Thai business bodies agree to invest in Nepal

By A Staff Reporter,Kathmandu, Apr. 5: A Joint Business Council (JBC) is set to be formed between Nepal and Thailand.

Discussions regarding the formation of this council took place during a meeting on Friday in Bangkok between the presidents of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Chamber of Commerce and Board of Trade of Thailand. 

During the meeting between FNCCI President Chandra Prasad Dhakal and Board of Trade President Sanan Angubolkul, along with officials from both countries, the FNCCI proposed the formation of the Joint Business Council between the two organisations, according to a press statement issued by the FNCCI. 

FNCCI President Dhakal stated that the council will serve as a dedicated platform for continuous dialogue, collaboration and the exploration of business opportunities. 

"Nepal stands as a land of promising potential, offering numerous opportunities for investors and businesses. The initiative to form a Joint Business Council will further strengthen our partnership and drive economic growth in both countries," he said.

 Dhakal expressed commitment to facilitate further Thai investment by stating that the FNCCI will take the initiative for necessary facilitation, given that many laws required for creating an investment-friendly environment in Nepal have been amended and revised, and the government has guaranteed investment security. 

He informed the gathering about the potential in Nepal's tourism, energy, agriculture, information technology, and construction industries, and suggested the possibility of joint ventures with Thai businesses in Nepal. 

Dhakal also invited Thai businesspeople to visit Nepal and directly observe the opportunities Nepal offers, addressing members of the Thai Chamber of Commerce and Board of Trade and the broader Thai business community. 

He requested the President of the Thai Chamber of Commerce and Board of Trade to advocate for an on-arrival visa process for Nepalis from the Thai government.

Similarly, Senior Vice President of FNCCI, Anjan Shrestha, expressed the view that the Joint Business Council can contribute to the economic development of both countries. 

He said that FNCCI will coordinate with the Nepali government to ease the investment process in Nepal.

 Meanwhile, an agreement has been reached to form the Joint Business Council (JBC) and proceed with further necessary processes. 

The responsibility for this task has been assigned to FNCCI Director General Gokarna Raj Awasthi and Vibeke Lyssand Leirvag, President of the Joint Foreign Chambers of Commerce in Thailand. 

Previously, on April 24, 2024, an agreement was reached to form the Nepal-Qatar Joint Business Council, and in accordance with that agreement, the first president-level meeting was held on October 2, 2024, in Doha, the capital of Qatar. 

Speaking on the occasion, Sanan Angubolkul, President of the Chamber of Commerce and Board of Trade of Thailand, stated that they were positive about the views expressed by the FNCCI and that the Board of Trade is ready for cooperation. 

He said that they would take the initiative with the government regarding the on-arrival visa process for Nepali citizens. 

The event was attended by FNCCI Vice Presidents Hemraj Dhakal and Jyotsna Shrestha, and Executive Committee member Pashupati Dev Pandey, as well as officials from the Thai Chamber of Commerce and Board of Trade of Thailand. 

Previously, in the presence of Prime Minister KP Sharma Oli and Thai Prime Minister Phetongtran Shinawatra, a Memorandum of Understanding was signed on Wednesday in Bangkok between the Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Board of Trade of Thailand regarding mutual cooperation and the enhancement of trade and business.