In a significant move to deepen economic cooperation between Nepal and India, the Nepal-India Chamber of Commerce and Industry (NICCI) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have signed a Memorandum of Understanding (MoU) to jointly promote trade, investment, and cross-border business engagement.

The agreement, signed in New Delhi by NICCI President Sunil KC and FICCI Director General Jyoti Vij, aims to institutionalize cooperation between the two apex industry bodies through the exchange of business delegations, information sharing, and joint promotional events. Under the terms of the MoU, both organizations have agreed to facilitate the reciprocal participation of business representatives in trade missions, investment forums, fairs, and exhibitions held in each country.

According to the understanding, NICCI will serve as FICCI's partner in Nepal, while FICCI will be the exclusive partner for NICCI in India.

The two sides will also regularly share non-confidential publications and data relevant to trade and investment prospects. “We will organize at least one major joint event every year and facilitate the exchange of business delegations between Nepal and India,” said Sunil KC, President of NICCI. “Our partnership will also include joint studies, market surveys, and publication exchanges focused on identifying emerging areas of mutual economic interest.”

FICCI Director General Jyoti Vij echoed similar sentiments, emphasizing the shared responsibility of both institutions in fostering closer economic ties. “As leading business organizations in our respective countries, both FICCI and NICCI are committed to strengthening the trade and investment relationship between India and Nepal,” she said.

Founded in 1927 on the advice of Mahatma Gandhi, FICCI is India’s oldest and most influential business federation. Headquartered in New Delhi, it represents over 250,000 companies across the public and private sectors and works to promote policy reforms, economic growth, innovation, and investment. FICCI plays a key role in linking industry with government, fostering partnerships, and supporting enterprise development across a wide range of sectors.

Established in 1993 and founded by Prabhakar SJB Rana, NICCI is a bi-national, non-profit business organization dedicated to enhancing trade, investment, and economic cooperation between Nepal and India. It serves as a bridge between entrepreneurs and institutions in both countries, facilitating strategic partnerships and offering platforms for market analysis, policy dialogue, and sectoral collaboration in areas including energy, tourism, infrastructure, and industry. The Indian Ambassador to Nepal is the patron of NICCI, and the current patron is Ambassador Naveen Srivastava.

The MoU marks a formal step toward reinforcing the long-standing economic interdependence between the two South Asian neighbors, with both organizations pledging to work closely to unlock the potential of untapped sectors and address challenges faced by businesses operating across borders.

According to the MoU, both chambers will collaborate beyond India and Nepal, including within regional groupings such as BBIN and BIMSTEC. NICCI members will also utilize the resources and networks of FICCI to expand Nepal’s business and economy. “Our partnership is not limited to bilateral trade and economic relations; it goes beyond that,” NICCI President KC added.

“We are also going to establish a NICCI-FICCI Track 1.5 initiative to promote bilateral investments, where both FICCI members and representatives from both governments will participate. This initiative aims to foster investment and bridge the investment gaps that have persisted since the 1990s,” he said.