MOSCOW, April 21. /TASS/. The Russian Chamber of Commerce and Industry (CCI) will assist representatives of the Russian and Nepalese business communities to launch and develop cooperative efforts aimed at resuscitating bilateral trade turnover, the CCI press office told TASS on Friday.

"The trade turnover between Russia and Nepal plummeted almost fourfold in 2022, totaling less than $5 mln. Seeds, spares for previously supplied helicopters, and metals and allied products constitute the export base. Imports consist of agricultural products, but cooperation in this area virtually ground to a halt in 2022. Supplies of what had previously been key commodity positions - pulses and oily crop seeds - were almost completely discontinued," the press office noted.

The Chamber intends to support business with an eye to the resuscitation and growth of bilateral trade turnover and investment activity, ICC Chairman Sergey Katyrin said. For this purpose, plans call for drawing upon the resources available to the network of regional chambers covering Russia from coast to coast, as well as business congress and trade show infrastructure.

"In our opinion, the main factor limiting the development of business ties between our countries is that the bulk of companies and businesses, including small-and medium-sized enterprises [SMEs], have no information about the actual commercial and investment opportunities available in both countries and about the rules and conditions for doing business in the relevant markets. We must fill this information vacuum," Katyrin said. Logistical difficulties when working with Nepal should also be addressed, he noted. There is currently no direct air service between the countries. The Russian business community is also barely aware of the possibility of working with Nepal via India using Indian port facilities.

The construction of small-and medium-capacity hydropower plants in Nepal had been under discussion before the COVID-19 pandemic, Katyrin said. The business communities of both countries support the resumption of discussions on this issue.