Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Korea Importers Association (KOIMA) Sign MoU to Promote Nepali Products and Expand Investment
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) have signed a memorandum of understanding (MoU) to promote Nepali products and expand investments. The MoU was signed on Thursday during an event held in Seoul, the capital of South Korea, by FNCCI President Chandra Prasad Dhakal and KOIMA President Bu Woung Kwan Kim.
KOIMA is an organization established to promote industrial raw materials and goods that are not produced domestically in South Korea, fostering industrial development and ensuring easy availability of goods to the public. FNCCI believes that collaboration with KOIMA will facilitate the expansion of Nepali products in South Korea, contributing to reducing the trade deficit between the two nations, which currently stands at around Rs. 7 billion.
While Nepal has primarily been exporting traditional goods such as felt, carpets, and yarn to South Korea, FNCCI is optimistic that this partnership will help explore markets for industrial raw materials and other products.
During the event, held to mark the 50th anniversary of diplomatic ties between Nepal and South Korea, FNCCI President Dhakal highlighted the immense potential to strengthen economic relations between the two countries.
Speaking at the event titled "Opportunities for Trade and Investment in Nepal," organized by the Embassy of Nepal in Seoul under the chief patronage of the Minister of Industry, Commerce, and Supplies, Damodar Bhandari, Dhakal emphasized Nepal's youthful workforce, natural resources, and proximity to large markets as key factors that make it an attractive destination for Korean investors.
Dhakal also outlined the recent legal reforms aimed at creating an investment-friendly environment in Nepal. He noted that eight investment-related laws were recently amended and highlighted the significance of the approval of a bilateral investment agreement framework, which aims to facilitate foreign investment.
He also shed light on Nepal’s robust economic indicators, including a foreign exchange reserve of approximately USD 17 billion and the country's credit rating, which he described as satisfactory compared to other South Asian nations.
Dhakal further underscored the importance of infrastructure development in Nepal, inviting Korean expertise and investment in sectors such as roads, railways, airports, urban planning, hotels and resorts, cable cars, and smart cities.
Concluding his remarks, Dhakal encouraged the Korean business community to explore opportunities for trade and investment in Nepal and assured full support through FNCCI’s Foreign Investment Facilitation Desk.
