation, enhancement of competitive capacity of Nepali products, testing and certification infrastructure, technical standards and export diversification to ease the transition after that.

The FNCCI has also urged the FNCCI to collaborate in capacity enhancement of European standards, quality, traceability and sustainability to increase access to Nepali readymade garments, carpet, felt, pashmina, tea, coffee, spices, handicraft and botanical products in the European market.

The FNCCI has said that there is ample potential in hydropower and renewable energy, tourism, information technology and BPO, manufacturing industries, agro-processing, infrastructure and digital services to attract European investment in Nepal. President Shrestha said that policy stability, effective government services, simplification of customs procedures and effective implementation of policies were necessary to improve the investment environment.

Ambassador to Nepal Charles Whiteley pledged EU’s continued support for Nepal’s economic development and prosperity.

He said that the EU would continue its support in preparations, transition management and sustainable economic development as Nepal was in a critical phase of its upgrading from the LDC. He said that Nepal-EU relations could not be limited only to development cooperation but could be further expanded in the areas of trade, investment, technology, private sector and economic partnership.

The FNCCI and the EU also discussed on enhancing the capacity of the private sector, export promotion, investment facilitation, green and digital economy, climate resilient infrastructure and cooperation in business transition after upgrading LDCs.