Kathmandu, Apr. 15

The Federation of Nepalese Chamber of Commerce and Industry (FNCC) on Sunday signed a memorandum of understanding (MoU) with the International Enterprise Management and Investment Association (IEMIA) of China to promote bilateral economic and business relations.

Suraj Vaidya, President of FNCCI, and Allce Cheng, President of IEMIA, signed the MoU during a meeting with an eleven-member delegation of IEMIA at the FNCCI secretariat, a according to FNCCI.

Led by Allce Cheng, the Chinese business delegation is now in the Capital to promote bilateral trade and investments.

As per the agreement, the two parties will work on promoting bilateral economic and trade relations by sharing science and technological knowledge by jointly organizing various meetings, workshops and trade fairs.

Investors from both the countries aim to make joint investments in solar energy, tourism, cement and hotel and restaurant and other priority sectors.

After signing the agreement, Vaidya said that the MoU will be instrumental in consolidating bilateral economic ties and promoting trade and investments.

During the meeting, Vaidya urged the Chinese delegation to increase their investments in the development of energy, commercial agriculture, processing of medicinal herbs and the tourism sector.

"We have attached high importance to the MoU signed with the FNCCI and we are committed to implementing the agreement, said a press statement issued by FNCCI quoting Allce Cheng as saying.