The Asian Institute of Diplomacy and International Affairs (AIDIA) and Embassy of People’s Republic of Bangladesh jointly hosted the second edition of the 'Nepal-Bangladesh Business Forum' (NBBF) with a theme “Beyond Bilateralism: Cooperation for Prosperity” on Saturday at Kathmandu, Nepal. The NBBF forum is a bilateral platform policy makers, diplomats, business leaders/ practitioners /experts, entrepreneurs, scholars, media among others to discuss various issues related to bilateral economic cooperation including trade, tourism, connectivity, energy. In his welcome remarks, Sunil KC, Chief Executive Officer, AIDIA, recalled the important contribution made by first NBBF of 2016 for strengthening bilateral cooperation and firmly expressed 2nd edition will equally contribute too. Likewise, Iqbal Sobhan Chowdhury, Media Advisor to Prime Minister of Bangladesh, on the occasion, delivered the inaugural speech by underlining the strong diplomatic ties and smooth bilateral relations between Nepal and Bangladesh. Even though commerce between Nepal and Bangladesh have steadily increased in the recent past, trade potential and investment opportunities have not been exploited at their maximum, he added, forum like this will contribute to meet such potential. The first session comprised of Jalal Ahmed, Additional Secretary of Government of Bangladesh and Chairperson Nepal, Bangladesh Bank Limited), Dr. Bindu N. Lohani, Former Vice-President of the Asian Development Bank, Deependra Bahadur Kshetry, Former Governor-Nepal Rastra Bank, and Purushottam Ojha, Former Secretary of Ministry of Commerce and Supplies), discussed on the session title “Role of Banks in Facilitating Bilateral Trade, Investment and Economic Growth”. During the discussion, they highlighted the multilateral and bilateral banks have a fundamental role to play to reinforce economic cooperation and integration. In numerous strategic areas where bank involvement is necessary, such as physical connectivity and infrastructure development, trade and investments facilitation through tariff negotiations, assistance in financial market expansion and cooperation on public goods provision, they focused on. The second session focused on the expansion of Bangladesh-Nepal connectivity with comprising Ananta Acharya , Director General, Department of Railways, Ali Ahmed, CEO, Bangladesh Foreign Trade Institute and Shyam KC , Research and Development Director, AIDIA stressed Nepal and Bangladesh thoroughly need to explore the efficient connectivity corridor as well as port facilities. The reasons of low level of trade between the two countries have been drawn up the supply and demand mismatch and insufficient connectivity infrastructures, they argued. Bilateral and regional transit agreements must be pushed up in order to promote trade and business. Roads network, rail infrastructure and sea port access enhancement are the key for a strengthened economic cooperation, they added. In her closing remarks, Ambassador of Bangladesh to Nepal Mashfee Binte Shams said taking into account about the complaints of business community and entrepreneurs we decided to focus on banking and connectivity issue in second edition of NBBF. "If these sectors represent the main improvement priorities, they also demonstrate the growing trades and businesses interests between Nepal and Bangladesh," She said, emphasizing on the role, importance and continuation such forum to solve trade issues and strengthen the economic ties between two countries.
Prime Minister KP Sharma Oli has claimed that the government is going to achieve a double-digit economic growth in the first quarter of the next fiscal year.
Asian Development Bank (ADB) is providing US$ 100 million to Nepal for the Rural Connectivity Improvement Project. An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Monday between Shankar Prasad Adhikari, Secretary at the Ministry of Finance and Mukhtor Khamudkhanov, Country Director, Nepal Resident Mission of ADB on the behalf of the government of Nepal and the ADB respectively.
The Supreme Court (SC) on Tuesday issued an interim order directing Nepal Rastra Bank (NRB) and Nepal Investment Bank (NIB) to not freeze Rs 2.14 billion remitted for Nepal Satellite Company owned by businessman Ajeya Raj Sumargi.
A significant cut in the power outage in the country had led to the increase in industrial capacity by 9.1 percent. According to the Economic Activities Study Report- 2073-74 BS unveiled by the Nepal Rastra Bank (NRB) recently, the capacity of industries in the fiscal year 2073-74 BS went up by 9.1 percent compared to the previous fiscal year ( 2072-73 BS) and reached 57.3 percent.
The government and UNDP on Friday signed an agreement to implement the 'Cooperative Market Development Programme', which aims at establishing and operationalizing cooperative market chain of fruits and vegetables to increase farmers’ income and other livelihood opportunities.
Nepal has topped in terms of foreign remittances as a percentage of GDP in 2016, according to a report by a US-based think-tank launched this week.Nepal is leading the way with an estimated $6.6 billion in remittances equivalent to 31.3 percent of the country’s GDP, according to the Pew Research Center. The center in its analysis of World Bank report for 2016 also reads that Nepal (31.3 percent) was followed by Kyrgyzstan ($2 billion, 30.4 percent of GDP) and Tajikistan ($1.9 billion, 26.9 percent of GDP) with regard to remittances by percentage of GDP.
Nepal has increased its score in Open Budget Index (OBI), the world’s only independent and comparative measure of budget transparency. According to the Open Budget Survey (OBS) global report launched on Tuesday, Nepal increased its budget openness score to 52 from 24 in 2015. Freedom Forum – a Civil Society Organization working in the area of public financial management – conducted the OBS for Nepal as a representative of the International Budget Partnership (IBP).
ILAM — Ginger farmers in Ilam are bearing the brunt after the Indian side stopped the import of Nepali ginger. The decision of the India customs office not to import Nepali ginger, citing the product is substandard has made ginger farmers of Ilam and Panchthar districts worried.
The government on Wednesday decided to reduce the age bar for an elderly allowance from 70 to 65. The decision of the Cabinet meeting on Wednesday is going to add Rs 7 billion liability to the government’s coffer. The current expense for this allowance is Rs 31 billion.
Global flows of foreign direct investment (FDI) fell by 16 per cent in 2017 to an estimated US$1.52 trillion, from a revised US$1.81 trillion in 2016, according to the latest UNCTAD Global Investment Trends Monitor.
The Government and the World Bank on Sunday signed three financing agreements for $440 million in Kathmandu to invest in the country’s post-earthquake housing reconstruction, livestock innovation, and technical education and vocational training. The agreements were signed by Finance Secretary Shankar Prasad Adhikari and World Bank Country Director for Bangladesh, Nepal and Bhutan Qimiao Fan in the presence of Finance Minister Gyanendra Bahadur Karki and World Bank Vice President for South Asia Annette Dixon. Senior government officials were present during the occasion.
Citing rise of the price of crude oil in the international market, Nepal Oil Corporation (NOC) has hiked the price of fuel on Wednesday. The government fuel monopoly decided to increase Rs 1 per liter on petrol, Rs 2 per liter on diesel and kerosene. After the hike, the price of petrol cost Rs 102, and diesel and kerosene Rs 81 per liter. However, the price of cooking gas and aviation fuel has not been changed.
The government has met the revenue mobilization target by the end of six months of the fiscal year. The government has mobilized Rs 334 billion in the first six months of the current fiscal year, according to Revenue Secretary Shishir Kumar Dhungana.