The Federation of Nepalese Industries and Commerce (FNIC) and the Indian Industries Association (IIA) inked a Memorandum of Understanding (MoU) for a bilateral cooperation. This development took place during the third Nepal Investment Summit (April 28-29) in Kathmandu.

FNIC president Khimlal Bhandari and IIA chairperson Anuj Kumar Garg signed the MoU on behalf of the respective sides.

According to FNIC general secretary Khim Narayan Parajuli, the MoU aimed to promote cooperation and mutual interests in investment, trade, and industrial development.

The MoU reached between two organizations representing the private sectors in two countries is expected to support the facilitation in the trade sector.

The FNIC today itself signed a MoU with China's Dongguan Jinyang Lighting Co. Ltd to establish cooperation for investment facilitation in Nepal.