Improve export portfolio, tap Chinese market: PM
KATHMANDU, June 26:
Prime Minister Jhalanath Khanal asked traders to develop export capability by producing more exportable goods to bring down the widening trade deficit with China. He asked them to take advantage of the vast market of the world´s second largest economy and invite more Chinese investments to Nepal.
"China has become global economic powerhouse elevating itself to the world´s second largest economy. As a close neighbor, we have to benefit from the enormous chinese market by exploring market for new Nepali products to narrow down the burgeoning trade deficit with the world´s fastest growing economy," said Khanal while inaugurating the 11th Anniversary of Nepal Trans-Himalayan Border Commerce Association, on Saturday.
Stating that widening trade deficit with northern neighbor is a matter of great concern for the government, Khanal expressed commitment to invite more Chinese investment in Nepal and develop trade infrastructure for trade with the world´s fastest growing economy. Nepal´s trade deficit with China is in the range of Rs 38 billion in absence of sufficient exportable goods. "Chinese investors are looking for investment opportunities, we have to devise plans to lure Chinese investments for the economic growth of our country," said Khanal.
He said that the government would take up economic revolution as the top national priority once the new constitution is formulated and peace process is completed. "We have to face challenges and opportunities resulted in from globalization by putting economic revolution at paramount priority to strengthen export capacity of Nepal," he added. On the occasion, he inaugurated the newly-constructed building of the association in Buddha Nagar, Kathmandu.
Durga Bahadur Shrestha, president of the association, asked the government to facilitate trade with China by developing necessary infrastructure including customs facilities and upgrading road links up to the customs points to bring down the burgeoning trade deficit with the northern neighbor.
"Tatopani customs which is the largest customs check-post along the northern border has to be modernized to make trading more transparent as traders are facing problems in clearance of goods though this point," he said.
Source: Republica
Prime Minister Jhalanath Khanal asked traders to develop export capability by producing more exportable goods to bring down the widening trade deficit with China. He asked them to take advantage of the vast market of the world´s second largest economy and invite more Chinese investments to Nepal.
"China has become global economic powerhouse elevating itself to the world´s second largest economy. As a close neighbor, we have to benefit from the enormous chinese market by exploring market for new Nepali products to narrow down the burgeoning trade deficit with the world´s fastest growing economy," said Khanal while inaugurating the 11th Anniversary of Nepal Trans-Himalayan Border Commerce Association, on Saturday.
Stating that widening trade deficit with northern neighbor is a matter of great concern for the government, Khanal expressed commitment to invite more Chinese investment in Nepal and develop trade infrastructure for trade with the world´s fastest growing economy. Nepal´s trade deficit with China is in the range of Rs 38 billion in absence of sufficient exportable goods. "Chinese investors are looking for investment opportunities, we have to devise plans to lure Chinese investments for the economic growth of our country," said Khanal.
He said that the government would take up economic revolution as the top national priority once the new constitution is formulated and peace process is completed. "We have to face challenges and opportunities resulted in from globalization by putting economic revolution at paramount priority to strengthen export capacity of Nepal," he added. On the occasion, he inaugurated the newly-constructed building of the association in Buddha Nagar, Kathmandu.
Durga Bahadur Shrestha, president of the association, asked the government to facilitate trade with China by developing necessary infrastructure including customs facilities and upgrading road links up to the customs points to bring down the burgeoning trade deficit with the northern neighbor.
"Tatopani customs which is the largest customs check-post along the northern border has to be modernized to make trading more transparent as traders are facing problems in clearance of goods though this point," he said.
Source: Republica
