In a bid to lure international investors by establishing broader business linkage, a world-class trade center is being built in Kathmandu. The center, which is being constructed with the support of US-based World Trade Centers Association (WTCA), will provide world-class trade facilities to different organizations under a single roof.

The WTCA -- the New York-based umbrella organization of 320 world trade centers in over 92 countries -- will provide technical and other support to build the center. World Trade Center is the facility in which different trade agencies, organizations and companies are accommodated and international trade related activities take place under a single roof.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) recently signed a Memorandum of Understanding (MoU) to this effect with WTCA. Kush Kumar Joshi, president of FNCCI, and Robert J Frueh, director of member service of WTCA, signed the MoU on behalf of their institutions. The main purpose of the MoU is to address the challenges in Nepal´s economic development through the center that will be named Kathmandu World Trade Center.

The proposed center, which will be established under public-private-partnership model, will pave the way for broad linkage of Nepali business communities with international traders and multinational companies as it will house major trade and finance related organizations, an international convention center, a five star hotel and world-class office rooms among other facilities.

“Once the center comes into operation, we will promote Nepal as a destination where international business standard facilities are available. We will also encourage international investors to invest in Nepal," Joshi told Republica on Sunday.

The FNCCI has already started preparation to materialize the ambitious project that is estimated to cost Rs 20 billion. A FNCCI delegation has already met outgoing Prime Minister Madhav Kumar Nepal to lobby for the early implementation of the project.

“We are simultaneously pushing ahead with the business plan and looking for appropriate location in the core area of the capital for the project," said Joshi.

At least 150 ropanis of land would be required for the project. The government will provide land and other policy support for the implementation of the center which will be designed as per the WTCAs´ standard and the need of Nepal.

“The process to acquire membership and recognition of WTCA for the proposed project would begin once its location is fixed," Joshi added. He said all commodity organizations, corporate houses, FNCCI, Nepal Chamber of Commerce, Confederation of Nepalese Industries, district chambers of commerce and industry can become the member of the center.

The center is expected to establish business linkage with other members of the WTCA in other parts of the world.

"WTCA would provide us great business connectivity. The tie-up with the center will recognize Nepal´s infrastructure capability for establishing international trade offices and organizing world-class summits,” Joshi said, adding, “This will help Nepal to lure more foreign investors.”

Joshi claimed the project can be completed within three years if land and other logistics are arranged on time.

source(News): Ghimire, Prabhakar(2011),"Plan afoot for World Trade Center in Ktm ", republica, 7 feb 2011

Photo: republica