World Chambers Federation
Asian chambers prepare for Nepal economic revolution
Rona Yircali, Chair of ICC World Chambers Federation (WCF) called on the business community of Nepal, located between to the two giant rising economies of Asia, China and India, to prepare itself for the future dynamism and growth in the region.
With predictions showing that the region’s share of the global economy would likely exceed 50% by 2050, as it did 200 years ago, Mr Yircali’s words came as part of the opening ceremony of the Confederation of Asia Pacific Chambers of Commerce (CACCI) 26th annual conference. The conference gathered 300 chamber business leaders from 21 Asia-Pacific countries in Kathmandu, in a panel which included President of Nepal Ram Baran Yadav and Secretary General of United Nations Conference on Trade and Development (UNCTAD) Supachai Panitchpakdi.
Organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), CACCI’s 26th Conference became its most successful to date. Suraj Vaidya, FNCCI’s President noted that the Conference was held on the eve of Nepal’s Investment Year, where the public private partnership of the Nepali government and private sector showcased Nepal as a lucrative investment destination to attract investors. “The conference is important not just for Nepal but also for the entire region,” he said.
Mr Yadav said: “Nepal´s political revolution is over and now is the need of economic revolution.”
During their speeches and official visits both Mr Yadav and Nepali Prime Minister Baburam Bhattarai, encouraged business and chamber leaders to explore opportunities to invest in Nepal, assuring them that the government would address policy changes as necessary to best serve interest of the investors. “My government will embrace policy change suggestions made by the private sector that are certain to have long-term positive impact,” said Mr Bhatarai.
Mr Bhattarai said: “Nepal is optimistic and outward looking and very much ready to take advantage of the global economic platform by strengthening our engagements with our regional partners.
We have formulated policies and strategies to restore confidence among our investors and that best serve their interests.”
Key opportunities highlighted during the conference included hydro power, infrastructure development and tourism sectors.
Under the theme “A Vision for Shared Prosperity”, this year’s 26th CACCI Conference provided a platform for CACCI members to share their ideas on how they can help their respective countries in strengthening the economies of the Asia Pacific region and spreading the benefits of regional cooperation while playing a substantial and constructive role in global economic leadership.
During the closing gala evening, the 5th CACCI Local Chamber Awards were presented. The Award recognizes local chambers for their outstanding achievement in promoting the industrial, commercial and social welfare of their respective communities.
WCF Director, Anthony Parkes, who served as a judge at the CACCI awards along with representatives from the Federation of Indian Chambers of Commerce and Industry, and Georgian Chamber of Commerce said: “Seeing the dynamic and innovative way such chambers are supporting the economic development in their local communities is inspirational. I am sure that in our upcoming World Chambers Competition, CACCI chambers shall do exceptionally well once again in showing their ingenuity to the global chamber community.”
Vying for the honours under the Big Chamber Category (for chambers with a membership that exceeds 200), Isfahan Chamber of Commerce, Industries and Mines (Iran) took home the prize, beating SabaragamuwaChamber of Commerce and Industry (Sri Lanka) and Philippine Chamber of Commerce & Industry – Paranaque City.
In battle between two Mongolian Chambers, the Uvurhangai Chamber of Commerce and the Khovd Chamber of Commerce and Industry up against the Zamboanga Chamber of Commerce and Industry (Philippines) in the best Small Chamber Category, the Zamboanga Chamber took home the honours, with a special commendation made to the Uvurhangai Chamber for its achievements.
During the gala dinner CACCI President Benedicto Yujuico was re-confirmed to serve a second term as the organization’s president.
CACCI is a regional grouping of apex national chambers of commerce and industry, business associations and business enterprises in Asia and the Western Pacific comprising 29 chambers from 27 countries. ICC’s partnership with CACCI dates back to its foundation, with its close ties symbolized in the signing of a MOU in 1981. CACCI is a member of the World Chambers Federation General Council.