New Delhi: The India-Nepal Business Summit concluded successfully, marking a significant milestone in strengthening economic cooperation and deepening bilateral relations between the two neighbouring nations, informed the Ministry of External Affairs (MEA) through an official release on Thursday.

The summit in Delhi on Thursday brought together prominent business leaders, high-level government officials, ambassadors and experts from India and Nepal to explore avenues of collaboration and foster mutually beneficial partnership.

In his keynote address, Nepal PM Pushpa Kamal Dahal aka 'Prachanda' characterised the private sector as an indispensable partner in development owing to its ability to bring capital and technology to foster innovation and promote competitiveness, stated the official release.

He further stated that modernising agriculture, improving connectivity, harnessing hydropower potential, and promoting trade and the information technology sector is key to bringing structural transformation in our economy.

"In these sectors, India's comparative advantage in investing in Nepal cannot be overstated," the Nepal PM noted.

Minister of Commerce and Industry Piyush Goyal expressed that India and Nepal share a relationship that is not confined to political or geopolitical or economic issues, the release added.

He said, "This is not a partnership nor a friendship, it is a one family. We would love to see much more trade and investment flowing from India to Nepal and from Nepal to India. I'm sure we can together work for the shared prosperity and bright future for the children of both the countries".

Ambassador of Nepal to India, Shankar Prasad Sharma said, "We are establishing about 16 Special Economic corridors, which is going to add economic value to Nepal. We will be happy to facilitate investors and traders and promote the trade and investment between Nepal and India. I would like to request you to explore the possibilities of investing more in Nepal."

President of the Confederation of Indian Industry (CII), R Dinesh said, "This summit marks an important milestone in the expanding economic relations between our two great nations. We have an opportunity to build on this momentum and explore new avenues of collaboration. As neighbouring countries, we are well-positioned to leverage our geographic proximity and tap into each other's markets for mutual growth."

Chandra Prasad Dhakal, president, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said India and Nepal's historic relationship extends beyond the border and is based on mutual respect. Talking about emerging opportunities in Nepal, he stated that "Nepal's digital economy is growing and has huge potential", adding that "this includes e-commerce digital payment system and education".

Chandrajit Banerjee, director general, CII highlighted the successful deliberations and discussion held at the first meeting of the India-Nepal Joint Business Forum. Major opportunities were identified in the areas of agro-processing and fertilizers, pharmaceuticals, automobiles, petroleum and petrochemicals, energy, especially hydropower, healthcare, tourism, infrastructure development and connectivity.

During the summit, the co-chairs from Nepal and India of the India-Nepal Joint Business Forum, Bhawani Rana and Shrikant Madhav Vaidya, presented their views on the potential avenues of collaboration between Indian and Nepalese businesses.

Further, Sushil Bhatta, CEO of the Investment Board of Nepal presented opportunities for Indian businesses to participate in the growth story of Nepal.

The Nepal PM arrived in India on Wednesday on a four-day visit.