KATHMANDU, SEPTEMBER 20
The United States Embassy in Nepal today launched the United States Agency for International Development (USAID) Trade and Competitiveness activity, introducing it to Nepal's private sector.
According to the embassy, $19 million investment will increase the competitiveness of Nepali enterprises in targeted sectors with high growth and employment potential over the five-year period.
Building on 75 years of friendship between Nepal and the United States, US- AID will collaborate with Nepal's Ministry of Industry, Commerce, and Supplies (MoICS) to help businesses facilitate new trade and investment opportunities, improve their access to market-based financial and non-financial services, and boost productivity.
"This investment in Nepal's private sector will create jobs and increase incomes for women, youth, and marginalised groups," said USAID/Nepal Mission Director Sepideh Keyvanshad.
"This activity is just one example of the broader cooperation between Nepal and the US to strengthen the economy and improve the livelihoods of the Nepali people."
Joint Secretary of MoCIS Gobinda Bahadur Karki applauded USAID's partnership with the ministry and the continued investment in Nepal. "I hope this activity will provide great support to diversify the service offerings of firms and improve their productivity, making them global competitors."
USAID Trade and Competitiveness will advance Nepal's ambitions to increase and diversify high-value exports such as local produce, tourism experiences, and digital services that can be provided anywhere in the world. These export sectors will accelerate job growth and income-generation by creating more resilient markets that facilitate the participation of marginalized groups as Nepal's economy grows.
As Nepal recovers from the COVID-19 pandemic and addresses the local impacts caused by the ongoing global food crisis, this investment is expected support the private and public sector's capacity to compete in overseas markets, adding resilience to Nepal's ability to cope with external shocks.
A version of this article appears in the print on September 21, 2022 of The Himalayan Times.
