Kathmandu. Nepal-Sri Lanka Chamber of Commerce and Industry and Chamber of Export Sri Lanka have signed a memorandum of understanding (MoU) on trade, investment and joint ventures.
Nepal Sri Lanka Chamber of Commerce and Industry (NSCCI) General Secretary Narendra Ballav Pant and Sri Lanka’s National Exporter Chamber of Commerce M.K. Sharma were also present at the zoom meeting attended by Sri Lanka’s Acting Ambassador for Nepal, Charles de Affairs (AI) Chamera Munasinghe. The agreement was signed by Shiham Marikar (General Secretary CHIEF Executive Officer).
Terming the agreement as historic, Munasinghe said business activities between the two countries would increase in the days to come.
The Industrial Expo is scheduled to be held in Sri Lanka from September 18 to 21. Nepali delegations are participating in the expo. In the coming days, a similar expo will be held in Nepal and representatives of Sri Lanka will participate.
The agreement was signed keeping in mind the shared desire to enhance service and industrial cooperation between the two countries.
After the signing of the MoU, the members of the two organizations will be able to make individual and group visits to each other’s countries. Such visits will increase local and national economic activity, as well as regularly discuss market-related data, economic development initiatives, foreign trade and investment policies related to the two countries.
Further discussions will be held on trade, investment, services, trade relations, visits and exchange of business groups, as well as potential destinations for trade promotion.
According to the moU, the two countries will explore ways to increase the amount of trade, investment and industrial cooperation between the two countries. There is also a plan to encourage trade fairs and exhibitions in each other’s countries.
As far as possible and appropriate, the agreement states that they will share information and cooperate with each other, as well as encourage their members to participate in such programs. International fairs, exhibitions and trade promotion programmes will be organized in their respective countries.
The two sides agreed to use each other’s offices and secretariat facilities in Nepal and Sri Lanka to further the objectives mentioned in the MoU.
According to the agreement, the two sides will assist each other in resolving the trade disputes between the businessmen of the two countries.
