Nepal | August 12, 2020

Industry minister bats for utilisation of duty free market access

Himalayan News Service
Share Now:

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.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Extra-time Fernandes penalty sends United into Europa semis

COLOGNE: Manchester United were forced to dig deep to reach the Europa League semi-finals as Portuguese midfielder Bruno Fernandes converted a 95th-minute penalty to secure a 1-0 win over a stubborn FC Copenhagen side after extra time on Monday. United, who won Europe's second-tier comp Read More...

Coronavirus in APF personnel increases risk of community spread in Jhapa

Jhapa, August 10 It is suspected that COVID-19 has spread at the community level in Gauradah Municipality of Jhapa. With the detection of COVID in five people, including APF personnel today, the risk of COVID spread at the community level has increased in wards 6, 7 and 8 of the municipality. Read More...

Livewire Lukaku leads Inter to Europa League semi-finals

DUSSELDORF: Inter Milan striker Romelu Lukaku scored the winner in a 2-1 victory over Bayer Leverkusen as he tormented the Germans to lead his side into the Europa League semi-finals on Monday. Nicolo Barella put Inter ahead after 15 minutes, driving the ball home after Lukaku's shot w Read More...

COVID cases on the rise in Dharan

Dharan, August 10 The number of people infected with COVID-19 is increasing in Dharan Sub-metropolitan City. Nine more people tested positive for the disease in the city today. After the virus spread in the community from Preeti Valve and Fittings factory in Dharan Industrial Estate, the su Read More...

Bara to set up 400-bed isolation ward

Bara, August 10 Authorities in Bara have decided to set up a 400-bed provincial isolation ward in Jitpursimara Sub-metropolitan City for treatment of coronavirus infected persons. “Work to construct the isolation ward will start from tomorrow and finish in two weeks,” said Jitpursimara sub Read More...

Cases of coronavirus rising among bank staff

KATHMANDU, AUGUST 10 The rising cases of coronavirus among bank staffers across the country have raised serious concerns over the effectiveness of measures adopted by banks and financial institutions (BFIs) to prevent the spread of the virus. As banking services are among essential services an Read More...

Four of a family dead as house collapses in Doti

DOTI: Four members of a family were killed after their house collapsed in Adharsha Rural Municipality-1 of Doti District on Monday night. The deceased have been identified as Loke Luhar, his wife Bishna (35), son Paras (11), daughter Siru (7) and Jenisha (4), informed Deputy Superintendent of Read More...

849 passengers arrive on last day of fourth phase of repatriation

KATHMANDU, AUGUST 10 A total of 849 Nepalis were evacuated today via five flights. According to Tribhuvan International Airport (TIA), Nepal Airlines Corporation (NAC) evacuated 151 passengers and Himalaya Airlines repatriated 149 passengers from Doha in Qatar. Himalaya Airlines also brought h Read More...