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NICCI seeks IBN’s support to organize Nepal-India partnership summit

A delegation of the Nepal India Chamber of Commerce and Industry (NICCI) led by Mrs. Shreejana Rana, President paid a courtesy call to the CEO of Investment Board Nepal Mr. Sushil Bhatta on Friday, 18th December, 2020 at IBN office, New Baneshwor. The delegation was comprised of Mr. Sunil KC, Vice President, Mr. Saibal Ghosh, Vice President, Mr. Gyanendra Lal Pradhan, Treasurer, Mr. Keshab Man Singh, Director and Mr. Marshal Rathour, Admin and Events officer. The delegation sought co-work with IBN to organize Nepal-India partnership summit targeting Indian investors. In the meeting with IBN CEO Sushil Bhatta said, it drew the Investment Board’s attention toward a trend of slowdown on Indian investment in Nepal in recent months. Sunil KC, vice president of NICCI, said that one of the few programs planned by the Association for attracting investment from India in the coming days is to organize bilateral 'Nepal-India Partnership Summit' in Nepal and India every year targeting Indian investors. He also proposed that the IBN should be a major partner. He informed that there is another plan to set up a ‘Nepal Innovation Center’ in Delhi to facilitate Indian investors who want to invest in Nepal. Stating that the involvement of IBN is necessary, he requested the board for support. “Attracting Indian foreign investment to Nepal is of interest to both NICCI and IBN, so we request the board's support to move forward with our plan effectively by including Indian Embassy in Nepal,” he said. He said NICCI wants the IBN to collaborate in these projects. Similarly, Saibal Ghosh, another vice president at NICCI said addressing problems of foreign-investment industries in Nepal is very important. “It is an important aspect to attract foreign investment in Nepal,” he said adding problems in intellectual property rights, brand register, delay in test marketing permit and contract manufacturing should be solved. He drew attention to the need to facilitate payment of larger sums through the approval of Nepal Rastra Bank as the services related to software and machinery maintenance do not come under the perimeter of Rs 100,000. “If concerned bodies create the environment, it would be easier for foreign investors to invest in Nepal.” He added. Responding to NICCI delegates, CEO Bhatta said IBN is always thoughtful towards bringing Indian investment in Nepal, thus, the board is positive about coordinating with NICCI to organise the proposed events. “IBN is also working on studying the sectors where Indian investment can be attracted and how those investments can be implemented effectively,” he said. “IBN is also willing to coordinate with NICCI to organize Nepal-India Partnership Summit.”