UAE, Nepal economic forum organised

26 Jun 2018

UAE, Nepal economic forum organised

 The UAE is the third largest exporter to Nepal as the trade exchange between the two countries amounted to US$425.2 million in 2017, a 14.4 percent annual growth compared to 2016, Abdullah Salih Al Salih, Under-Secretary of the UAE Ministry of Economy for Foreign Trade Affairs, said.

Speaking on Monday at the opening ceremony of the UAE-Nepal Economic Partnership Forum in Kathmandu, Al Salih stressed that the two countries have the common vision of starting a new era of cooperation, paving the way for investors and businessmen to form new partnerships and boosting trade ties.

Despite the positive outlook of our mutual economic relationship, we need to look for new opportunities to increase trade exchange and establish new joint ventures considering the fact that the two countries are working hard to diversify their economic ties, he added.

Nepal enjoys a very special geographic location between China and India, with whom the UAE have strong and vibrant economic ties. This indicates that it is the right decision to explore new opportunities and channels of investment with Nepal.

He also invited Nepalese investors and businesses to take part in the economic forums and exhibitions being organised in the UAE and welcomed Nepal's confirmation of its participation in the upcoming Expo 2020 Dubai.

Chandra Kumar Ghimire, Nepal's Secretary of Ministry of Industry, Commerce and Supplies, highlighted that his country is very keen on bolstering its economic, trade and investment ties with the UAE. He also pointed out that Nepal has a lot to offer for UAE investors, particularly in the agriculture and tourism sectors that account for 32 to 35 percent of the country's GDP besides lucrative investment opportunities in the energy, food processing industries, education and transport.

Nepal enjoys a high level of political stability, security and one of the lowest tax rates, compared to other Asian countries, which are crucial elements for luring foreign investments, he added.

The UAE delegation to the forum comprised representatives of the UAE International Investors Council, Department of Economic Development, Ras al-Khaimah, Sharjah Chamber of Commerce and Industry, Expo 2020 Dubai, and a number of public and private entities.

The forum was attended by Saeed Hamdan Al Nagbi, UAE Ambassador Extraordinary and Plenipotentiary to Nepal, and a number of Nepalese businesspeople and investors.

Al Salih also met Matrika Prasad Yadav, Nepal's Minister Industry, Commerce and Supplies, and discussed means of bolstering economic ties between the two countries across areas.