Nepal should enhance productivity and opt modern cost management procedures in order to produce high quality products and services to meet globally competitive market price, said Ravi Bhakta Shrestha, president of Federation of Nepalese Chambers of Commerce Industry (FNCCI) at a talk programme on Total Cost Management (TCM), organised here in Kathmandu on Monday.

Pointing to the impact of liberalised and open market policy, Shrestha noted: “Since the Nepali industries and business firms are facing the heat of globalisation, competition no longer is confined to national and regional boundaries. So, Nepali manufacturers are to produce goods and services of global quality at globally competitive price.”

He noted that industry should be able to extend delivery and after sales services at international standards. He added, “Cost management is geared towards elimination of waste and inefficiency at all levels ensuring competitiveness in the world market.”

Referring to the success of South Indian companies after application of the concept and methods of TCM, Shrestha hoped that Nepali business firms and companies could also benefit from the concept to enhance their competitive edge in the world market.

Chartered accountant and managerial consultant from India, A N Raman instructed the participants on TCM. Referring to the traditional cost accounting system, he said that Nepali industrialists have less notable presence in the business world. “If such trend continues, it is sure that Nepali industries can’t sustain and compete even in their own country,” Raman argued.

Raman assured that the new method of accounting cost would help Nepali business world to achieve sustainable benefits. “The new method of cost accounting is targetted to tune up the market to the globalised economy,” noted Raman, talking to The Himalayan Times. He stated: “Nepal can’t compete with others depending on foreign grants or loans and asking for market quota.”

Bijaya Bahadur Shrestha, president of the Productivity and Quality Promotion Committee at FNCCI stressed the need for sending Nepali products and services to the global market. At the same time, he urged to adopt effective cost management and quality control strategies.

Management staffs and officials from the business houses and industries took part in the programme organised by the Productivity and Quality Promotion Committee at FNCCI.