NICCI, BCC&I forge strategic partnership to drive bilateral economic growth

The Nepal-India Chamber of Commerce & Industry (NICCI) and the Bengal Chamber of Commerce & Industry (BCC&I) signed a Memorandum of Understanding (MoU) on economic collaboration during the inaugural day of the Indo-Pacific Economic Conclave 2023 held in Kolkata, India.

Shreejana Rana, President of NICCI, and Subir Chakraborty, President of BCC&I, signed the MoU in a ceremony that symbolized a new era of economic cooperation.

The Indo-Pacific Economic Conclave 2023, organized by BCC&I, served as the ideal platform for this landmark agreement, reads the statement issued by NICCI.

During the program,  Rana addressed the critical issues facing the Indo-Pacific region.

Her speech touched on various aspects, including cargo shipment, infrastructure development, logistics optimization, supply chain efficiency, visa regulations, and more.

In addition to that, Rana underscored the immense potential of the Indo-Pacific region, highlighting its economic dynamism, cultural diversity, and capacity for innovation, according to the statement.

She emphasized the need to confront the pressing challenges that hinder the region's progress, such as infrastructure gaps, logistics inefficiencies, and the disruptive impact of the COVID-19 pandemic on supply chains.

Moreover, Rana shed light on concerns related to visa regulations, non-tariff barriers, environmental sustainability, and climate change, all of which can significantly affect cross-border trade and investment.

Meanwhile, Rana put forth a comprehensive set of solutions to resolve these problems.

Furthermore, she advocated for the negotiation of bilateral agreements on labor movement to address labor shortages and skills gaps in various sectors.

Rana also emphasized the importance of digitalization and e-commerce initiatives to facilitate the seamless movement of goods and services across borders, reducing paperwork and administrative burdens, the statement reads.

Recognizing the increasing importance of environmental considerations in global trade, Rana urged for collaborative efforts to address environmental concerns and promote sustainable practices.

She encouraged regional stakeholders to adopt eco-friendly trading practices and engage in responsible environmental stewardship to enhance the region's reputation as a responsible and eco-conscious trading partner.

On top of that Rana also highlighted the significance of cultural exchanges, educational programs, and tourism as instruments to promote greater understanding and cooperation among nations. She stressed the importance of fostering a sense of regional identity and unity as a means to bolster cooperation further.

Additionally, she emphasized the critical role of collaborative research and innovation initiatives in driving economic growth and technological advancement within the region. Mrs. Rana also proposed coordinated efforts in disaster management and relief, including the establishment of early warning systems and joint response teams, to minimize the impact of natural disasters on the region's economies, the statement further reads.

As part of the seamless connectivity agenda and to promote bilateral and regional tourism, Rana unveiled the recent release of a Coffee Table Book on Spiritual Circuits between Nepal and India. This beautifully curated book features five religious circuits - Ramayana, Mahabharat, Shivashakti, Buddhist, and Sikh - in both countries. Following its successful unveiling in Nepal, plans are underway for a grand launch in India, enhancing cultural exchanges and promoting tourism.