Kathmandu— The Nepal Chamber of Commerce (NCC) and the Non-Resident Nepali Association (NRNA) formalized a partnership on Sunday with the signing of a Memorandum of Understanding (MoU) designed to attract increased foreign investment, expand trade opportunities, and foster broader economic collaboration. The agreement aims to address legal complexities hindering investment and create a more favorable environment for both domestic businesses and overseas Nepalis seeking to contribute to Nepal’s development. NCC President Kamlesh Kumar Agrwal and NRNA President Dr. Hemraj Sharma signed the document in Kathmandu, outlining plans for joint initiatives including conferences, roadshows, and capacity-building programs.

MoU Details and Objectives

The MoU establishes a framework for collaboration on several key areas, including the organization of investment conferences, trade summits, and promotional roadshows. Both organizations will work together to promote export-oriented industries, as well as small and medium enterprises (SMEs) and startups within Nepal. A significant component of the agreement focuses on providing training, workshops, and seminars aimed at enhancing capacity building for Nepali businesses and entrepreneurs.

The partnership also intends to leverage the resources and expertise of Nepalis living abroad, connecting their skills, knowledge, capital, and experience with development efforts in Nepal.

Addressing Investment Barriers

Dr. Sharma, President of NRNA, highlighted existing legal complexities as a major obstacle to attracting foreign direct investment. He expressed hope that the MoU would facilitate policy-level changes to create a more conducive atmosphere for investors. “The MoU will of course facilitate at the policy level in creating atmosphere conducive for bringing in additional foreign investment,” he said.

NCC President Agrwal echoed these concerns, emphasizing the need for stability and clarity in economic policies and legal structures as prerequisites for promoting foreign investment. He cautioned against allowing the agreement to remain merely a symbolic gesture, stressing the importance of practical implementation and tangible results in areas such as investment, trade, employment, and overall economic transformation.

NRNA’s Role in National Development

Dr. Sharma pledged that NRNA would actively work to connect the global Nepali diaspora with Nepal's development goals. He envisioned the organization evolving beyond simply serving Nepalis living abroad, becoming a unified platform for contributing to the nation’s economic, social, and investment progress by uniting Nepalis across different countries.

The NCC and NRNA will now begin implementing the initiatives outlined in the MoU, with a focus on translating the agreement into concrete actions that drive investment and promote sustainable economic growth.

(With inputs from RN)

Originally published on abcnews.com.np.