The Confederation of Nepalese Industries and visiting business delegation of Russian Chamber of Commerce and Industry have discussed trade and business expansion between Nepal and Russia Wednesday.

In the business discussion, President of CNI Rajesh Kumar Agrawal urged the Russian delegation to increase investment in Nepal. He said that Nepal was a fertile land for investment and in terms of market, it was located between the two large countries in the world, so investors could get a lot of benefits from investing in Nepal.

President of Chamber of Commerce and Industry of Russian Federation Sergei Katyrin, who is leading the business delegation, said that the private sector required to be active for the development of the country. He said that Russian industrialists were ready to invest in Nepal and would do some important work in collaboration with the CNI of Nepal. He said that he was ready to work together to encourage the businessmen of the two countries.

Meanwhile, a Memorandum of Understanding has been signed between the CNI and three business organisations of Russia to work on matters of mutual interest, according to a press statement of the CNI.

The CNI has made an agreement with the Chamber of Commerce and Industry of the Russian Federation, St. Petersburg Chamber of Commerce and Industry and Lipetsk Chamber of Commerce and Industry.

The MoU was signed by Agrawal, President of the CNI, Katyrin, President of the Chamber of Commerce and Industry of Russian Federation, President of the St. Petersburg Chamber of Commerce and Industry Vladimir Katenev and President of the Lipetsk Chamber of Commerce and Industry Golstov A.V.

Meanwhile, the Federation of Nepalese Chambers of Commerce and Industry held discussion with the visiting business delegation of Russian Chamber of Commerce and Industry on Tuesday at the secretariat of the Federation of Nepalese Chambers of Commerce and Industry.

On the occasion, FNCCI President Chandra Prasad Dhakal said that it was important for Nepal to capitalise on the bilateral relationship that Nepal and Russia shared to strengthen trade and investment cooperation.

He said that since the establishment of Federation of Nepalese Chambers of Commerce and Industry, it had been advancing and facilitating bilateral business connections and international trade collaborations.

He shared that it had been 13 years since Federation of Nepalese Chambers of Commerce and Industry and the Chamber of Commerce and Industries of Russian Federation established formal relations after signing the Agreement on Cooperation in Moscow on July 25, 2011.

Dhakal added that the meeting on Tuesday would further continue the valued relations, and help promote trade and investment relations between Nepal and Russia. He said he was confident that this partnership could further open up new paths to economic growth and development for both the nations.

FNCCI Presidnet Dhakal appraised the gathering of the long history of diplomatic relations between Nepal and Russia stating that the then Soviet Union had extended important economic and development cooperation to Nepal and contributed to accelerate Nepal's modernisation process.

Dhakal informed the Russian delegation that the government of Nepal had amended 12 laws and regulations to create a better investment climate in Nepal.

He shared that the government had also already prepared the framework of Bilateral Investment Agreement. He urged the Russian businesses to cash in on this valuable opportunity and to invest in Nepal in the attractive areas for mutual benefit.

He said the potential sectors for investment in Nepal are tourism and tourism infrastructure, agro-processing, hydropower projects and infrastructure, ICT, manufacturing, to name just a few.