Stresses on Nepal-India Economic Partnership and Shared Prosperity

Kathmandu. Business leaders and policymakers from Nepal and India have stressed the need to further strengthen Nepal-India economic cooperation and promote regional common prosperity.

The participants expressed their views at a high-level bilateral dialogue held in Siliguri, India.

The dialogue on “Strengthening Nepal-India Economic Partnership for Shared Prosperity” was jointly organized by the Asian Institute of Diplomacy and International Affairs (AIDA) and the Confederation of Indian Industry (CII) North Bengal Zonal Council.

Opportunities for expanding economic cooperation through pragmatic and implementable policy initiatives, particularly between eastern Nepal and West Bengal of India, were discussed.

Inaugurating the dialogue, Vice President of Nepal-India Chamber of Commerce and Industry (Nikkei), Kunal Kayal, said that Nepal and India have a unique economic and people-to-people relationship and stressed the need of further strengthening institutional cooperation to fully realize the full potential of the bilateral economy.

Speaking at the event, Satish Mitruka, President, CII North Bengal Zonal Council, suggested that such dialogues should be held regularly in Kathmandu and Siliguri to realize the huge potential between Nepal and India.

Mr. Amal Mondal, Vice President, CII North Bengal Zonal Council, Mr. Supratim (Raj) Basu of Rural Heritage Conservation Tourism and Mr. Sumit Sinha, Founder, King’s Hospital highlighted the various opportunities that Nepal and India can achieve through collaboration including tourism and medical education.

Likewise, Managing Director of IEC Group Nepal, Shailaja Adhikari, Principal, IIAS School of Management Dr. KV Rajendran Nayyar and President of Glocal, Ashish Thakur expressed their views on the opportunities and possible collaborations in the education sector between West Bengal and Nepal.

Anil Kumar Shah, Senior Vice President of Morang Industries Association, shared his experience and vision for the promotion of trade and tourism between eastern Nepal and West Bengal.

Facilitating the session, Lakshmi Limbu Kaushal, Chairperson, Real Estate & Logistics, CII North Bengal Zonal Council, said, “This joint initiative between IDA and CII North Bengal is just the beginning.

“It will bring business leaders together so they can share experiences and move forward together,” she said. ’

Member of the House of Representatives, Parasmani Gelal, shed light on the role of his party and the government in promoting trade and economic relations as well as the initiatives taken by the incumbent government.

Stressing on the need for policy support, investment facilitation and stronger economic cooperation between Nepal and India, he urged Indian entrepreneurs to invest in Nepal. He said the present government is private sector-friendly and committed to creating environment conducive for investment.

The participants of the event pointed out the growing importance of the Nepal-West Bengal Economic Corridor and underscored the need for more investment in Nepal’s hydropower, tourism, agriculture, manufacturing industries and Special Economic Zones.

Education, hospitality and healthcare sectors are the key priorities of Nepal-West Bengal economic and trade relations, and the participants pointed out the need for pragmatic solutions to the challenges of trade facilitation and further strengthening the partnership between the private sector.

The participants also talked about the strategic importance of Siliguri, describing it as an important gateway connecting Nepal, India’s north-eastern region, Bhutan and Bangladesh. They also discussed ways to expand trade, investment, tourism and cross-border economic integration by leveraging the geographical advantage of the region.

The dialogue concluded with a common commitment to transform the discussions into practical partnership and investment opportunities so as to contribute to sustainable economic growth and regional prosperity.

According to Sunil KC, founder of IDA, IDA has been organizing Pristina Dialogue, Nepal-India Think Tank Summit and recently organized ‘Strengthening Nepal-India Economic Partnership for Shared Prosperity’ program in Siliguri with the objective of promoting economic diplomacy.

“West Bengal has historically been one of the earliest and committed sources of Indian investment in Nepal,” the statement said.

Headquartered in West Bengal, Surya Nepal, Asian Paints Nepal, Berger Paints Nepal and Dabur Nepal entered Nepal in the 90s.

And even today, these industries are established as trusted brands in Nepal. OBT Nepal, a recently launched foreign direct investment (FDI) project in Nepal, is also headquartered in West Bengal.