CNI seeks better economic diplomacy

HIMALAYAN NEWS SERVICE

KATHMANDU:In order to promote foreign direct investment in Nepal, entrepreneurs have suggested to mainstream economic diplomacy in the country’s foreign policy.

“Ambassadors need to market sectors that are beneficial to both Nepal and their respective destination countries, in line with economic diplomacy” pointed out president of Confederation of Nepalese Industries (CNI) Binod Chaudhary during an interaction programme organised by CNI with the newly appointed ambassadors to Belgium, Russia, Pakistan, Israel, Australia and Myanmar, today.

Entrepreneurs urged the newly appointed ambassadors to emphasise on mutually beneficial economic diplomacy to attract foreign investment. “If the ambassadors focus solely in areas that only benefit Nepal then it is unlikely that destination countries will be enthusiastic to promote investment here,” he added.

“In the context of the fast changing global policy on aid and trade, there are compelling reasons for reorientation and reformulation of our policy perspectives so as to make our economic diplomacy effective and meaningful,” said industrialist Chaudhary.

The private sector body has suggested that ambassadors, consulates and attachés appointed for different embassies, missions and delegations should be selected from those think tanks who have adequate idea about the national and international economic scenario, fundamentals of private enterprise, industry, trade and commerce as well as the latest global trend on these issues.

In order to facilitate information dissemination on investment in Nepal, CNI along with the government is designing an information portal –– Invest Nepal –– that will make all the information required by foreign investors regarding investment in Nepal available with one click.

“International investors and business communities have expressed interest to invest in hydropower, ICT, tourism, health, education and infrastructure development, and we should exploit the opportunities to bring in investment in Nepal,” pointed out senior vice president of CNI Narendra Kumar Basnyat.

The underlying objective of economic diplomacy should be to focus on the strengthening and expansion of economic relations with foreign countries and international institutions in areas of trade, tourism, private investment, technical and economic cooperation, said Basnyat. He also pointed out that the diplomatic missions also need to effectively use Non Resident Nepalis to promote the country.

The newly appointed ambassadors also assured that they will promote the Nepali economy and industries in their designated countries despite the obvious resource crunch.

However, they also urged Nepali entrepreneurs to improve their competitiveness and identify areas which have comparative advantage for Nepal.