Kathmandu, Mar.1: The Confederation of Nepalese Industries (CNI) and Nepal UAE Chamber of Commerce and Industry (NUAECCI) have made an agreement to promote business relations between the two countries.

Rajesh Kumar Agrawal, president of the CNI, and Pawan Kumar Agrawal, president of the NUAECCI, signed a memorandum of understating amidst a function held at the confederation secretariat on Wednesday.

On the occasion, CNI president Agrawal said that the main objective of this collaboration was to promote business relations and facilitate investment between the two countries.

Stating that the Confederation is cooperating with various bilateral and international chambers with the aim of expanding relations with foreign investors and businessmen, he said that this cooperation would be fruitful for both organisations to bring in investment for the benefit of their country, to increase Nepal’s export potential and to promote business between Nepal and the UAE.

He expressed his hope that this collaboration would play an important role in attracting investors from the UAE for the upcoming investment conference to be held in Nepal in April.

Pawan Kumar Agrawal, president of Nepal UAE Chamber of Commerce and Industry, said that the purpose of the chamber is to enhance business relations between Nepal and UAE by cooperating with the industrialists associated with the chamber.

He said that the cooperation with the CNI would play a role in promoting investment, creating an environment for promotion of Nepal’s goods and services, as well as technology transfer.

On the occasion, vice-president of CNI Hem Raj Dhakal said that although there is a lot of potential in Nepal, it has not been capitalised and said that Nepal needs a big investment for that.

He expressed his hope that the cooperation would help in bringing experts from UAE as not only financial investment but also technology and skills are needed for the industrial and commercial growth of a country like Nepal.

The CNI is working in coordination with non-resident Nepalis and business associations in different countries to attract foreign investment in Nepal, to help Nepali products in expanding access to foreign markets.