HEADLINE NEWS THE RISING NEPAL (DAILY)

Nepal, India sign deal on hydropower development

New Delhi, June 25 (RSS): In the presence of His Majesty King Gyanendra Bir Bikram Shah Dev, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) chairman Ravi Bhakta Shrestha and federation of Indian Chambers of Commerce and Industry (FICCI) chairman R S Lodha signed a letter of understanding on setting up two separate task forces for mutual cooperation in the fields of water resources and tourism development.

Present on the occasion were Minister for Industry, Commerce and Supplies Purna Bahadur Khadka, Royal Nepalese Ambassador to India Dr Bhekh Bahadur Thapa and officials of the federations of industry and commerce chambers of the two countries.

According to the letter of understanding, the two task forces are to be formed within the coming three months and agreement is to be reached on kick-starting the process of planning for giving concrete shape to the new business partnership.

FNCCI and FICCI are to set up a task force with the involvement of business groups, high level government officials, experts concerned, development banks, international organisations and other bodies interested in hydropower development in Nepal for the development of hydropower in Nepal.

Emphasis has also been laid on the need for involving third country investment and technical expertise for the development of hydro power in Nepal.

The letter of understanding also suggests that the governments of both countries reach a power purchase agreement for their mutual benefit.

FNCCI and FICCI have also reached undertstanding on mutual cooperation in giving priority to Nepal as a tourist destination.

FICCI is to work with FNCCI to organise programs and conferences for developing Nepal as an attractive tourist destination and to attract Indian tourists to the package programs to be offered by Nepal, it is also stated.

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