Nepal, India to hold annual economic summit

Nepal and India are planning to to hold annual economic summits alternately in each of the countries.

The private sectors of both the South Asian neighbours – Confederation of Indian Industry (CII) and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) – jointly informed the President Dr Ram Baran Yadav and Prime Minister Sushil Koirala during the meeting with the head of the state and executive head.

The CII delegation – led by president-designate Ajay S Shriram – that is currently in Kathmandu to attend the Nepal Economic Summit-2014 as
guest speaker and the FNCCI team – led by president Suraj Vaidya – informed the President of their decision of their planned intensely engagement to jointly promote bilateral economic activities, injecting investment in new sectors.

"In a joint initiative of CII and FNCCI, the two sides have agreed to convene Nepal-Indian economic summit on annual basis in an alternative country,” the FNCCI statement read, adding that the CII delegation is very encouraged from these two meetings and will convey the kind support provided by the president and the prime minister to potential Indian investors.

Meanwhile, the guests held separate talks with the President and Prime Minister and discussed bilateral economic, trade and investment expansion.

The delegation said that Indian investors were interested in employment generation, energy development, and commercialisation of agro-based industries, investment expansion and tourism in Nepal. They also urged the Nepal government to create favourable environment for them to come in the Himalayan nation in a big way.