FNCCI President Dhakal welcomes 37th CACCI conference, Focusing on rconomic development in Asia-Pacific region

KATHMANDU: In a grand inaugural event, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce & Industry (FNCCI), extended a heartfelt welcome to attendees of the 37th CACCI Conference, jointly organized by the FNCCI and the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI). The President expressed his delight and honor at hosting this significant conference, marking FNCCI’s second time as the host since the 26th CACCI Conference in 2012.

The theme of the conference, “Chambers of Commerce – Helping Businesses Get SET for the Future,” was unveiled, focusing on three critical aspects: Sustainability, Entrepreneurship, and Trade. These pillars are identified as essential for fostering economic development within the Asia-Pacific region. The aspiration is to build a more prosperous future for the region.

Nepal’s strategic position, nestled between two economic giants, India and China, was emphasized. President Dhakal expressed strong belief in the conference’s role as a vital platform for business networking, exploring investment opportunities, and sharing valuable ideas.

A brief overview of Nepal’s resilient economy was shared. Despite the significant earthquake in 2015 and the challenges posed by the COVID-19 pandemic, Nepal’s people and economy have shown remarkable resilience. Robust foreign exchange reserves, positive balance of payments, and a well-capitalized banking sector primed for private sector lending were highlighted.

The flourishing energy sector in Nepal, rich in hydroelectric potential, was underscored. India’s decision to include imported hydroelectricity from Nepal within its renewable energy count promises to expand Nepal’s market further, owing to its abundant clean and renewable energy resources.

Highlighting Bangladesh, a rapidly growing economy and Nepal’s neighbor, President Dhakal invited the Asia-Pacific private sector to explore investment and collaboration opportunities within Nepal’s energy sector.

Nepal’s long-standing appeal as a tourist destination was showcased, with President Dhakal expressing aspirations to host more tourists from the Asia-Pacific region. Substantial investments in tourism infrastructure, including world-class hotels and airports, were mentioned, along with promising opportunities for investments in cable cars, luxury hotels, resorts, theme parks, hill stations, and more.

Recent upgrades at Tribhuwan International Airport in Kathmandu and the establishment of two additional international airports, one in Lumbini and another in Pokhara, were highlighted, encouraging attendees to explore investment prospects in Nepal’s thriving tourism sector.

President Dhakal elaborated on other sectors with vast potential in Nepal, including manufacturing, agro-processing, ICT, pharmaceuticals, herbs, and herbal products. Multinational companies operating in Nepal were noted to be enjoying excellent returns on their investments.

The advantageous duty-free market access Nepal enjoys with India, China, the EU, and other developed nations was emphasized. Nepal’s vision includes enhancing both physical and digital connectivity with South Asia, the Asia-Pacific region, and beyond, aiming for rapid growth through the digital economy, ICT, light manufacturing, value chain integration, and boosting exports.

The President invited attendees to explore Nepal’s immense potential during conference sessions, assuring the full support of FNCCI, representing Nepal’s private sector, in helping business leaders explore opportunities and address any challenges they encounter in Nepal.