The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and Korea Importers Association (KOIMA) on Thursday signed a memorandum of understanding to promote a market for Nepali products and expand investment.
FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan signed the MoU in the capital city of South Korea.
KOIMA is an organization established in South Korea to promote an industrial environment and provide easy access to goods by importing industrial raw materials and, especially, goods not produced locally, according to the FNCCI.
Issuing a press statement, the FNCCI stated that it believes the cooperation will facilitate the expansion of Nepali products in the South Korean market.
Currently, Nepal's exports to South Korea are traditional goods such as felt, carpets and yarn and the cooperation between FNCCI and KOIMA is expected to help find markets for industrial raw materials and other products.
On the occasion, FNCCI President Dhakal underscored the need to strengthen immense economic ties between Nepal and South Korea.
Minister for Industry and Supplies Damodar Bhandari witnessed the signing of the MoU in Embassy of Nepal in Seoul.
Speaking at the event on ‘Investment and Trade Opportunities in Nepal’ organized by the Nepali Embassy, Dhakal said Nepal's young workforce, natural resources and proximity to large markets were important for Korean investors.
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