The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) signed a memorandum of understanding (MoU) on Thursday to boost the market for Nepali products and expand investment opportunities.

FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan signed the agreement in South Korea's capital, Seoul.

KOIMA, a South Korean organization, focuses on fostering an industrial environment and facilitating the import of industrial raw materials and goods not produced locally, FNCCI wrote on its website.

Issuing a statement, FNCCI expressed confidence that the collaboration will help expand the presence of Nepali products in the South Korean market.

FNCCI stated that Nepal currently exports traditional products such as felt, carpets, and yarn to South Korea. The partnership is expected to open new markets for industrial raw materials and other goods.

Speaking at the event titled "Investment and Trade Opportunities in Nepal," organized by the Nepali Embassy in Seoul, FNCCI President Dhakal emphasized the need to strengthen economic ties between Nepal and South Korea. He highlighted Nepal's young workforce, abundant natural resources, and proximity to large markets as key attractions for Korean investors.

Dhakal also highlighted Nepal's favourable economic indicators during the event. He informed the investors that Nepal’s foreign exchange reserves had reached around USD 17 billion and that Nepal had received its first-ever credit rating, adding that Nepal's rating was satisfactory in South Asia.

Minister for Industry and Supplies, Damodar Bhandari, attended the signing ceremony, which was held at the Nepali Embassy in Seoul.