ANCCI Will be Hosting Australia Nepal Economic Summit in Sydney : President Kharel.

A grand conference is being planned in Sydney to further strengthen the commercial relations between Australia and Nepal. Preparations have begun for the ‘Australia-Nepal Economic Conference’ in Sydney.

The conference, organized by the Australia-Nepal Chamber of Commerce, is scheduled to take place in December 2024. During the conference, Australian investors will be informed about investment opportunities and processes in Nepal.

Dila Kharel, the President of the Australia-Nepal Chamber of Commerce, stated that the conference would be effective in holding extensive discussions on the opportunities for foreign investment in Nepal and in identifying solutions to the current challenges in attracting foreign investment. According to President Kharel, the conference will involve discussions among Australian industrialists and businesspeople about investment opportunities, investment sectors, and potential returns in Nepal.

To ensure the participation of the private sector from Nepal, formal invitations will be sent to the Federation of Nepalese Chambers of Commerce and Industry, Investment Board Nepal, Nepal Chamber of Commerce, and Confederation of Nepalese Industries, as informed by President Kharel.

According to him, the conference will include the participation of Australia’s Finance Minister Jim Chalmers and representatives from its central bank, along with Nepal’s Finance Minister and the Governor of the Nepal Rastra Bank.

Kharel claims that overall, the conference will focus on engaging government officials and business leaders from both countries, with the goal of attracting direct foreign investment to Nepal.

An analysis of the import-export data between Nepal and Australia over the past 10 years shows that Nepal’s trade deficit has been increasing every year. Although it has been said that the TIFA agreement would help reduce the growing trade deficit, it has been reported that it remains limited to paper. Despite discussions about forming a mechanism involving high-ranking officials from both countries to implement the agreement, it has not yet been put into action. While Nepal plans to establish a mechanism under the leadership of the Commerce Secretary, there has been no initiative from Australia’s side.