The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) have signed a Memorandum of Understanding to promote Nepali products in the Korean market and expand investment.

The MoU was signed by FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan at an event held in Seoul, South Korea, on Thursday.

KOIMA is an organisation established in South Korea to promote an industrial environment and provide easy access to goods by importing industrial raw materials, especially goods not produced locally.

FNCCI believes cooperation with an organisation focused on imports will facilitate the expansion of Nepali products in Korea. This is expected to reduce the trade deficit between Nepal and South Korea, which currently stands at around Rs7 billion.

Given that Nepal currently exports traditional goods such as felt, carpets, and yarn, the FNCCI believes cooperation with KOIMA will help find markets for industrial raw materials and other products.

At the event to commemorate the 50th anniversary of diplomatic relations between Nepal and Korea and to sign the MoU, FNCCI President Chandra Prasad Dhakal stated that there is immense potential to strengthen economic relations between Nepal and Korea.