FinMin for increasing value-added exports

KATHMANDU, June 23: Minister for Finance Dr Ram Sharan Mahat has urged exporters to focus on increasing value-addition in exports of products and services.

Addressing the 36th annual general meeting of Nepal Foreign Traders Association in Kathmandu on Sunday (NFTA), Mahat suggested to the businesspeople to develop products having competitive edge in the market.

 “To reduce trade deficit, we should also focus on the import substitution approach,” Mahat said, adding that fresh investment from the private sector is a must to boost production.

Nepal´s trade deficit stood at Rs 509 billion in the first ten month of 2013/14 according to Trade and Export Promotion Center.

Speaking at the program, Nepal Rastra Bank (NRB) Governor Dr Yub Raj Khatiwada stressed the need to make more investment and promote exports to cope with burgeoning trade deficit.

Likewise, representatives from the private sector demanded with the government to create environment conducive for business. They also asked the government to ensure sufficient energy supply in industries to increasing production and create more jobs.

Narendra Kumar Basnyat, president of the Confederation of Nepalese Industries (CNI), expressed hope that the second-tier economic reforms, which the government is preparing to introduce, will provide sufficient space for the private sector to grow.

Similarly, Pashupati Murarka, senior vice president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) stressed the need to strictly enforce the rule of law.

Meanwhile, NFTA on the day elected a new executive committee under the chairmanship of Ramesh Gupta for a three-year term.

The 21-member executive comprises of Anil Kedia, Anil Kumar Agrawal, Amit Agrawal, Arbind Sukhani, Kumar Bahadur Karki, Khagendra Sitaula, Dipak Nepal, Pawan Kumar Agrwal, Pawan Kumar Bhimsariya, Pradeep Rajgadhiya, Madan Mittal, Ramesh Kumar Thapa, Bijaya Mulmi, Binod Sethiya, Bishal Agrawal, Sawarmal Agrawal, Sunil Kumar Banshal, Suresh Kumar Agrawal, Shiv Kumar Agrawal and Him Bahadur Agrawal as members.

The first meeting of the executive committee will decide their portfolio, according to NFTA.

(Source: Republica)