Promotion of local products to help bridge trade deficit

KATHMANDU, Sep 7:

The country should focus on promoting products and services that have competitive and comparative advantages to bridge the ballooning trade deficit, according to caretaker prime minister Baburam Bhattarai.

Inaugurating the third edition of the ‘Made in Nepal’ exhibition, here today, Bhattarai said that at a time when globalisation has provided consumers more choices, Nepali entrepreneurs should produce quality products and deliver their consignments on schedule to take advantage of globalisation. 

“Nepali tea, coffee, cardamom, honey, agro products, pashmina and handicrafts should be developed as local brands to compete in the international market,” the prime minister said, asking for more investment in health, tourism and education to 

generate more employment and promote the service sector.

However, lack of basic infrastructure like electricity, strained labour-management relation, difficulty in 

accessing finance and market, lack of forward and backward linkages, and 

a not so investment-friendly environment are some of the bottlenecks 

hindering the promotion of local products, making the country more dependent on imports.

The country’s imports stood at Rs 461.67 billion, but the export receipt stood at a mere Rs 74.26 billion, 

accounting for a huge trade deficit 

of Rs 387.41 billion due to the government’s failure in promoting exports 

of local products and encouraging 

entrepreneurs.

Organised by the Nepalese Young Entrepreneurs Forum (NYEF), the third edition of the ‘Made in Nepal’ exhibition that will be held till September 9, is not only expected to demystify the myth that ‘Nepal cannot even produce a needle’, but also promote quality local brands.

“The event will help promote locally manufactured products in the domestic market,” said immediate past president of NYEF and exhibition coordinator Anuj Kumar Shrestha. 

“The four-day exhibition with a slogan ‘Aafno Bhaneko Aafnai Ho’, is expected to provide a platform to entrepreneurs to promote their local brands and provide better services to consumers under one roof.

Speaking on the occasion, finance minister Barshaman Pun also hailed the efforts of the young entrepreneurs, and said that such exhibitions 

will help promote local brands and 

reduce the country’s dependency 

on foreign products.

Source: THT