EU-Nepal Trade and Investment Program launched in Kathmandu
February 27, 2020 05:15 PM NPT
By: Kunga Hyolmo
Photo courtesy: EU in Nepal
KATHMANDU, Feb 27: EU-Nepal Trade and Investment Program (TIP) was launched in Kathmandu on Thursday.
Secretary at the Ministry of Industry, Commerce and Supplies Dr Baikuntha Aryal, acting executive director of the International Trade Center Dorothy Tembo and head of the European Union Delegation to Nepal, Veronica Cody jointly inaugurated the program.
"The TIP aims to enhance the export potential of Nepal on coffee and pashmina. The program will be jointly implemented by EU, government of Nepal and ITC," the EU Delegation to Nepal said in a press statement.
According to the press statement, the four-year-long project with EUR 8 million in aid from the EU will focus on trade sector development in Nepal, particularly on high value-low volume export potential commodities, such as pashmina and coffee.
"The TIP will contribute in value chain development, quality enhancement, and improved trade facilitation measures for Nepal’s sustainable and inclusive economic growth and poverty reduction through export promotion and jobs creation for women and youth,” secretary Aryal said during the press meet.
Coffee and pashmina are among the products with export potentials identified by Nepal Trade Integration Strategy (NTIS) 2016 of the GoN.
"There are significant untapped potentials in the sector. I hope the EU-Nepal Trade and Investment Program will help in attracting investments including in these sectors through support to improve regulatory and business environment and by increasing the utilization of market access opportunities provided to Nepal by Everything But Arms mechanism,” Ambassador Cody said.
She further highlighted on EU’s trade and investment policies, priorities and aid for trade strategies significant to EU-Nepal Trade and Investment Program.