The United States today launched the USAID Trade and Competitiveness activity, introducing it to Nepal’s private sector.
The five-year, $19 million investment will increase the competitiveness of Nepali enterprises in targeted sectors with high growth and employment potential, claimed the development partner. Building on 75 years of friendship between Nepal and the United States, the United States Agency for International Development (USAID) will collaborate with Ministry of Industry, Commerce, and Supplies (MoICS) to help businesses facilitate new trade and investment opportunities, improve their access to market-based financial and non-financial services, and boost productivity.
“This investment in Nepal’s private sector will create jobs and increase incomes for women, youth, and marginalized groups,” said USAID/Nepal Mission Director Sepideh Keyvanshad. “This activity is just one example of the broader cooperation between Nepal and the U.S. to strengthen the economy and improve the livelihoods of the Nepali people,” she added.
USAID Trade and Competitiveness will advance Nepal’s ambitions to increase and diversify high-value exports such as local produce, tourism experiences, and digital services that can be provided anywhere in the world. The export sectors will accelerate job growth and income-generation by creating more resilient markets that facilitate the participation of marginalized groups as Nepal’s economy grows, it claimed.
Joint Secretary Gobinda Bahadur Karkee, on the occasion, applauded USAID’s partnership with the Ministry and the continued investment in Nepal. Karkee went on to say, “I hope this activity will provide great support to diversify the service offerings of firms and improve their productivity, making them global competitors.”
As Nepal recovers from the COVID-19 pandemic and addresses the local impacts caused by the ongoing global food crisis, this investment will support the private and public sector’s capacity to compete in overseas markets, adding resilience to Nepal’s ability to cope with external shocks.