FNCCI, KOIMA ink MoU to boost Nepali products in South Korea"

KATHMANDU, DECEMBER 19: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) have signed a memorandum of understanding (MoU) to promote Nepali products in the South Korean market and expand investment opportunities. The MoU was signed today in a ceremony held in Seoul, South Korea by FNCCI president Chandra Prasad Dhakal and KOIMA President Bu-Wang Kwan Kim. Titled "Opportunities for Trade and Investment in Nepal," the event also marked 50 years of  establishing diplomatic relations between Nepal and South Korea

KOIMA is an organization established in South Korea to promote the import of industrial raw materials, particularly those not produced domestically, and to enhance the industrial environment while ensuring the availability of goods for the general public.

FNCCI believes that collaboration with an import-focused organization like KOIMA will make it easier to expand Nepali products in South Korea. The partnership is also expected to reduce the trade deficit between Nepal and South Korea, which currently stands at around NPR 7 billion.

While Nepal traditionally exports items such as felt, carpets, and yarn, FNCCI is hopeful that the collaboration with KOIMA will open new markets for industrial raw materials and other products.

Speaking during the event, Dhakal highlighted the vast potential for strengthening economic ties between the two countries.

Dhakal also shared recent improvements in Nepal’s investment environment, including reforms in collaboration with FNCCI. "The government has recently amended eight laws related to investment, creating a more investor-friendly environment. Additionally,  approving a bilateral investment agreement framework has been a significant step in facilitating foreign investment in Nepal."

Furthermore, he highlighted Nepal’s favourable economic indicators, such as foreign currency reserves of approximately USD 17 billion, and informed attendees about Nepal's recent credit rating, which he considered satisfactory within the South Asian context.

Dhakal also emphasized the importance of infrastructure development, particularly in areas such as roads, railways, airports, urban planning, hotels and resorts, cable cars, and smart cities, urging Korean expertise and investment in these sectors.

According to him, the Korean business community can explore trade and investment opportunities in Nepal and receive full support through FNCCI’s Foreign Investment Facilitation Desk.

Speaking on the same occasion, Minister for Industry, Commerce, and Supplies, Damodar Bhandari, Dhakal emphasized Nepal’s dynamic youth workforce, natural resources, and proximity to large markets as key factors for attracting Korean investors.