KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Wednesday signed a memorandum of understanding (MOU) with BVMW Germany to explore the possibility of German companies investing in Nepal or collaborating with Nepali businesses.
FNCCI President Chandra Prasad Dhakal and Christoph Ahlhaus, Executive Chairman of BVMW, signed the MOU on behalf of their organisations. The signing ceremony took place at the German Embassy in Kathmandu in the presence of German Ambassador to Nepal Thomas Prinz
During the MoU signing ceremony, Dhakal emphasized the need for collaboration between FNCCI and BVMW to enhance trade relations between Nepal and Germany. He suggested that both organisations should work to increase exports from Nepal to Germany, a trusted export destination for Nepal.
Dhakal also highlighted that Small and Medium Enterprises (SMEs) will be most affected by Nepal's transition to a developing country status, as this would result in the loss of duty-free access for exports to Europe. He stressed the need to support SMEs, particularly those run by women, and suggested that FNCCI and BVMW should collaborate to promote and develop SMEs.
The MOU aims to enhance cooperation between FNCCI and BVMW and establish a framework for cooperation in investment promotion. It also seeks to strengthen institutional relations and capacity building through mutual cooperation.
According to the MOU, FNCCI and BVMW will regularly exchange information on investment policies, rules, regulations, procedures, incentives, and opportunities. They will also exchange updates on statistics and data related to Nepal and Germany to make them accessible to both organisations.
The MOU states that both organisations will encourage and support the exchange of business delegations or investment missions. FNCCI and BVMW have also agreed to assist each other in organising events related to investment and entrepreneurship.