KATHMANDU, JULY 13

Minister of Industry, Commerce, and Supplies Dilendra Prasad Badu has said ambassadors have an important role in attracting foreign direct investment to Nepal.

Addressing a programme on 'Interaction between Ambassadors and Entrepreneurs for Export Promotion' organised by the Federation of Export Entrepreneurs Nepal here today, he said the ambassadors could play a significant role in expanding Nepal's exports.

'Bringing maximum foreign currency into the country by expanding the export of goods produced within the country is the need of the hour. I have the confidence that ambassadors appointed to various countries will work for the same,' Minister Badu said.

He said Nepal's trade deficit could be reduced only by increasing exports and replacing imports. 'The government is always positive about formulating the laws and policies required for export promotion. Similarly, the government is always willing to collaborate with the private sector for promoting export by increasing national production,' the Industry, Commerce and Supplies minister added.

According to him, the government has made arrangements for subsidies and incentives for the businesses to promote exports. He also stated that the government was positive about organising an international trade fair for the promotion of goods produced in Nepal.

Secretary at the Ministry of Foreign Affairs Bharat Raj Paudyal highlighted the important role the diplomatic missions had in making arrangements for exporting the goods produced in Nepal to third countries in a convenient manner.

Secretary Paudyal expressed the belief that the interaction with ambassadors would contribute to export promotion. He informed that the ministry had been holding interaction with 40 diplomatic missions of Nepal in foreign countries once every six months.

Secretary Paudyal suggested forming a permanent mechanism comprising representatives of the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Industry, Commerce and Supplies and the Ministry of Forests and entrepreneurs for the promotion of Nepali export.

Likewise, he laid emphasis on studying the feasibility of domestic raw materials and its production as well as moving ahead by creating a joint strategy in government-private sector partnership by making 50 per cent investment in infrastructure or free of cost for operating export trade.

FEEN president Gurung said ambassadors had a huge role in facilitating Nepali exports and export entrepreneurs.

He urged the ambassadors to take the initiative for making business agreements that would support the export of Nepali goods.

He called on the government to play a pivotal role in carrying out research and development of exportable goods and for promoting of goods with a higher possibility for exports.

According to FEEN, Nepal imported goods worth Rs 1,308 billion in fiscal 2021-22 whereas it exported goods worth Rs 141 billion only. On the occasion, the ambassadors committed support from their respective sides for the promotion of Nepal's export trade.

A version of this article appears in the print on July 14, 2022, of The Himalayan Times.