The Nepal Chamber of Commerce (NCC), under the leadership of its newly elected President, Kamlesh Agrawal, has formulated an ambitious plan to propel the country’s annual export capacity to an unprecedented Rs. 1,000 billion. This bold initiative, outlined in the NCC’s export promotion action plan, aims to catalyze export growth and reduce the nation’s trade deficit over the next three years, signaling a renewed commitment to strengthening Nepal’s economic prowess on the global stage.
Strategic Reforms and Policy Overhaul:
At the heart of the NCC’s action plan lies a comprehensive 49-point strategic reform agenda, encompassing wide-ranging policy reforms in revenue management, financial governance, and agricultural production. The Chamber’s vision extends beyond mere numerical targets, advocating for the creation of a self-reliant and resilient economy capable of withstanding global economic fluctuations.
Leveraging Comparative Advantages:
Recognizing Nepal’s unique strengths, the NCC seeks to harness the comparative advantages of its agriculture, water resources, tourism, and information technology sectors. By attracting domestic and foreign investments across the entire value chain – from production to marketing – the Chamber aims to unlock the country’s true economic potential and position it as a formidable player in global trade.
Facilitating Export Growth:
To facilitate export growth, the NCC plans to establish international-level quarantine laboratories and implement export facilitation measures. Additionally, the Chamber intends to lobby the government to develop a policy framework that encourages the channeling of remittances into the manufacturing sector, thereby bolstering domestic production and increasing export competitiveness.
Youth Empowerment and Skill Development:
Acknowledging the pivotal role of the youth in driving economic progress, the NCC’s action plan includes initiatives to leverage the skills of Nepal’s young population in domestic production. By fostering an environment that nurtures innovation and entrepreneurship, the Chamber aims to create sustainable employment opportunities and contribute to the nation’s overall economic growth.
Collaboration and Policy Alignment:
The NCC underscores the importance of effective coordination between the government’s 16th five-year plan, scheduled to commence in the fiscal year 2024/25, and other key policies and programs. This alignment is seen as crucial for ensuring seamless implementation, timely completion of capital expenditures, and tangible results that resonate with the nation’s development aspirations.
Trade Liberalization and Global Integration:
In line with Nepal’s commitments to the World Trade Organization (WTO), the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), and the SAARC Preferential Trading Arrangement (SAPTA), the NCC aims to spearhead initiatives to reduce customs duties and promote trade liberalization. This strategic move seeks to enhance Nepal’s competitiveness in the global marketplace and foster greater regional and international economic integration.
Embracing Digital Transformation:
Recognizing the pivotal role of technology in driving economic growth, the NCC plans to develop the information technology industry as a major sector for employment generation and service exports. Furthermore, the Chamber will continue its efforts to abolish the reference value system in customs, advocating for the recognition of transaction values to streamline trade processes and enhance transparency.
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