President Dhakal: Nepal needs to capitalize on the bilateral relationship with Russia

President Dhakal mentioned this during a meeting between the Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Industries of the Russian Federation on Tuesday at the secretariat of the Federation of Nepalese Chambers of Commerce and Industry. The delegation of the Chamber of Commerce and Industries of the Russian Federation was led by its President Sergei Katyrin.

During the meeting, President Dhakal said that since the establishment of the Federation of Nepalese Chambers of Commerce and Industry, it has been advancing and facilitating bilateral business connections and international trade collaborations. He shared that it has been 13 years since the Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Industries of the Russian Federation established formal relations after signing the Agreement on Cooperation in Moscow on July 25, 2011.

President Dhakal added that the meeting on Tuesday will further continue the valued relations, and help promote trade and investment relations between Nepal and Russia. He said he is confident that this partnership could further open up new paths to economic growth and development for both nations.

Similarly, President Dhakal apprised the gathering of the long history of diplomatic relations between Nepal and Russia stating that the then-Soviet Union had extended important, economic and development cooperation to Nepal and contributed to accelerating Nepal’s modernization process. He also informed the Russian delegation that Nepal offers tremendous investment potential as most sectors are still untapped.

Moreover, our collaboration could help Nepali businesses export their products and services to the Russian market, he shared.
President Dhakal also informed the Russia delegation that the government of Nepal has amended 12 laws and regulations to create a better investment climate in Nepal. He also shared that the government has also already prepared the framework of the Bilateral Investment Agreement.

President Dhakal urged Russian businesses to cash in on this valuable opportunity, to invest in Nepal in the attractive areas for mutual benefit. He also said the potential sectors for investment in Nepal are tourism and tourism infrastructure, agro-processing, hydropower projects and infrastructure, ICT, and manufacturing, to name just a few.

Likewise, Sergei Katyrin, President of the Chamber of Commerce and Industries of the Russian Federation, who is accorded the position of a minister in the order of precedence, said that Russian investors are keen to invest in Nepal. He stated that he would take the initiative to inform more Russian business people about the investment opportunities in Nepal.

President Dhakal also said that Russia is a huge market and he would assist Nepali businesses in exporting their products to Russia. During the program, presentations were also made by the Chamber of Commerce and Industries of Saint-Petersburg and the Chamber of Commerce and Industries of Lipetsk region.

Also, Gokarna Awasthi, Director General of the Federation of Nepalese Chambers of Commerce and Industry, informed the Russian delegation about the initiatives that the Federation of Nepalese Chambers of Commerce and Industry has taken to improve the business climate of Nepal.

Meanwhile, President Dhakal also thanked the Chamber of Commerce and Industries of the Russian Federation and Russian investors for their participation in the forthcoming Nepal Investment Summit to be held on April 28 and 29.