In a landmark initiative to strengthen economic ties, the Nepal-India Chamber of Commerce and Industry (NICCI) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have signed a Memorandum of Understanding (MoU) aimed at promoting bilateral trade, investment, and business collaboration.
The MoU was signed in New Delhi by NICCI President Sunil KC and FICCI Director General Jyoti Vij, establishing a framework for sustained cooperation between the two countries’ leading industry organizations. The agreement formalizes commitments to exchange business delegations, share non-confidential data, conduct joint market studies, and host at least one major joint event annually.
Key Features of the MoU:
- NICCI and FICCI to serve as exclusive partners for each other in Nepal and India respectively.
- Regular exchange of business delegations and participation in trade missions, forums, and expos.
- Joint market surveys, publications, and studies to identify new areas of economic collaboration.
- Establishment of a Track 1.5 initiative involving industry leaders and government representatives to bridge investment gaps and promote cross-border investment.
- Expansion of cooperation beyond bilateral ties to include regional platforms like BBIN and BIMSTEC.
FICCI, India’s oldest business federation (founded in 1927), represents over 250,000 firms and plays a pivotal role in policymaking, innovation promotion, and enterprise development. NICCI, founded in 1993 by Prabhakar SJB Rana, acts as a vital link for business and policy dialogue between Nepal and India.
NICCI President KC emphasized the initiative’s significance, stating:
“Our partnership is not limited to bilateral trade and economic relations; it goes beyond that. We will also work together on regional and multilateral platforms to foster mutual growth.”
FICCI Director General Vij echoed this sentiment, highlighting the potential of the partnership to unlock untapped sectors and strengthen the private sector’s role in Nepal-India relations.
This MoU represents a strategic milestone in elevating Nepal-India economic cooperation by institutionalizing collaboration at both business and policy levels.
