To create a uniquely important platform for discussing a forward looking bilateral economic partnership agenda, PHDCCI India-Nepal Centre organised the 3rd edition of India-Nepal Economic Partnership Summit 2024 on 5 March 2024 at Bhairahawa, Nepal. The Summit had support and participation of Nepal's leading industry associations: Federation of Nepalese Chambers of Commerce & Industries (FNCCI), Confederation of Nepalese Industries (CNI); Nepal Chamber of Commerce (NCC) and Nepal-India Chamber of Commerce and Industry (NICCI).

The deliberations supported by the decision-makers were aimed for opening new avenues of business engagements in the key sectors of economy besides giving a much needed boost to the trade near the crucial India-Nepal border at Bhairahawa, an economic hub of Nepal. Its previous editions which were organised on 18 May and 20 December 2023 at Birgunj proved to be historically successful with a deep impact on enhancing the bilateral economic relations between India and Nepal

Key Takeaways

. To create a platform through joint action for deeper economic engagement between India and Nepal (with focus on remittance, imports, exports and Balance of Payment (BoP) challenges in Nepal).

. To channelise investment from India to Nepal and other ways round.

. To re-establish the India-Nepal bilateral relations as the core strength of the sub-regional cooperation in South Asia.

. To create a sustained convergence of industry and government, for thriving on the mutually beneficial India-Nepal bilateral relations in all crucial realms.

. To highlight the improved trade and transit system with Integrated Check Post (ICP) and other progressive regulatory provisions.

. To identify the areas to further improve the connectivity and thus enabling smooth trade and transit.

. To bring-in to notice the hidden potential in the Border Area Development Program and paving the way for India’s major involvement in helping the infrastructural facelift of Nepal’s bordering districts in Uttar Pradesh and making them the gateways of India-Nepal Trade Connection.

. To discuss and ideate for making Cluster-based Economic Zones across Nepal.

. To further relax the cross-border trade norms to secure and sustain the greater economic engagements.

While setting the tone of the Summit, Amb Manjeev Singh Puri, India’s Former Ambassador to Nepal & Chair, India-Nepal Centre, PHDCCI reflected on the necessity for having a collaborative approach among the stakeholders’ in the government and industry to tap the rich potential and also cope the challenges in post-pandemic times through India-Nepal economic cooperation. With emphasis on the Summit’s key aims (New Roadmap for Accelerating India-Nepal Bilateral Cooperation; Promoting Industrial Development in Nepal and India; Revisiting Bilateral Trade Policies; Expanding Bilateral and Sub-regional Economic Cooperation; Improving Border Area Development and Connectivity), the discussions took place during the Summit.

The Summit was moderated by Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI. Among the key speakers were, ipak Kumar De, MD & CEO, Nepal SBI Bank Ltd (NSBL); Krishna Prasad Sharma, President (Lumbini Province), Federation of Nepalese Chambers of Commerce & Industry (FNCCI); Ajaz Alam, President (Lumbini Province), Confederation of Nepalese Industries (CNI); Ramesh Sharma, Secretary General, Nepal-India Chamber of Commerce and Industry (NICCI); Tanka Pokhrel, President (Lumbini Province), Nepal Chamber of Commerce (NCC); Deepak Rauniar, Founder CEO, Oorja World; Ashish Garg, Vice President, IPPAN & Chair, Infrastructure Committee, CNI; Abhishek Choudhary, President, NICCI Birgunj Chapter; Mahesh Kumar Agrawal, Bihar State Coordinator, Seema Jagran Manch; Bikash Palikhe, CMD, Kumari Marketing Pvt Ltd; Mr Niraj Agrawal, Director, Surgiprotect Pluss Pvt Ltd & Joint Secretary, Birgunj Chamber of Commerce & Industries; Omair Ahmad, Managing Editor (South Asia), The Third Pole; Dr Sudeep Rauniar, Founder, The Startup Network (Nepal); Ganesh Kumar Mandal, Researcher; Ved Sharma, Convenor (Indo-Nepal Chapter), Federation of Indian Industries (FII); Deepa Gautam Thapa, Central Member, Federation of Indian Industries (FII).

Well-timed and meant to foster the border trade with emphasis on bilateral and subregional economic cooperation, the second edition of “India-Nepal Economic Partnership Summit 2024” concluded with providing business linkages and partnerships in Bhairahawa.