US Ambassador Thompson calls on Industry Minister Bhandari; discusses bilateral cooperation

KATHMANDU: US Ambassador to Nepal, Dean R Thompson, paid a courtesy call on Minister for Industry, Commerce, and Supplies, Damodar Bhandari, at the Ministry in Singha Durbar today.

During the meeting, Minister Bhandari highlighted the shared values between Nepal and the USA, including democracy, human rights, and sovereign equality. He acknowledged the USA as the first country to provide foreign assistance to Nepal, expressing gratitude for its support in economic and social development, as well as in strengthening democratic institutions. The Minister noted the significant contributions of US development cooperation in sectors such as education, health, transport, communication, agriculture, and the environment.

Minister Bhandari emphasised the importance of the USA as the second-largest destination for Nepali exports and a key source of tourists. He mentioned the Trade and Investment Framework Agreement (TIFA) signed in 2011, under which the Ministry has been leading Nepal's participation in TIFA Council meetings. The sixth TIFA Council meeting was held in Kathmandu on May 19, 2023, and discussions on bilateral trade and investment promotion were conducted.

The Minister also appreciated the US government's Nepal Trade Priority Programme, which allows customs-free entry of 77 types of Nepali goods into the US market until the end of 2025, aiding Nepal's post-earthquake economic revival. He expressed optimism that ongoing trade and competitive programmes supported by USAID would enhance the professional capacity of Nepali entrepreneurs and boost exports to the USA and Europe.

Highlighting foreign direct investment (FDI) from the USA in sectors such as communication, IT, energy, and agriculture, Minister Bhandari mentioned recent legislative amendments aimed at creating a more investment-friendly environment. He anticipated increased US investment in hydropower, energy, tourism, and IT.

Ambassador Thompson reaffirmed the continued collaboration between the USA and Nepal in various sectors, including health, education, transport, communication, agriculture, and the environment. He assured that USAID programmes would continue and announced that the next TIFA meeting will be held in Nepal on September 16-17, 2024. He also committed to efforts to extend the deadline for the customs-free facility for Nepali products in the US market.