A Memorandum of Understanding (MΟU) was signed between the Greek Indian Business Association (GIBA) and the Nepal Chamber of Commerce to mark the beginning of their collaboration on several economic and cultural fields.
Nepal Chamber of Commerce, established in 1951, is the first Chamber of Commerce in Nepal. At present, it has more than 1,600 ordinary members and more than 8,000 registered firms are affiliated to it. Being located in Kathmandu, the capital city of Nepal, the Chamber has been playing an important role in the field of trade promotion and also in the formulation of commercial, industrial and fiscal policies of the Government of Nepal. Read more about Nepal Chamber of Commerce.
This MOU is a very positive development since it will help to enhance business cooperation, trade and investment in areas such as tourism, food processing & agriculture, manufacturing and infrastructure. The agreement would also help to strengthen the cultural and academic relations between the corporate members of the two organizations in Nepal and Greece.
Under this agreement, the parties are to exchange information and provide mutual support for the benefit of their members and clients and thus contribute to the economic development of both Greek and Nepali societies.
In addition, the MOU seeks to encourage each party to exert its influence for the promotion of commercial and industrial partnership between Greek and Nepali companies and support foreign direct investment (FDI) from its nationals to the other country.
The MOU also includes a commitment for assisting each other in organizing fairs, seminars and business missions, and co-operation in creating awareness on the investment environment, policies and regulations.
Each party is to provide the other with available and relevant information on initiatives with the purpose of increasing business for Greek and Nepali companies in each other’s markets.
The MOU between the two parties was signed by GIBA President Dr. Dimitrios Vassiliadis and Nepal Chamber of Commerce Chairperson Mr. Rajesh Kazi Shrestha and came into effect on February 11th, 2021.