Kathmandu, May 9: Minister for Foreign Affairs Chakra Prasad Bastola attended an interactive business luncheon meeting hosted in his honour by the Federation of Indian Chambers of Commerce and Industry (ficci) in New Delhi this afternoon.

Addressing the captains of Indian trade and industry, Minister Bastola said that Nepal-India relations are multifaceted, and geographical proximity, cultural similarities and adherence to common values have shaped the ancient ties between the two countries.

Assuring Indian businessmen of His Majesty’s Government’s resolve to further encourage Indian investment in Nepal, Mr Bastola expressed the government’s determination to pursue economic liberalization and reforms of financial institutions.

The minister hailed the policy of the government of India to progressively increase the level of direct investment and institute a fast track approach to the processing of applications for investment in Nepal.

He named energy intensive industries, tourism related industries, agro enterprises based on cereals, horticulture and floriculture, sericulture, herbal and livestock products, and pharmaceuticals and service sector like health care as thrust areas with avenues for enormous possibilities of bilateral cooperation.

The minister also assured the gathering that Nepal would do its best to promote regional cooperation in the core economic areas at the eleventh saarc summit to be held in Nepal.

He also answered questions on bilateral economic and commercial relations particularly relating to potentialities of investment and trade in Nepal.

Royal Nepalese Ambassador to India Dr. Bhekh Bahadur Thapa, Indian Ambassador to Nepal K.V. Rajan and Foreign Ministry officials of the two countries were also present on the occasion.

Likewise, Foreign Minister Bastola had a meeting with Indian Defense Minister George Fernandes this morning.

Mr Ajit Kumar Panja, Indian Minister of State for External Affairs called on the Minister for Foreign Affairs today and discussed bilateral relations and matters of mutual interest.

Minister Bastola also had a meeting with Indian Home Minister Lal Krishna Advani this afternoon.

On the occasion, they discussed bilateral relation and matters of mutual interest.

Royal Nepalese Ambassador Dr. Thapa, Indian Ambassador Rajan and Foreign Ministry officials of both countries were also present on the occasion.