NCC makes plan to raise annual export capacity of Rs. 1,000bn

By A Staff Reporter,Kathmandu, May 21: Nepal Chamber of Commerce (NCC) has formulated a plan to reach country’s annual export capacity Rs. 1,000 billion. 

The new executive committee of NCC led by its President Kamlesh Agrawal has prepared an export promotion action plan to increase export and reduce trade deficit in the next three years. 

The NCC said that the comparative advantages of agriculture, water resources, tourism, and information technology sectors would be facilitated by attracting domestic and foreign investment from production to marketing.

The Chamber has set a 49-point strategic reform plan, policy reform in revenue, financial management and increase in agricultural production and building a self-reliant economy. 

In a press statement issued by the NCC, it is said, "Since becoming a member of the World Trade Organization, Nepal has been experiencing continuous trade deficit. At present, the share of import is 90 per cent and the share of export is 10 per cent of the total trade. In order to reduce this, the environment for export should be created by identifying and promoting exportable items."

"Efforts will be made to develop a solid export promotion strategic plan to achieve an annual export value of Rs. 1,000 billion," it said. 

The Chamber said that it would take initiatives for export facilitation and establishment of international level quarantine lab for trade promotion. 

According to the Chamber, it would lobby with the government to make a policy action plan to encourage for the use of remittances in the manufacturing sector.

As per the action plan of NCC, a promotion programme would be conducted to use the skills of youth in domestic production.

The Chamber emphasised on stable government and policy stability for sustainable economic development. 

According to the NCC, it would take initiatives for effective coordination between the 16th five-year plan to be implemented from the fiscal year 2024/25, the government's policies and programmes, budget and monetary policy.

It said that policy initiatives would be taken for effective implementation of periodical plan and making a schedule for completing capital expenditure on time and giving results.

Stating that contribution of wholesale and retail trade sector to the GDP was 14 per cent, the NCC said that initiatives would be taken to further increase the contribution of the wholesale and retail trade sector to the GDP.

According to the NCC, initiatives would be taken to attract foreign investment by developing the infrastructure plan as a pilot project. 

It said that it would take initiatives to bring in domestic and foreign investments in agriculture, water resources, tourism, and information technology sectors, which had comparative advantages. 

According to the commitments made in the World Trade Organization, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and SAARC Preferential Trading Arrangement (SAPTA), initiatives would be taken to reduce the customs duty, according to the Chamber. 

"Efforts will be made to develop the information technology industry as a major sector of employment and service export. It will continue efforts to abolish the reference value by recognising the transaction value in the customs," it said.