Kathmandu: The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and the Korea Importers Association (KOIMA) have signed a memorandum of understanding (MoU) aimed at expanding markets for Nepali products in South Korea and fostering investment opportunities. The agreement was formalized during a ceremony in Seoul, South Korea.

FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan signed the MoU in the presence of Nepal’s Minister for Industry and Supplies, Damodar Bhandari, at the Nepali Embassy.

Speaking at the event, Dhakal emphasized the importance of Nepal’s young workforce, natural resources, and proximity to major markets as incentives for Korean investors. The event, titled "Investment and Trade Opportunities in Nepal," sought to highlight Nepal's economic potential to South Korean stakeholders.

KOIMA, which focuses on importing industrial raw materials and goods not locally produced in South Korea, will collaborate with FNCCI to increase Nepali exports, including traditional products like felt, carpets, and yarn. The partnership is also expected to explore opportunities for exporting industrial raw materials and other diverse products.

The FNCCI expressed optimism that this cooperation would strengthen economic ties between the two nations, promoting trade and sustainable development.

For further updates, the development of trade ties between Nepal and South Korea will remain a key focus area in the coming months.