Waterways, railways will help reduce trade deficit
Prime Minister K P Sharma Oli said that the railways and waterways — his government is planning — will help reduce trade deficit.
Addressing ‘India-Nepal Logistic Summit’, on Sunday here in the capital, he said that Nepal needs to link with India through waterways and cross-border railways to expand foreign trade.
Elaborating on the need for connectivity to help reduce the growing trade deficit he also requested Indian investors to invest in Nepal. Stating the significance of industries and investors in making the summit prosperous, he said that Indian investment will help reduce alarming trade deficit.
The current political stability in the nation, and recent policy amendments and stability have made Nepal’s economic environment essentially investment-friendly, he said, emphasizing on the importance of Nepal-India trade.
FNCCI’s president Bhawani Rana, on the occasion, stressed on the importance of the conference in bringing government officials, entrepreneurs, business houses, logistics companies of both countries together, in discussing the problems, challenges, and issues regarding trade and transit whilst agreeing on solutions to help facilitate trade.
According to World Bank data, Nepal has been improving in the logistic reform index, upgrading from 2.38 in 2013 to 2.51 in 2018. Whilst addressing the transit issues faced by entrepreneurs and businessmen, Rana said that the government officials from India are committed in helping Nepal ameliorate such concerns.
Likewise, the Logistics Minister of the Indian Ministry of Commerce and Industries N. Sivasailam stated that the Indian Government is willing to help Nepal solve the issues related to business and trade. He also highlighted Indian Government’s commitment towards helping Nepal solve all kinds of policy, infrastructural and on-site problems.
Indian Ambassador to Nepal Manjeev Singh Puri, said that both Nepal and India have been constantly working on facilitating trade between the two nations. “The mutual trade will be made much stronger upon the completion of some important projects,” he said, adding that the Motihari-Amalekhganj Petroleum Pipeline — a game changer project for Nepal’s economic development — will soon be operational.