Kathmandu, March 28
Vice President Ram Sahay Prasad Yadav has underscored the importance of bilateral trade associations in connecting the Nepali economy with the international sector. He stated that integrating the domestic economy with the external sector can bring significant benefits.
During a meeting with the presidents and representatives of 19 bilateral industry and commerce associations, Vice President Yadav stated, "In today's world, we need to cooperate with various countries to make significant progress in economic development and for this purpose, we must utilise the capacity of bilateral industry and commerce associations."
He emphasised the importance of utilising the experience, capacity, and network of these associations in the areas of foreign trade, investment, tourism promotion, and economic diplomacy.
Vice President Yadav mentioned that although he does not hold an executive role, he is willing to provide advice and suggestions to the government regarding the economic develop-ment of the country. He stressed that since the constitution recognises the private sector as a crucial pillar of economic development, the policies and regulations of the government should also be favourable towards the private sector.
Rajesh Kazi Shrestha, the outgoing president of Nepal-China Chamber of Commerce and Industry, spoke on behalf of the 19 bilateral trade associations and provided an update on the state of the economy.
"The economy is currently in a state of crisis, foreign investment is not increasing and the trade deficit is widening," he said, adding that the present challenges can be addressed if the government responds to the demands of the private sector.
The presidents and officials of 19 bilateral trade associations, including Nepal-China Chamber of Commerce and Industry, Nepal-German Chamber of Commerce and Industry, Nepal-India Chamber of Commerce and Industry, Nepal-America Chamber of Commerce and Industry, and Nepal-Britain Chamber of Commerce and Industry, had participated in the meeting.
A version of this article appears in the print on March 29, 2023, of The Himalayan Times.
