Bilateral trade between India and Nepal to cross $10 billion by 2021
KAROBAR CORRESPONDENT
Tuesday, Jul 09, 2019
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The government has sought India’s uninterrupted cooperation and complete trust to build a roadmap for a New Nepal just the way India is visualizing a ‘New India’ through sound institutional arrangements in place.
Nepali ambassador to India Nilambar Acharya pointed out that the era of insurgency and instability at government’s level in Nepal is over and with a stable government in place, Nepal looks forward towards India to build a fresh new country which ensures an inclusive growth for each of its citizen.
Speaking at the 'Advantage Nepal Conclave: Ease of Doing Business in Nepal,' under aegis of PHDCCI’s India-Nepal Centre (INC) in collaboration with Embassy of Nepal in New Delhi and Confederation of Nepalese Industries (CNI), the ambassador emphasized on the trust factor which Nepal holds over India by stating that given intensity of Nepalese traditional relationship with India, for its economic and social upliftment and that it expects an uninterrupted and complete cooperation of India to rebuilding the new Nepal.
He expressed his ambition to replicate the building of New Nepal the way the New India is expected to develop under the leadership of Prime Minister Narendra Modi, with cooperation from multiple countries abroad including Nepal, and looks up to India for the realization of his ambition.
“The era of insurgency and instable governments in Nepal is a thing of past and with new government in place with its fresh constitution, the country is committed for its social and economic transformation with close cooperation from India and other neighbouring countries though Nepal attaches paramount importance to India, given its age old relations between India and Nepal”, he said identifying host of areas for possible joint ventures between Nepal and India Inc including heritage tourism, power particularly hydro, agriculture, pharmaceuticals and the like including education and skill development.
Host of experts were present on the occasion who emphasized the need to explore the trade and investment opportunities and extended an invitation to India to participate in the economic development of Nepal, with a pro-active approach to achieve the desired objectives and they further assured of providing a conducive and suitable social environment to overseas industries particularly the ones from India.
The bilateral trade between the two economies is expected to cross $10 billion on the backdrop of increased sentiment for trade and investments between the two economies, said the industry body, PHD Chamber of Commerce and Industry.
Currently, the bilateral trade between the two economies is $8.3 billion in 2018-19 with India’s exports to Nepal at $7.8 billion and imports from Nepal at $0.5 billion with a trade surplus of $7.3 billion. The bilateral trade between the two economies is expected to cross $10 billion on the backdrop of increased sentiment for trade and investments between the two economies.
It was also emphasized that PHD Chamber of Commerce and Industry, which largely represents the MSME segment, should be assigned the task of drafting the MSME Policy for the economy of Nepal, so that small and micro organizations of the two countries come forward at a united platform to cement the cooperation in the desired direction.
Among those who aired views on the occasions are Anil Khaitan, Immediate Former President, PHDCCI; ambassador K V Rajan, Chairman, India-Nepal Centre, PHDCCI; Nirvana Chaudhary, Vice President, Confederation of Nepalese Industries & Chairman, India-Nepal Centre (Nepal), PHDCCI; Bharat Kumar Regmi, Deputy Chief of Mission, Embassy of Nepal, India; Tirtha Poudel, Counselor (Economic), Embassy of Nepal, India; Shekhar Dutt, Former Governor Chhattisgarh and Former Deputy National Security Adviser, Government of India; ambassador Ranjeet Rae, Former Indian ambassador to Nepal; Rangan Dutta; Gen V K Sehgal; Gen Ashok Mehta; Mohit Bhasin, Partner, KPMG; Omair Ahmad, Editor (South Asia), The Third Pole; Dr H P Kumar, Adviser (MSMEs), PHDCCI and Atul K Thakur, Deputy Secretary and Coordinator, SDC / India-Nepal Centre, PHDCCI; Dhruva Jaishankar, Senior Fellow, Brookings India; ambassador N N Jha;  Sandeep Rana, Political Activist; and Siddharth Mishra, Public Policy Professional.