Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) have set up a Joint Business Council (JBC) to promote bilateral trade, an announcement said Wednesday.

To this effect, FNCCI President Binod Bahadur Shrestha and FBCCI President Abdul Awal Mintoo signed a Memorandum of Understanding (MoU) on January 23 in Dhaka, it was informed at a press meet held by FNCCI in Kathmandu on Wednesday.

“The main objective of the Council is to develop the bilateral trade, to enhance investment, to strengthen economic ties between the two countries and to promote tourism,” Shrestha said.

Shrestha, at the same time, said, Bangladesh government has expressed commitment to open the Chittagong port for Nepali businessmen. At present, Bangladesh has provided permission to Nepal to operate through Mongla port.

Lentils is one of the major export items to Bangladesh but the lack of effective Letter of Credit (LC) has adversely affected the export, he said.

“If both the countries effectively endorse the LC system, as much as 35 metric tons of lentils can be exported to Bangladesh,” he said.

Bangladeshi Ambassador to Nepal, M. Humayun Kabir said Bangladesh is committed to develop the bi-lateral business with Nepal.

“The JBC can be instrumental to further promote economic relationship between the two neighbors,” the envoy said.