Business / Economy

Nepal's private sector forms body to promote Belt and Road Initiative

(Xinhua) Updated: 2016-08-22 11:20

KATHMANDU - Nepal's private sector has stepped up to promote Belt and Road Initiative, introduced by the Chinese government.

Nepal China Chamber of Commerce and Industry (NCCCI), an organization of Nepalese traders doing business with China, has formed the Nepal Council for Silk Road Chamber of Commerce under the leadership of NCCCI President Rajesh Kaji Shrestha.

Nepal has already decided to become a part of the initiative. During the visit of former Prime Minister K.P. Sharma Oli's visit to China in March, the two countries agreed to synergize each other's development planning, formulate appropriate bilateral cooperation programs and to carry out major projects under the framework of the Belt and Road Initiative.

Shrestha said the council was formed in order to increase interaction among the private sectors of the countries where the revived Silk Road will have linkage.

"This will help increasing cooperation in trade, tourism, energy and other infrastructure," said Shrestha.

According to NCCCI, the council will work towards benefiting from economic activities and development taking place in the countries connected by the Silk Road.

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