Minister Badu bats for increasing exports to replace import

Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the ambassadors have an important role in attracting foreign direct investment to Nepal.

Addressing the 'Interaction between the Ambassadors and Entrepreneurs for Export Promotion' programme organised by the Federation of Export Entrepreneurs Nepal (FEEN) here today, he said the ambassadors also can play significant role in expanding Nepal's exports.

"Bringing maximum foreign currency into the country by expanding the export of goods produced within the country is the major need of the day. I have the confidence that the ambassadors appointed to various countries will work for the same," Minister Badu said.

As he said, Nepal's trade deficit could be reduced only by increasing exports and replacing import. "The government is always positive on formulating the laws and policies required for export promotion. Similarly, the government is always willing to collaborate with the private sector for promoting export by increasing the national production," the Industry, Commerce and Supplies Minister added.

According to him, the government has made arrangements for subsidies and incentives for the businesses to promote exports. He also stated on the occasion that the government was positive on the organising an international trade fair for promoting the goods produced in Nepal.

Secretary at the Ministry of Foreign Affairs, Bharat Raj Paudyal highlighted on the important role the diplomatic missions have for making arrangements for exporting the goods produced in Nepal to the third countries in an easy manner.

He expressed the belief that the interaction with the ambassadors would help in the export promotion. Secretary Paudyal informed that the Ministry has been holding interaction with the 40 diplomatic missions of Nepal in foreign countries every six months.

Secretary Paudyal suggested forming a permanent mechanism comprising of the representatives of the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Industry, Commerce and Supplies and the Ministry of Forests and the entrepreneurs for the promotion of Nepali export.

Likewise, he emphasised on studying the feasibility of domestic raw materials and stressing on its production and moving ahead a joint strategy on government and private sector partnership by making 50 percent investment in infrastructure or free of cost for operating export trade.

FEEN president Gurung said the ambassadors have a huge role in facilitating the Nepali exports and the export entrepreneurs. He urged the ambassadors to take initiatives for business agreements supporting the export of Nepali goods.

He called on the government to play a pivotal role for carrying out research and development of exportable goods and for the promotion of goods with higher possibility for exports.

According to FEEN, Nepal imported goods worth Rs 1308 billion in fiscal year 2021/22 whereas it exported goods worth Rs 141 billion only.

On the occasion, the ambassadors committed support from their respective side for the promotion of Nepal's export trade.