KATHMANDU, April 12: Prime Minister K P Sharma Oli said there is no point talking about talking about trade deficit as the country does not have anything to sell in the international market.
Speaking at the inauguration ceremony of 52nd Annual General Meeting (AGM) of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in Kathmandu on Wednesday, said that the country lags very behind in trade as its import is way higher than export.
“We have to acknowledge that we are backward in industrial sector. We should accept this reality move forward to change it," PM Oli said. “Our economy has not been affected by any up and down in the international market because we are yet to reach to that position.”
He also said that the white paper recently issued by the Ministry of Finance gives the real picture of Nepali economy. "There are many countries in the world that have good economic situation despite having fewer resources. We have many resources but we have not been able to use them,” he added.
Pointing our five priorities of this government, Oli requested the private sectors to focus on production. "Each and every sector of the country should be productive. We need lot of manufacturing activities if we are to compete in the international market," he added. “Containers bringing goods to Nepal should not remain empty. We should fill them with locally produced goods while they go out of the country.”
He also urged the private sector to increase production so that import and export come at the same level.
Also speaking at the event, FNCCI President Bhawani Rana said that weak economy indicates Nepal has several investment opportunities. “We should take the current situation of the economy as an opportunity rather than considering it as a pathetic situation. By overcoming these challenges, we need to convey a message to the world that Nepal has an investment-friendly environment," she added.
Rana further requested the government to develop energy sector, create one-door system to facilitate investors, make necessary amendments to related laws, end interest rate fluctuations, and encourage exports to replace imports.
She also requested the government to declared 2018-2020 as the 'Decade of Prosperity Campaign'. "The private sector is always with the government. We are ready to cooperate with government for country's economic prosperity,” she said.
FNCCI members from commodity, associates and other district chambers are participating in the AGM.