Home News Effective connectivity essential for expanding intra-regional trade in BIMSTEC: FNCCI

Effective connectivity essential for expanding intra-regional trade in BIMSTEC: FNCCI

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June 14, 2023- Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has proposed to form the BIMS- TEC Business Forum as a private platform to support government and business chambers in the region, fostering business facilitation among BIMS- TEC countries, with FNC- CI leading the initiative from Nepal’s side.

He emphasized the necessity of implementing effective prerequisites to bolster international trade and investment among Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) nations.

Addressing a special session of the International Business Forum at the BIMSTEC Business Conclave held in Kolkata, FNCCI President Dhakal underscored the importance of establishing resilient and effective infrastructure, including roads, waterways, and railways, as essential prerequisites to foster regional trade and investment.

FNCCI President Dhakal stressed the importance of collective collaboration among BIMS- TEC member countries to invest in enhancing air and digital connectivity by improving existing infrastructure and construction of new facilities. He stated the need for joint investments in infrastructure development to achieve this goal.

“Promoting the development of energy infrastructure and cross-border cooperation can significantly enhance energy availability within regional value chains, thereby facilitating growth of energy-dependent industries. An exemplary collaboration can be seen among Nepal, Bangladesh and India, where they are jointly working on exporting Nepal’s hydropower to Bangladesh.”

The FNCCI president highlighted the importance of addressing non-tariff barriers to regional trade and investment, aiming to facilitate seamless business transactions among BIMSTEC countries and enhance the ease of doing business.

“The establishment of an independent trade regime in the region can effectively facilitate bilateral and multilateral trade among member nations. Nepal stands to benefit from the removal or reduction of tariffs on its exports, leading to increased trade volume and fostering export diversification,” he stated.

Dhakal further stated that regional connectivity and trade agreements play a crucial role in attracting foreign direct investment.

(Source: The Himalayan Times)

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