Nepal needs to make necessary reforms in its existing policies and structures. Its aim is to attain a viable, prosperous and peaceful new Nepal. Such reforms must benefit the ordinary people and strengthen the country’s economic future. Foreign policy working through economic diplomacy with focus on trade, aid, technology transfer, capital flows and official assistance must confirm to the principles of nation building.

Regarding the core areas, presence of government at the grassroots is almost nominal in Nepal. It needs a big change in the development paradigm and practice. The backward areas are facing economic depression. Nepal needs transportation and communication connectives between development pockets and isolated areas. Institutional arrangements must be made for punishing wrong deeds. Similarly, the treaties intend to keep Nepal a safe place for Indian traders, investors and citizens.

Regarding the role of Nepali diplomatic missions on investment promotion and trade facilitation, the government should continue the agreements on investment protection and double taxation avoidance with different countries as per the need keeping in centre the national interest. Investment on mega hydro projects, tourism industry, agro based industries and infrastructure development are our main agenda. Economic diplomacy should focus on big investments and export promotion.

The government with a new roadmap and cultivated thoughts should be ready to forge partnership and cooperation with the private sector, cooperative, non-governmental sector and intellectual community.  Economic diplomacy would help create jobs within the country and engage youths in Nepal itself. Economic diplomacy was prioritized in the foreign policy after the 1990’s political change in Nepal. The concerned ministry should be effortful to achieve the goals on economic diplomacy through the country’s diplomatic missions abroad despite limited means and resources. Also, Nepal needs to produce exportable goods to reduce trade deficit and create an investment friendly atmosphere. The National Planning Commission should act to achieve the planned developments.

Nepal aims to upgrade to a developing country by 2022 from the status of a least developed country with improvements in the human development indicators through employment generation, poverty reduction and more. Trade needs to be strong and prosperous.