UAE delegation participates in Nepal Investment Summit in Kathmandu31 Mar 2019
UAE delegation participates in Nepal Investment Summit in Kathmandu
UAE & Nepal discuss economic & investment cooperation
• UAE delegation participates in Nepal Investment Summit in Kathmandu
• Delegation holds meetings with four Nepali ministers
• Memorandum of Understanding signed between Sharaf Group & Chaudhary Group in the field of logistics infrastructure
Abu Dhabi, 31 March 2019
An official trade delegation from the UAE participated in the Nepal Investment Summit 2019 in Kathmandu. The delegation was headed by H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs and consisted businessmen and representatives of investment companies in the UAE, including Sharaf, Hesco Global General Trading and CEO Club Network.
On the sidelines of the Summit, H.E Abdullah Al Saleh discussed the development of economic and investment cooperation between the UAE and Nepal across various sectors of common interest during his meeting with a number of ministers in the Nepalese government. The delegation also witnessed the signing of a Memorandum of Understanding between the UAE's Sharaf Group and Nepal's Chaudhary Group for investment cooperation in the field of logistics infrastructure.
H.E Al Saleh and H.E Mohammad Estiyak Rai, Minister of Urban Development of Nepal, discussed opportunities for cooperation and exchange of experiences between the two countries in the field of sustainable infrastructure. H.E also met with H.E Matrika Prasad Yadav, Minister for Industry, Commerce and Supplies, during which, both sides discussed the possibilities of enhancing cooperation in the fields of investment, trade and industrial zones.
Al Saleh's meeting with Raghubir Mahaseth, Physical Infrastructure and Transport Minister of Nepal, discussed opportunities and cooperation projects in transport sectors, infrastructure development and logistics services to serve economic prosperity and commercial activity. On the sidelines of the Investment Summit, H.E Al Saleh also discussed ways to expand the horizons of economic and trade cooperation between the two countries with H.E Dr. Yuba Raj Khatiwada, Nepali Minister for Finance and Convener.
UAE shares experience at Investment Summit
H.E Abdullah Al Saleh was one of the speakers at the 'International Experience Sharing' session of the Nepal Investment Summit, during which he elaborated on the UAE's success in stimulating foreign direct investment inflows. He praised the Nepali government's efforts to create an environment conducive to investors, highlighting the importance of the Summit as a platform to attract foreign investments and to promote investment opportunities in the Nepalese markets.
During his speech, H.E Al Saleh emphasized the importance of economic and trade relations between the UAE and Nepal. He pointed out that the UAE is the third largest trading partner of Nepal, and that the non-oil trade between the two countries during the first nine months of this year reached about USD 300 million, including 197 worth non-oil exports from the UAE to Nepal, and about USD 101 million of re-exports. He added that these figures will continue to grow in light of intensifying official and commercial visits and the growing cooperation between the two countries at governmental and private levels.
Memorandum of Understanding in Logistics Infrastructure
The Nepal Investment Summit concluded with the signing of a Memorandum of Understanding (MoU) between the UAE's Sharaf Group, represented by Salah Sharaf, Group Chief Executive Officer, and Chaudhary Group as a local partner in the field of logistics infrastructure, specifically for the development of a multi-media logistics complex, in the presence of Nepal's Minister of Transport and Physical Infrastructure; Minister for Industry, Commerce and Supplies; Minister of Finance and H.E Abdullah Al Saleh from the UAE side.