KUALA LUMPUR: The Malaysia-Nepal Business Council (MNBC) and the Federation of Nepal Cottage and Small Industries, Lalitpur Metropolitan City (FNCSI-LMC), signed a memorandum of understanding (MoU) in Kathmandu early this month, aimed at strengthening bilateral trade ties and revitalising small enterprise ecosystems.
Setting the stage for a robust and forward-looking partnership, this collaboration underscores the commitment of both nations to promoting the growth of cottage and small industries, particularly in Nepal’s Lalitpur region, while opening new avenues for cross-border trade, investment, and cultural exchange.
The signing took place during a working visit by a 20-member delegation from the MNBC, which is based in Kuala Lumpur, led by its president Datuk Pardip Kumar Kukreja, the executive chairman of Malaysia’s Paradise Group.
They also met with Nepal’s Prime Minister KP Sharma Oli to explore investment opportunities at his office.
The meeting focused on strengthening bilateral trade and identifying potential ventures in sectors such as tourism, IT, agriculture, manpower, and plastic waste processing.
Oli assured the delegation that Nepal is undertaking ongoing legal and structural reforms aimed at creating a more investor-friendly environment and welcomed Malaysian participation in the country’s economic growth.
As global economies look to build resilience through grassroots entrepreneurship and sustainable value chains, the MoU aims to lay the groundwork for long-term cooperation that leverages each country’s unique strengths.
At its core, the agreement aimed at promoting mutual support in developing cottage industries and enhancing market access, not only within the two countries but also globally.
The FNCSI-LMC and MNBC envision a dynamic exchange of expertise, technology, and best practices, particularly in artisan craftsmanship, heritage-linked enterprises, and tourism-driven economic activities.
To achieve these goals, both parties will work closely to organise trade missions, facilitate business-to-business (B2B) networking, and hold investment forums in Malaysia and Nepal.
A focus on capacity building is also central to the pact, with plans to conduct workshops and training sessions that enhance the skills and global competitiveness of artisans and entrepreneurs.
The partnership will also extend to joint product development, including branding, packaging, and market readiness, ensuring that traditional crafts and small-scale products from Nepal can meet international demand.
Trade fairs and exhibitions will serve as vital platforms to showcase the vibrancy and potential of Nepal’s cottage industry to Malaysian investors and consumers, while also opening doors for Malaysian ventures to explore similar opportunities in Nepal.
Furthermore, a joint working committee (JWC) comprising representatives from both FNCSI-LMC and MNBC will oversee the partnership’s progress.
Meeting at least twice a year, the committee will coordinate joint efforts, track progress, and develop annual action plans to maintain momentum and keep objectives on track.
The MoU, which is set for a five-year term, reflects a spirit of goodwill and strategic intent.
It establishes the framework for more detailed agreements that may involve financial commitments or legal obligations.
Both sides have expressed optimism for an evolving and deepening relationship.
As the world shifts towards more inclusive and sustainable economic models, this bilateral initiative exemplifies how international collaboration can uplift local industries, empower communities, and foster resilient business ecosystems.
Meanwhile, Nepal’s deputy prime minister and finance minister Bishnu Prasad Paudel urged Malaysian investors to invest more in Nepal’s physical infrastructure and tourism sectors.
“There is appropriate environment for private sector to invest in Nepal. Nepal’s policies are investment-friendly. The government is ready to support and facilitate them,” he was quoted as saying.
