A Memorandum of Understanding ( MoU) has been signed between the Confederation of Nepali Industries (CNI) and China Council for Promotion of International Trade (CCPTI) in Nepali capital Kathmandu Monday afternoon.

Acting President of the CNI Narendra Kumar Basnyat and Chairman of the CCPIT Wan Jifei signed the MoU.

Speaking at the program, Chief Guest and Minister of State for Commerce and Supplies Saroj Yadav emphasized on the need for strengthening the ties between Nepal and China.

Likewise, Narendra Basnyat, Acting President of the CNI said that the visit of CCPIT has opened a new avenue of bilateral relations and added to the existing goodwill between Nepal and China.

"This kind of high level visit and exchange of ideas will strengthen our ties and help to build confidence at a great level, " he said.

"The CCPIT, being an apex business organization of China, deserves its own role in trade and investment as well as bilateral relations," Basnyat further emphasized.

Highlighting the prospect of Chinese investment in Nepal, Basnyat said, "There are prospects for investment in Nepal for the Chinese side such as hydropower projects, construction, pharmaceuticals, minerals, cement, education and tourism."

He called on the Chinese counterparts, especially from the CCPIT to grab the opportunity.

Similarly, speaking on the occasion Chinese Ambassador to Nepal, Qiu Guohong, said that business community and businessmen from both China and Nepal brainstormed solutions to achieve common development to survive the global economic recession last year.

"The two governments worked out policies and measures to promote bilateral economic cooperation and trade," he said.

Ambassador Qiu Guohong said, "China's policy to offer zero- tariff treatment to Nepalese commodities means that China's market is open to Nepal."

"China-Nepal trade volume in the first ten months of this year has exceeded 257 million USD, registering an increase of 76 percent compared to the same period last year," he informed.

Similarly, Wan Jifei, Chairman of the CCPTI who is also leading the 60-member business delegation from China to Nepal, said that the economic ties between Nepal and China have maintained momentum in the recent years.

"China and Nepal share common trade interests," he said.

"Nepal has many potentials in the agriculture, hydropower and tourism sectors, thus, we are encouraging Chinese companies for investments in Nepal," he said.

He also proposed the idea of establishing Trade Areas and Special Economic Zone for further enhancement of trade relations.

The CNI is an organization aimed at building and strengthening trade, investment and economic ties on a bilateral basis, thus, widening its networking and signing MoU with national level business organizations of different countries.

Various dignitaries, business entrepreneurs, senior government officials were also present at the meeting.

Nepali Prime Minister Madhav Kumar Nepal inaugurated the 11th Annual General Meeting of the Nepal China Chamber of Commerce and Industry (NCCCI) here Monday morning.

Inaugurating the meeting, PM Nepal extended his congratulations and best wishes to the NCCCI for its achievement in developing the trade ties between Nepal and China.