Nepal | November 15, 2019

Industry minister bats for utilisation of duty free market access

Himalayan News Service

Kathmandu, October 25

Minister for Industry, Commerce and Supplies Matrika Prasad Yadav, has laid emphasis on effective utilisation of duty free and quota free (DFQF) facility granted by the developed countries to export goods to the market of developed countries.

Addressing the Least Developed Countries (LDCs) Ministerial and Business Executive Roundtable in Geneva on Wednesday, Minister Yadav spoke about the latest strategies and measures taken by the government to create a conducive environment for foreign investment in the country, as per a statement issued by the Permanent Mission of Nepal to the United Nations.

“We need a large chunk of fresh investment in every sector of the economy like hydropower, infrastructure, tourism, agriculture, mining and industrial ventures to address our supply side constraints and boost production for export-led growth,” the statement quoted Minister Yadav as saying.

The statement further reads that Minister Yadav highlighted that Nepal’s political stability after the formation of a two-third majority government under the new federal democratic constitution has brought economic development at centre-stage. He informed that Nepal achieved an economic growth rate of 7.4 per cent last year by fostering investment friendly environment in the country and investment is key for sustaining as well as accelerating the growth, as per the statement.

“The minister encouraged investors to come to Nepal to realise the potential of the country and also to enjoy the duty free market access facilities granted to LDCs, which will help investors in exporting their products,” according to the statement. “Nepal lies in between two growth poles of the world so investors will be able to reap benefits by exporting to the two economic giants.”

Prior to ministerial roundtable, Minister Yadav had a meeting with Mukhisa Kituyi, secretary general of United Nations Conference on Trade and Development (UNCTAD).

A version of this article appears in print on October 26, 2018 of The Himalayan Times.

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