JEC explores possibilities in expansion of bilateral cooperation

Both Nepali and Indian private sector are extremely bullish on expanding economic cooperation between the two countries.
The prospects are very encouraging and opportunities numerous, according to the participants of the recently concluded meeting of the Joint Economic Council (JEC) that has apex bodies of private sectors of both the countries.
"Several Indian companies engaged in the fields of education and power expressed their interests in investing in Nepal, said Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Suraj Vaidya in the meeting held in Kolkata on January 25.
Nepal has given special attention to attract investments from India and has recently set up a Board of Investment under the chairmanship of Prime Minister Dr Baburam Bhattarai, apart from observing 2012-13 as Nepal Investment Year.
The JEC has also decided to organise Road Shows in different cities of India to attract investments and market the 50 projects identified by Nepal.
"I am strongly hopeful that there would be more Indian investments in Nepal in near future in hydropower, infrastructure, tourism, education and healthcare," Vaidya said, adding that Nepal wants to reverse the trade deficit trend through more Indian investments.Nepal has a huge trade gap in the trade with India. The trade deficit in the fiscal year 2010-11 amounted to $3,020 million against $2,376 million in a fiscal year ago.
The JEC that includes FNCCI and Confederation of Indian industry (CII) felt that efforts should be made to reduce the trade gap as much as possible. It also decided to commission a study by a reputed research agency which would recommend ways and means in enhancing Nepal’s exports to India and identify resulting benefits to both the countries.
The co-chairman of JEC Padma Jyoti requested India to consider making available an additional 100 MW of power to partly overcome the current demand supply gap in Nepal. He also requested Indian government's intervention in early completion of the Dhalkebar-Muzaffarpur transmission line.
The meeting also discussed imposition of CVD on exports from Nepal, easier connectivity for movement of goods, facilitating opening of Nepali banks in India.
The JEC also met chairman of Kolkata Port Trust M L Meena, chief commissioner of Kolkata customs Deepa Dasgupta and commissioner of customs Gurdeep Singh and discussed on facilitation of early clearance of Nepali cargo at the Kolkata port by streamlining the procedures and removing the unnecessary processes.
Nepal is very highly dependent on Kolkata-Haldia ports for movement of its exports and imports and the delays in the ports resulted in higher cost to Nepali traders.
Consulate General of Nepal at Kolkata Chandra Kumar Ghimire, who was also in the meetings said that there has been a huge positive response from India to address issues concerning trade and investments.
He added that there should be regular meeting with Customs and Port Authorities in Kolkata to resolve the industry specific problems.
JEC also decided that CII would organise a CEO’s mission to Nepal in April to participate in Nepal’s Industry and Commerce Day. It also requested to organise 'A Made in India Show' in Kathmandu in September-October this year.
The JEC had earlier met in October 2011 in New Delhi and will have its next meeting in April in Kathmandu.