Summit on "India-Nepal multimodal logistics and connectivity" commences in Birgunj

Birgunj [Nepal], May 23 : The "India-Nepal Multimodal Logistics & Connectivity Summit 2024" organised by the PHD Chamber of Commerce and Industry (PHDCCI) concluded on Thursday at Birgunj, Parsa under the aegis of the PHDCCI's Bilateral Think Tank India-Nepal Centre and Logistics Committee.

The PHDCCI, India-Nepal Center along with FNCCI (Madhesh Pradesh), Birgunj Chamber of Commerce and Industries (BICCI) and Nepal-India Chamber of Commerce and Industry (NICCI) participated in the summit.

At the summit, participants raised various issues like the need to reduce logistics and transportation costs to reduce the burden on consumers and to give priority to Nepali companies while giving management custody of Integrated Check Post (ICP) /Inland Container Depot (ICD).

This has provided access to Nepali trucks in India, and improved connectivity by bringing high-speed railways to Indian border towns.

"Open border and connectivity projects have been major facilitators of India- Nepal trade. In the recent past, important developments like improvement in border infrastructure, enabling of Indian rupee payment, signing of a letter of exchanges bilateral rail service agreement, GtoG agreement of fertilizer supply from India to Nepal, and progress in bilateral power sector cooperation are likely to further boost bilateral trade," Devi Sahai Meena, Consul General, Indian Consulate in Birgunj said.

The summit brought together key stakeholders from both countries to explore, discuss, and catalyze transformative initiatives for enhancing connectivity and trade.

The summit served as a platform for in-depth discussions on enhancing logistics, transportation, and connectivity infrastructure between India and Nepal.

During the summit, BICCI President Anil Kumar Agrawal raised his concern regarding unpredictable cost variations for importers. NICCI Birgunj President Abhishek Choudhary highlighted that shipping costs are very high.

The Executive Director of the Nepal Intermodal Transport Development Board (NITDB) said it is required to reduce costs in the supply chain. CEO of the Investment Board Sushil Bhatt spoke about the improvement in connectivity through the progress transmission lines between India and Nepal.

NEFA Vice President Naresh K Agrawal stated that Multimodal connectivity is vital. Atul K Sharma of Pristine Valley which operates Sirsiya Dry Port thinks customs formalities need to be simplified and made more efficient. Consular General Eshor Raj Poudel from Kolkata's Consulate General said Nepal should take advantage of India"s growth in the economy.

The summit highlighted the importance of fostering closer economic ties and bilateral integration through the seamless cross-border movement of goods, services and people.

It underscored the commitment of both countries to harness the potential of their unique geographical and cultural affinity to build a stronger, more integrated bilateral economic relation besides supporting the efforts for deepening subregional cooperation.

India and Nepal share a significant and multifaceted trade relationship that is deeply

rooted in their geographical proximity, historical ties, and cultural affinities.

This trade partnership is characterized by the exchange of a wide range of goods and services, spanning from agricultural products and industrial goods to tourism and education services.

India serves as Nepal's largest trading partner, with a substantial portion of Nepal's imports originating from India. The open borders and tariff-free access between these two nations have further facilitated trade, allowing goods to move relatively freely.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor