Bhopal (Madhya Pradesh) [India], July 13 (ANI): In association with the Embassy of Nepal in India, PHDCCI India-Nepal Centre organised the “India-Nepal Economic Cooperation Meet 2025” in Bhopal, Madhya Pradesh.
The meeting witnessed the presence of senior diplomats from Nepal, besides senior government officials and industry leaders from Nepal.
Speaking on the occasion, Narendra Shivaji Patel, Minister of Public Health & Medical Education, Government of Madhya Pradesh said, “To further enhance the bilateral economic cooperation and strengthening the base of Neplease businesses in India (with focus on Madhya Pradesh and Central India at large), the ‘India-Nepal Economic Cooperation Meet 2025’ is historically important this shall help in further improving the ‘Ease of Doing Business’ between two friendly countries – India and Nepal. Madhya Pradesh and Nepal share a unique and special cultural ties–and we will do all possible for further enhancing it.”
Later, speaking with ANI, Narendra Shivaji Patel said such programs will strengthen India’s ancient cultural relations and economic ties with Nepal.
“Today this program of economic cooperation between India and Nepal has been completed through PHDCCI, which is a 200-year-old organisation of traders. Today, a long discussion was held among the delegates of PHDCCI on how to deepen the economic relations between India and Nepal and how investors from both countries should invest in each other. Certainly, through such programs, our deep and ancient cultural relations with Nepal will be strengthened and those economic relations will also be deepened,” Patel said.
Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI, in his opening remarks, said, “Substantial progress has been achieved in recent years in key areas of India-Nepal bilateral cooperation especially in the areas of connectivity–physical, digital, energy and people-to-people linkages. This is manifested in the steady implementation of infrastructure projects related to roads, bridges, cross-border railways, Integrated Check Posts and petroleum pipelines.
He also highlighted the major outcomes of recent bilateral visits between both countries, emhsising on connectivity initiatives such as progress in the Integrated Check Posts at Nepalgunj, inauguration of a freight train service between India and Nepal and progress on the Kurtha-Bijalpura and Raxual-Kathmandu railway line.
Atul K Thakur said, “Some of the major outcomes of recent high level visits include landmark connectivity initiatives such as progress in the Integrated Check Posts at Nepalgunj, Bhairahawa and Dodhra-Chandni; inauguration of a freight train service between India and Nepal, progress on the Kurtha-Bijalpura and Raxual-Kathmandu railway line; momentum on the Motihari – Amelekhgunj pipeline phase-II and construction of a new petroleum pipeline from Siliguri to Jhapa and Amelekhgunj to Chitwan.
“Major landmarks in the power sector include the finalisation of the Long-Term Power Trade Agreement; finalisation of the trilateral power trade agreement between India, Nepal, and Bangladesh; and signing of agreements with respect to the development of new hydropower Projects in Nepal by Indian developers, including the 480 MW Phukot Karnali and the 669 MW Lower Arun. In the field of digital financial connectivity, Nepal started accepting UPI payments since March 2024 through interoperability with FonePay QR of Nepal. National Payments Corporation of India Limited (NPCIL) and Nepal Clearing House Limited (NCHL) are working closely to facilitate cross-border digital payments in a smoother way, and this is opening a new chapter in the financial technology domain,” he added.
Nepalese diplomats Ambika Joshi, Minister Counsellor, Embassy of Nepal in India and Rabindra Jung Thapa, Counsellor (Economic), Embassy of Nepal in India shared in the presentation, “Indian firms are among the largest investors in Nepal, accounting for 35 per cent of the total FDI stock in Nepal, worth nearly USD 777 million. Nepal is India’s 17th largest export destination, up from 28th position in 2014.India comprises about 64.1 per cent of total trade of Nepal, equating to USD 7.87 billion USD (Indian FY 23-24)). This includes USD 7.041 billion USD of exports from India to Nepal and USD 829.71 million USD of exports from Nepal to India. India is Nepal’s largest export destination, receiving an overwhelming 67.9 per cent of its total exports (as per annual data available from Nepal Rastra Bank (mid-August 2023-mid July, 2024). Nepal’s other large export destinations are the United States, Germany, Turkey, France, the UK, Australia, Italy, Japan and Canada. Nepal’s exports mainly constitute edible oil, coffee, tea and jute. Nepal’s main imports from India are petroleum products, Iron & Steel, Cereals, Vehicles and Parts, Machinery parts.”
He added, “There are about 150 Indian ventures operating in Nepal engaged in manufacturing, services (banking, insurance, dry port, education and telecom), power sector and tourism industries. India-Nepal partnership will be further strengthened in all crucial areas including economy, culture and at people-to-people level. The famous Janki Temple in Janakpur was made by the queen of Tikamgadh (Madhya Pradesh) and this is one of the key examples of our shared past with Madhya Pradesh and India. The Embassy of Nepal in India is fully supportive of business and people engagements between Nepal and India–and it calls the businesses in Madhya Pradesh (and other parts of India) to explore investing and doing business in Nepal for promising outcomes.”
Later, speaking with ANI, Ambika Joshi said, “Today’s program was focused on exploring opportunities for tourism and investment in Nepal. We had a very good interaction with Indian investors and the people from the Nepali community who are rising entrepreneurs in Bhopal about collaborating for investment and tourism. I’m happy to share that beyond tourism or economic issues, we also discussed on the possibility of collaboration in the cultural, medical and education sectors. So I am very much encouraged by this program.”
For acelerating India-Nepal bilateral economic cooperation, the “India-Nepal Economic Cooperation Meet 2025” had detailed discussions, among others, on: Promoting Sustainable Industrial Development in Nepal and India; Revisiting Bilateral Trade Policies; Expanding Bilateral, Regional and Sub-regional Cooperation; Improving Border Area Development and Connectivity (Road, Railway & Air). (ANI)
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