KATHMANDU, Sept 20: The United States (US) on Tuesday launched the USAID Trade and Competitiveness activity with the objective to increase the competitiveness of Nepali enterprises in targeted sectors with high growth and employment potential.
This five-year long project will be investing US $19 million in Nepal's private sector. Marking the 75 years of friendship between Nepal and the US, the United States Agency for International Development (USAID) introduced the program.
Under the program, the USAID will collaborate with Nepal’s Ministry of Industry, Commerce, and Supplies (MoICS) to help businesses facilitate new trade and investment opportunities, improve their access to market-based financial and non-financial services, and boost productivity.
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Speaking at a program, USAID/Nepal Mission Director Sepideh Keyvanshad, said this investment in Nepal’s private sector will create jobs and increase incomes for women, youth, and marginalized groups. “This activity is just one example of the broader cooperation between Nepal and the US to strengthen the economy and improve the livelihoods of the Nepali people.”
At a time when Nepal recovers from the COVID-19 pandemic and addresses the local impacts caused by the ongoing global food crisis, the investment is expected to support the private and public sector’s capacity to compete in overseas markets, adding resilience to Nepal’s ability to cope with external shocks.
Gobinda Bahadur Karkee, joint-secretary at the MoICS, said the investment will provide great support to diversify the service offerings of firms and improve their productivity, making them global competitors.
USAID Trade and Competitiveness will advance Nepal’s ambitions to increase and diversify high-value exports such as local produce, tourism experiences, and digital services that can be provided anywhere in the world. These export sectors will accelerate job growth and income-generation by creating more resilient markets that facilitate the participation of marginalized groups as Nepal’s economy grows, reads a press release issued by the US Embassy.
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