Nepal-Kuwait Chamber formed

KATHMANDU, Aug 1: Nepali business community on Monday formally declared establishment of Nepal-Kuwait Chamber of Commerce and Industry (NKCCI) -- a bi-national business body that aims to explore and tap trade and investment opportunities between Nepal and Kuwait, one-of the richest countries of the Arab world.



Although Nepal and Kuwait had signed bilateral relation on February 25, 1972, the private sectors of the two countries so far had no formal ties.[break]



At the government level too, Nepal had established its embassy in Kuwait in 2010 only. Kuwait is yet to open its embassy in Nepal.



“Kuwait has huge business and investment potentials, but we have yet to tap it. Hence, establishment of bi-national chamber marks beginning of a new era. Business communities of two countries will now work closely for deepening bilateral economic ties,” said Surendra Bir Malakar, president of NKCCI.



He elaborated that the bi-national chamber will exchange business delegations, explore trade opportunities and identify areas wherein Kuwaitis are eager to invest. “We will also push the governments to facilitate trade and investment by making appropriate suggestions,” said Malakar.



Though Kuwait was first among the Oil Producers and Exporters Organization (OPEC) members to support Nepal in infrastructure development, the trade relation between the two countries stands almost nil. For instance, Nepal had exported goods worth Rs 2.2 million in 2009/10 and imported products worth Rs 250 million.



“Contrary to 1970s and 80s, when we used to import crude oil from Kuwait, bilateral trade has dropped over the past two decades,” said Suresh Basnet, president of Nepal Chamber of Commerce.



Such situation exists despite the fact that Kuwait is a good market for hand-knotted carpet, pashmina, fruits, tea, coffee and agro-products.



Given the situation, Malakar said the NKCCI will soon unveil new programs to foster bilateral trade. “Apart from that, we will also make efforts to attract Kuwaiti investment in hydropower projects, banking, manufacturing and commercial agricultural projects, and travel to Nepal as tourists,” he added.



Despite weak economic ties, Kuwait, interestingly, is employing more than 50,000 Nepalis. Not surprisingly, most of them sneaked into the country for jobs without official information.



“NKCCI will also help Nepali workers in Kuwaiti jobs, particularly pushing the two countries to enter into labor agreement for protecting their rights and wellbeing,” said Malakar.

In this context, he said NKCCI´s immediate initiative will be toward establishing Kuwaiti embassy in Nepal.

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