Expenses of Nepali outbound travellers rise to Rs 50.64bn
Kathmandu, April 9
Travel expenses of Nepali outbound travellers increased by 43.09 per cent to Rs 50.64 billion in first eight months of this fiscal. Despite a moderate slowdown in the number of foreign job seekers going abroad, travel expenses made by Nepalis surged heavily this year as compared to Rs 35.39 billion of corresponding period of the last fiscal, according to the Macroeconomic Outlook of the first eight months unveiled by Nepal Rastra Bank (NRB) today.
Nepali outbound travellers spent a total of Rs 56.42 billion in fiscal 2015-16, which stood at Rs 53.19 billion in fiscal 2014-15. The NRB data reveals that expenses of Nepali outbound travellers has been increasing every passing year.
Executive Director and Chief of the Research Department of the central bank, Nara Bahadur Thapa, said that travel expenses in the country has increased along with rising trend of Nepalis going abroad for vacation or business purposes apart from those going abroad for foreign jobs.
The amount that the country spends on travel is substantially higher than the amount the country receives from tourists visiting Nepal. The country in the review period earned Rs 36.2 billion from tourists under travel heading against expenses of Rs 50.64 billion, according to the Macroeconomic Outlook.
According to the travel and tour operators, the trend of Nepalis travelling abroad for vacation and business purposes has been increasing of late. “Travelling to foreign destinations has become a trend as corporate houses have been providing travel incentives to senior staff members,” said Sudesh Gautam Chettri, managing director of ezTrip Pvt Ltd, which sells travel packages to Nepalis travelling abroad.
A large number of Nepali outbound travellers are corporate employees and business owners. Thailand, Indonesia, Malaysia, Singapore, United Arab Emirates and Cambodia are the popular destinations for Nepali outbound travellers for vacation and for corporate incentive packages as visa is easily available in these countries, according to Chettri.
Though the number of Nepalis travelling abroad for vacation and business purposes has been increasing in recent years a large chunk of the travel expenses is still incurred by migrant workers travelling abroad for jobs.
FDI inflow increases
KATHMANDU: Inflow of foreign direct investment (FDI) into the country increased by over three times in the first eight months of this fiscal as compared to the corresponding period of the previous fiscal.
Total FDI realisation in the review period stood at Rs 8.35 billion. FDI inflow in the first eight months of the previous fiscal was a dismal Rs 2.34 billion, according to the Macroeconomic Outlook of Nepal Rastra Bank.
The government’s initiative to create a conducive environment for FDI is expected to lure further investments in the future.