CIM holds dialogue regarding impact of graduation of Nepal on industrial sector

Participants at a dialogue programme held by Chamber of Industries, Morang (CIM) in Biratnagar Metropolitan City, Morang district, on Thursday, May 26. 2022.

BIRATNAGAR: Chamber of Industries, Morang (CIM) on Thursday held a dialogue programme with late Mahendra Golchha Industrial Study Centre under Industrial Academia Linkage regarding the impact of the graduation of Nepal from least developed country (LDC) to developing country on the industrial sector.

Speaking on the occasion, CIM Vice President Bholeshwor Dulal said that the government and the private sector should join hands to prepare for the same by analysing the positive and negative effects of the graduation from LDC to the developing country. He suggested the policymaking level increase the competitiveness of the private sector by conducting a thorough study of the impact of the upgrade on the industries of Nepal, possible changes in the tariff rate, conditions to be followed during the production of goods, and exchange system among other aspects.

Keynote speaker at the event Dr Paras Kharel, research director, South Asia Watch on Trade, Economics and Environment (SAWTEE) said the graduation of Nepal from LDC to a developing country will have a significant impact on certain things such as the facilities currently available from developed countries including Europe and the United States. Kharel said that the status of double conversion should be followed as Nepal is being graduated to a developing country at a time when the contribution of manufacturing industries to the GDP is declining. He gave an example of double conversion as producing thread, weaving clothes and then producing garments instead of producing garments from clothes.

Director Kharel pointed out the need to work towards backward linkages as the concessions being granted by the LDCs will no longer be available although such concessions will not have impact on the bilateral and multilateral treaties with SAARC countries including India. He stressed the need to take initiative to facilitate Nepal with concession through economic diplomacy while internally preparing for the challenges to be faced by the private sector.

Dr Viju Thapaliya, co-coordinator of the Mahendra Golchha Industrial Studies Centre, said that the private sector and the government should start homework to make the domestic production competitive by taking the promotion of Nepal as a challenge and opportunity.

The programme was attended by CIM Executive committee members, industrialists, women entrepreneurs, economists and professors.

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