Kathmandu, September 29:

High-level officials from Nepal and Bangladesh, including businesspersons have underscored the need to effectively use the five day long Bangladesh Single Country Trade Fair that kicked off today at Birendra International Convention Centre (BICC) to explore business and economic opportunities.

Inaugurating the fair, Kirti Nidhi Bista, vice-chairman of the council of ministers, commented that it is an effective platform to explore trade and economic opportunities in a changed globalised context as global institutions like WTO and BIMSTEC have already started influencing our economies. Keeping this in mind, we should try to exploit the immense potentials of the economic and trade benefits. As Nepal and Bangladesh have signed agreements related to trade and transit in 1976, there is a need to explore further economic opportunities by addressing issues of concerns, said Bista.

Ambassador of Bangladesh to Nepal, M Humayun Kabir talking about the fair said that it is multidimensional in nature because three important components namely trade, tourism and education are being focused. Ambassador Kabir, while talking about the importance of the fair, opined that there is a need to familiarise Nepali consumers with Bangladeshi ‘quality and cost competitive’ products. The fair would be an effective forum for business leaders and entrepreneurs to know and interact with their counterparts on a mutually beneficial basis, said Kabir.

He urged business leaders and participants to capitalise on the opportunities available at the fair to build up sustainable business links. He was of the opinion that in a fast evolving situation, we need to link trade and other economic activities to other big and strategic ideas such as poverty alleviation, diversification of trade, linking with big players and integrating effectively with knowledge-based economies at the global level. “Despite a great deal of talk about more trade and economic activities between Bangladesh and Nepal and occasional clamouring that we should diversity our trade, I am not sure if we have really given our best efforts to this directions,” Kabir said.

President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandi Raj Dhakal expressed displeasures over the low volume of trade between Nepal and Bangladesh despite increased links with global economies. We should create an atmosphere between Nepal and Bangladesh to exploit the opportunities available in this global market, he said.

What is disconcerting is that Nepali goods are not being exported to Bangladesh due to high tariffs charged by Bangladesh, Dhakal said. Differences between the two countries regarding the movement of goods to and from Bangladesh needs to be resolved at the earliest, Dhakal suggested. Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) said the issue of high tariff has hit Nepali exports to Bangladesh. He also appreciated the positive support of Bangladesh for improving infrastructure facilities at Mongla Port. Shrestha said that exchange of visits and interaction between the two countries’ governments and the business sector would be useful in resolving misunderstanding and boost economic ties.

Mustafa Mohiuddin, acting vice-chairman of Export Promotion Bureau, Bangladesh at the function said that 51 leading companies from Bangladesh are participating at the fair, which will help promote products and disseminate information on the quality products under one room. Mohiuddin said that products such as ceramic tiles, pharmaceuticals, melamine products, cosmetics, food items and service sector tourism products are being displayed at the five day long fair in Kathmandu.