Policymakers voice for enhancing bilateral economic cooperation In order to further enhance the business ties as well as promote an overall collective sense of unity, the PHD Chamber of Commerce and Industry (PHDCCI) is organising India-Nepal Business Expo & Summit 2021 from December 17 to 19 at Chitwan International Expo Centre, Bharatpur.
Policymakers voice for enhancing bilateral economic cooperation
In order to further enhance the business ties as well as promote an overall collective sense of unity, the PHD Chamber of Commerce and Industry (PHDCCI) is organising India-Nepal Business Expo & Summit 2021 from December 17 to 19 at Chitwan International Expo Centre, Bharatpur.
Under the aegis of its dedicated South Asia Committee (International Affairs & Trade Fairs Division) and India-Nepal Centre (INC), PHDCCI as India’s leading Industry Chamber is particularly working for creating a very positive and forward looking business ecosystem in India’s immediate neighbourhood with focus on Nepal.
Three-Days India-Nepal Business Expo & Summit 2021 was formally inaugurated on December 17, where the policymakers voiced for enhancing bilateral economic cooperation between two friendly countries with a history of complementarity.
Speaking on the occasion, Sushil Bhatta, CEO, Investment Board Nepal emphasised the merit of timely project completion and realisation of investment commitment as the major factors for deepening the economic cooperation. Citing the Indian hydroelectricity project Arun-3 as a success story he reassured the Indian investors for smooth investment facilitation in Nepal. He added that the business entities interested to do business in Nepal should concentrate on Project Development & Management, Coordination, Collaboration and Partnership. Nepal Investment Summit 2021 is imminent; he announced on the occasion and called for participation of the prospective and existing Indian investors.
Abhishek Upadhyay, First Secretary & Commercial Representative, Embassy of Indian in Nepal presented a comprehensive account of India’s commitment and proactive action for further deepening the economic engagements with Nepal. Dwelling on Nepal’s trade deficit, he pointed to governmental interventions as the most important determinant for further positive momentum. He suggested the Indian businesses of all sizes to do business in Nepal with advantages like cost, access, familiarity and improved ease of doing business.
Moderated by Atul K Thakur, Nodal Coordinator, India-Nepal Centre, PHDCCI, the Summit witnessed the presence of speakers Dipak Kumar De, MD & CEO, Nepal SBI Bank Ltd; Pranav Poddar, Co-Chair, International Affairs Committee for South Asia, PHDCCI; Trilochan Kandel, President, Association of Chitwan Industries; Major General Binoj Basnyat, Strategic Analyst & Columnist; Sunil K.C., Vice President, Nepal-India Chamber of Commerce and Industry & Chairman, Asia Corporation. Rakesh Sangrai, Senior Secretary, PHDCCI summed up the proceedings of this well-attended session.
Remarkably, India is the largest trading partner of Nepal. Total bilateral trade in 2020-21 reached US$ 7511.62 million. In 2019-20, while Nepal’s exports to India stood at US$ 711.61 million, India’s exports to Nepal were US$ 7,160.35 million. The figures reflect well on the unique and strong economic ties between two friendly countries, India and Nepal. As the economic rebounding is critically important for both India and Nepal in the post-pandemic times, PHDCCI’s Nepal initiatives are in tandem with that for streamlining the businesses and further tracing the growth path for industries.
With the support of the Government of India, Embassy of India in Nepal, Investment Board Nepal, Confederation of Nepalese Industries, Association of Chitwan Industries and the other prominent institutional stakeholders, the deliberations through the Expo and Summit are expected to significantly support the businesses in both India and Nepal. The said initiative is also important from the point of view of growing investment and business interests of Indian businesses in Nepal.
The expo that started on Friday will conclude on Sunday.