Veep calls for more investment in industrial sector

Published On: July 30, 2016 02:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, July 30: Saying that a favorable investment climate has been developed after the promulgation of constitution, Vice President Nanda Bahadur Pun have urged investors to put their money into country's industrial sector.

Addressing a function organized by Nepal Freight Forwarders Association (NFFA) in Kathmandu on Friday, Pun said: “Economic prosperity is now the common agenda of the country. Investment climate has improved. Investors should not hesitate to invest in industrial sector,” he added.

Commenting on growing trade deficit, Pun urged all concerned to promote exports by increasing domestic production and focusing on branding.

“Establishment of big industries is vital to increase production and increase export. The government should encourage such industries by announcing different facilities,” Pun added.

On the occasion, Prakash Singh Karki, president of NFFA, said that the government should bring export-friendly programs so that Nepali traders can compete with international traders. He also urged the government to improve facilities at the cargo go-down at the Tribhuvan International Airport (TIA).

Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC), said that the role of freight forwarders in trade is vital. “Our focus should be on minimizing transportation cost so that products are available at cheaper rates in the domestic market,” said Shrestha. He also criticized the government for its failure to speed up construction of Integrated Check Post (ICP) in its side at Birgunj-Raxaul border, though the Indian side has already readied infrastructure in its side.

Similarly, Hari Bhakta Sharma, president of Confederation of Nepalese Industries (CNI), said that the government should introduce advance clearing system in different dry ports and automate all government offices especially custom offices. “If this happens, production cost of industries will come down by 7 to 9 percent, making goods and services cheaper,” he added.

Likewise, Bhawani Rana, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that private sector and the government should join hands to give momentum to industrial growth and promote export.

Commerce secretary Naindra Upadhyay said that different hidden costs in trade have been making products and services dearer even though different tariff and non-tariff barriers in international trade are gradually being removed. “The government will facilitate traders and help to increase competitiveness of domestic products. The revised Nepal Trade Integration Strategy (NTIS) 2016 also aims to increase export competitiveness of domestic products,” he added.

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