The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) signed a Memorandum of Understanding (MOU) with BVMW Germany to explore the possibility of German companies investing in Nepal or collaborating with Nepali businesses. The MOU was signed on February 7, 2024.
The MOU was signed by FNCCI President Chandra Prasad Dhakal and Christoph Ahlhaus, Executive Chairman of BVMW, on behalf of their respective organizations. The MOU signing ceremony was held at the Embassy of Germany in Kathmandu in the presence of German Ambassador to Nepal Dr. Thomas Prinz.
During the MOU signing ceremony, Dhakal said that there needs to be collaboration between FNCCI and BVMW to promote trade relations between Nepal and Germany. He added that both organizations need to explore ways to increase exports from Nepal to Germany because Germany has been a trusted export destination for Nepal for many decades.
President Dhakal also mentioned that SMEs will be affected the most by Nepal’s transition to a developing country status, as Nepal will lose duty-free access to exports to Europe. He stressed that SMEs, particularly those run by women, need to be supported. He added that FNCCI and BVMW should collaborate for the promotion and development of SMEs.
The major objectives of the MOU are to enhance cooperation between FNCCI and BVMW and establish a practical framework to cooperate in investment promotion. The MOU also speaks about strengthening institutional relations and capacity building through mutual cooperation.
As per the MOU, both FNCCI and BVMW will have a regular exchange of information on investment policies, rules, regulations, procedures, incentives, and opportunities. There will also be an exchange of general updates on statistics and data related to Nepal and Germany with a view to making them accessible to both organizations.
According to the MOU, both organizations will take the initiative to encourage and provide support for the exchange of business delegations or investment missions. The FNCCI and BVMW have also agreed to assist each other in organizing combined events related to investment and entrepreneurship.