Seoul, Dec 19: 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 investment opportunities.
The agreement was signed on Thursday in Seoul during a program attended by FNCCI President Chandra Prasad Dhakal and KOIMA Chairman Bu-wang Kwan Kim.
KOIMA is a South Korean organization established to import raw industrial materials and products that are not manufactured locally. Its goal is to enhance industrial development and provide goods to the general public at affordable prices.
FNCCI believes that this collaboration with KOIMA will make it easier to expand Nepali products in the Korean market, thereby reducing the trade deficit between the two countries, which currently stands at approximately NPR 7 billion.
While traditional Nepali exports to Korea include felt, carpets, and yarn, FNCCI hopes the partnership with KOIMA will also help identify markets for raw industrial materials and other products.
Marking the 50th anniversary of Nepal-Korea diplomatic relations, FNCCI President Dhakal emphasized the immense potential to strengthen economic ties between the two nations.
Speaking at the program titled “Trade and Investment Opportunities in Nepal,” organized by the Nepalese Embassy in Seoul under the chief patronage of Nepal’s Minister for Industry, Commerce, and Supplies, Damodar Bhandari, President Dhakal highlighted Nepal’s energetic youth workforce, natural resources, and proximity to large markets as key attractions for Korean investors.
Dhakal outlined recent progress in Nepal’s investment climate, driven by FNCCI’s active involvement, including the amendment of eight investment-related laws to create an investor-friendly environment. He also noted the significance of Nepal’s approval of a bilateral investment agreement framework to ease foreign investments.
He informed the audience of Nepal’s favorable economic indicators, including a foreign currency reserve of approximately USD 17 billion and its recent credit rating, which he claimed is satisfactory in the South Asian context.
Highlighting the importance of infrastructure development, Dhakal invited Korean expertise and investment in sectors like roads, railways, airports, urban planning, hotels, resorts, cable cars, and smart cities.
He assured the Korean business community of full support through FNCCI’s Foreign Investment Assistance Desk and encouraged them to explore trade and investment opportunities in Nepal.
