Private Sector Vital for Economic Diplomacy

Speakers at a programme here stressed the need for cooperation between the private sectors and Nepali diplomatic missions for foreign investment and export promotion in the wake of a challenging time for the national economy.

During a discussion organized by the FNCCI on 'Cooperation between Nepali embassies and private sectors for economic diplomacy' on Sunday, the speakers viewed that Nepali missions abroad could cooperate with private sectors for effective economic diplomacy.

Addressing the discussion, Foreign Minister NP Saud viewed private sectors as having a major role on export promotion, tourism development and attraction of foreign investment. He urged the Nepali ambassadors appointed to different countries to collaborate with private sectors in a bid to the country's development and prosperity. Both domestic and foreign investments are imperative for Nepal, he added.

Advisor to the National Security Council and former chief secretary Shankar Das Bairagi suggested that diplomatic missions could expand their ambit and work in alliance with the private sector.

On the occasion, Chief Secretary Baikuntha Aryal opined that the multilateral bodies could be approached for expanding economic diplomacy. The private sectors also need diversifying commodities and markets.

Finance Secretary Arjun Pokhrel said the government would allocate a budget for expanding economic diplomacy.

According to Secretary at the Ministry of Commerce, Madhu Marasini, Nepal was in need of augmenting its role on WTO. Time has come to analyze the impact of the country graduating from LDC.

Secretary at Ministry of Labour, Employment and Social Security, Kewal Prasad Bhandari, suggested that the 'economic diplomacy' be termed 'labour diplomacy'.

Tourism Secretary Bharat Mani Subedi viewed the ambassadors could play a role in boosting tourism and economy by operating new international airports in Pokhara and Bhairahawa.

FNCCI President Chandra Prasad Dhakal said if Nepali missions abroad show willingness for change, it would help boost the country's economy. "In the emerging and developing countries, ambassadors are evaluated based on their roles on expansion of trade and promotion of investment and tourism," he viewed.

Speaking on behalf of the newly appointed ambassadors, ambassador to Thailand, Dhan Bahadur Oli, viewed they were ready to listen to the private sectors' suggestion, but private sectors could furnish suggestions being focused on issues, he added.

Former President of FNCCI, Shekhar Golchha, said all sorts of opportunities should be created for expanding entrepreneurship and business.