In an effort to bolster economic partnerships, the Embassy of India, in collaboration with the Investment Board of Nepal (IBN) and the Nepal India Chamber of Commerce and Industry (NICCI), recently hosted a Business-to-Business (B2B) meeting. The meeting, held on Tuesday, brought together 35 delegates from the Millenium India International Chamber of Commerce and Industry (MICCIA) and NICCI. The discussions spanned various sectors including energy, agriculture, construction, tourism, cold chain, medical devices, finance, consultancy, and law.
Identified Areas of Cooperation
During the meeting, Shreejana Rana, President of NICCI, highlighted hydropower, tourism, and agriculture as potential areas for cooperation between Indian and Nepali businesses. This underscores the shared vision for mutual growth and development between the two nations. Ambassador Anil Trigunayat, President of MICCIA, commended recent bilateral connectivity initiatives. He emphasized the significance of B2B connections in advancing the India-Nepal Economic Partnership.
Welcoming Indian Investors
Ramesh Adhikari, Under Secretary of IBN, extended a warm welcome to Indian investors, encouraging them to explore business opportunities in Nepal. He expressed appreciation for the robust Indian delegation comprising representatives from FICCI, CII, ICC, MICCIA, and individual businesses who actively participated in the 3rd Nepal Investment Summit held from April 28-29.
The B2B meeting culminated in the signing of a Memorandum of Understanding (MOU) for cooperation between MICCIA and NICCI. This marked a significant step towards fostering collaboration and synergy between Indian and Nepali enterprises.
Nepal Investment Summit 2024
In a separate event, Prime Minister Pushpa Kamal Dahal ‘Prachanda’ inaugurated the third edition of the Nepal Investment Summit 2024 under the theme ‘Emerging Nepal’. The summit, attended by around 1,800 participants from various countries, including 140 from India, aimed to showcase Nepal as a promising investment destination.
Prime Minister Prachanda highlighted Nepal’s potential for investment, citing its favorable legal, geographical, and strategic positioning. The two-day summit witnessed the signing of Memorandums of Understanding (MoUs) between Nepal and its development partners and foreign investors. This indicates a commitment to fostering collaborative ventures and promoting economic growth.
Historical Context
This summit builds upon the success of previous investment initiatives in Nepal. The inaugural investment summit held in 2017 garnered investment commitments totaling USD 13.5 billion from different countries. This demonstrated confidence in Nepal’s economic prospects. Similarly, the second investment summit in 2019 secured nearly USD 12 billion for 50 projects. However, only one-third of the commitments materialized into tangible outcomes.
Cross-Border Participation
The participation of over 200 investors from China and more than 140 from India underscores the growing interest in Nepal’s investment landscape. This cross-border engagement reflects the increasing recognition of Nepal’s potential as a strategic partner for regional economic cooperation and development.
The recent B2B meeting and the Nepal Investment Summit 2024 serve as platforms for fostering collaboration. They provide opportunities for exploring new avenues of cooperation and leveraging mutual strengths for sustainable economic development. With continued efforts and partnerships, India and Nepal are poised to further strengthen their economic ties. This paves the way for shared prosperity and growth in the region.
