FNCCI, CII Hail Treaty; to Co-Boost Investment

A meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Indian Industry (CII) welcomed the NepalIndia trade treaty signed on Tuesday. Representatives of both organizations promised to co-work to boost investment and trade between Nepal and India.

FNCCI and CII will work together to explore investment in competitive advantage sectors, find and solve problems faced by jointventure industries and build a suitable environment for investment. They asked the two governments to implement the treaty in the true sense and spirit.

Welcoming the CII delegation, FNCCI president Kush Kumar Joshi thanked the governments of Nepal and India for addressing the demands of entrepreneurs. "The new treaty has abolished irrational taxes, simplified trade and provided large ground for investment," said Joshi.

FNCCI and CII should work together to stop unauthorized trade between the two countries, Joshi said.

Indian joint ventures are operating under difficult conditions but the future will not be so harrowing, he added. He requested Indian entrepreneurs to invest in Nepal.

CII team leader VG Sakthi Kumar hoped the new trade treaty strengthen relations between Nepali and Indian entrepreneurs.

"It is an important step in the Nepal-India trade as India is building freetrade relationship with other countries," he said.

Kumar voiced grave concern over labour disputes, strikes and the energy crisis in Indian joint-venture companies and requested FNCCI to mediate for solving the problems. "Nepali hydropower sector can attract large investments from India," he said. Nepal and India should sign a bilateral promotion agreement, protection agreement and agreement on avoidance of double taxation soon, he said.

CA member and entrepreneur Diwakar Golchha, Nepal-India Chamber of Commerce and Industry presuident Arun Chaudhary and vice-president Suraj Baidhya also stressed on boosting bilateral cooperation between Nepali and Indian entrepreneurs.