Reducing trade deficit is government's priority: PM Deuba

Prime Minister Sher Bahadur Deuba has said that it is the government's priority to reducing the trade deficit through export promotion and making domestic products of highest quality.

PM Deuba said this while inaugurating the Nepal Chamber Expo-2022 organised by Nepal Chamber of Commerce here today. He said it is also the priority of the government to substitute import by producing goods and services that can be produced within the country itself.

"Export promotion and import substitution, both topics, would not be possible without the active participation and collaboration from the private sector. The government is willing to move ahead hand-in-hand with the private sector to contain the trade deficit within acceptable limit through export promotion," the Prime Minister reiterated.

He stressed on the need of publicising and expanding the market for domestically-produced goods and suggested including the domestic goods produced by using domestic raw materials and the indigenous Nepali technology and skills in such trade fairs and exhibitions.

PM Deuba expressed the belief that the exhibition will help in export promotion as well as in the protection and sustainable development of small and medium scale industries of Nepal.

Local goods manufactured in Nepal and Bangladesh have been kept for display and sale in the trade fair cum exhibition that will last till June 20.

The Expo not only provides the venue for trading of large number of goods at one place but also establishes direct contact between the products and consumers, due to which the producers can contribute to trade promotion by assessing the market demand, Prime Minister Deuba said.

Stating that the Nepal Chamber of Commerce had its contribution to advising the government constructively for the country’s economic development and prosperity and for the implementation of private sector-friendly policy, the Prime Minister reminded the role of Chamber in facilitating the government for formulation of policies relating to industry, commerce and other fiscal affairs to the implementation of such policies.

As the Prime Minister explained, the Chamber worked as a reliable bridge for enhancing collaboration and cooperation between the public and private sectors. He hoped the exhibition would be helpful in energizing the domestic trade and economic sectors hit hard by COVID-19 pandemic and further accelerating related activities. The event is expected to make the economic atmosphere lively by marketing and internationalization of Nepali products.

Interactions scheduled to be held among business communities and information exchanges on import and export on the sidelines of the event will provide a ground for operating and promoting transnational business and trade activities, according to the Prime Minister.

As he advised, if expo visitors would be made to visit nearby touristic sites, it would obviously help improve income generation at the local level and promote domestic tourism at the national level.

Bangladesh ambassador to Nepal, Salahuddin Noman Chowdhury was hopeful of further consolidation of the trade and commercial ties between the two countries through the expo while Chamber president Rajendra Malla said the event is mainly aimed to promoting the production and trade of typical Nepali garments made of sisno (nettle) and dhaka items.