Industry Minister stresses reducing trade losses to China

KATHMANDU: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has underlined the need to address trade losses with China. 

Speaking at the 25th annual general meeting (AGM) of the Nepal Trans-Himalayan Commerce Association in Kathmandu on Saturday, Minister Bhandari highlighted the potential for Nepal to focus on exporting special products such as medicinal herbs, handicrafts, agricultural items, and ready-made clothes.

"The Association can play a leading role in promoting Nepali products. Therefore, diversification of products and services along with quality enhancement and branding is essential," he stated.

The Minister also noted that slight flexibility had been introduced in foreign exchange policy to support Nepali traders conducting business in China. "Various training programmes on the Chinese language, culture, and processes have been provided to Nepalis so that it would be easier for them to carry out trade activities in China," he added.

During the programme, Minister Bhandari shared several initiatives aimed at improving trade relations and infrastructure. These included budget allocations for infrastructure development at the Tatopani and Rasuwagadhi border points, the formation of a 'Nepal-China Trade Facilitation Committee', encouragement for electronic payment in cross-border trade, and the initiation of a dry port at the Rasuwa-Keyrong border point. He also mentioned the promotion of local production under the slogan 'one station-one production' and technical assistance for enhancing the quality of Nepali products.

The government has prepared a work plan for the development of border points at Korala, Hilsa, Kimathanka, and Olangchunggola.

"The government is always supportive of the private sector. I believe the trade sector can be elevated through collaboration. We can work together for balanced and sustainable trade with China," the Minister concluded.

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