India-Nepal Economic Partnership Summit aims to open new avenues of business engagements

The third edition of the India-Nepal Economic Partnership Summit 2024 aimed to create a platform to discuss the bilateral economic partnership agenda and to further open new avenues of business engagements in the key sectors of the economy.

The Summit, organised by the India-Nepal Centre of the PHD Chamber of Commerce and Industry (PHDCCI) was held on March 5 in Bhairahawa, Nepal.

The Summit saw the participation of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI), the Confederation of Nepalese Industries (CNI); the Nepal Chamber of Commerce (NCC) and the Nepal-India Chamber of Commerce and Industry (NICCI).

The deliberations made during the summit aimed to open new avenues of business engagements in the key sectors of the economy besides giving a much-needed boost to the trade near the crucial India-Nepal border at Bhairahawa, an economic hub of Nepal.

According to the organisers, the summit has been successful in creating a platform through joint action for deeper economic engagement between both countries, with a focus on challenges, including, remittance, imports, exports and Balance of Payment (BoP).

The summit also played a role in discussing and deliberating on ways to channel investment from India to Nepal and other ways around as well as to re-establish the India-Nepal bilateral relations as the core strength of the sub-regional cooperation in South Asia.

The major takeaways from the summit included the creation of sustained convergence of industry and government, for thriving on the mutually beneficial India-Nepal bilateral relations in all crucial realms.

Moreover, during the summit, they also highlighted the improved trade and transit system with the Integrated Check Post (ICP) and other progressive regulatory provisions.

While setting the tone of the Summit, Manjeev Singh Puri, India’s Former Ambassador to Nepal and Chair, of India-Nepal Centre, PHDCCI reflected on the necessity for having a collaborative approach among the stakeholders in the government and industry.

He asserted that tapping the rich potential and coping with the challenges in post-pandemic times through India-Nepal economic cooperation is a must.

Former Ambassador Puri also emphasized the Summit’s key aims, stating, a new roadmap for accelerating India-Nepal bilateral cooperation; promoting industrial development in Nepal and India; revisiting bilateral trade policies; expanding bilateral and sub-regional economic cooperation; and improving border area development and connectivity.

Furthermore, the participants at the Summit also discussed the identification of areas to further improve connectivity thus enabling smooth trade and transit.

They also brought to notice the hidden potential in the Border Area Development Program and paving the way for India’s major involvement in helping the infrastructural facelift of Nepal’s bordering districts in Uttar Pradesh and making them the gateways of the India-Nepal Trade Connection also was discussed at the time of the summit.

The one-day Summit was moderated by Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI.

“Well-timed and meant to foster the border trade with emphasis on bilateral and subregional economic cooperation, the second edition of “India-Nepal Economic Partnership Summit 2024″ concluded with providing business linkages and partnerships in Bhairahawa,” the release from organizers stated.

The previous editions of the Summit were organized on May 18 and December 20 last year at Birgunj, and it proved to be historically successful with a deep impact on enhancing the bilateral economic relations between both countries.