Private sector seeks incentives to boost export

NEPAL CHAMBER OF COMMERCE 59th AGM

The private sector has asked incentives and loan on lower interest rates for exporters to boost the exports.
“The government should also grant loans to exporters at 4.5 per cent interest rate,” said president of Nepal Chamber of Commerce Suresh Kumar Basnet, during the 59th annual general meeting (AGM) of the chamber.
“The interest rates for banking transactions related to SMEs, real estate, land and housing is quite high, therefore, the government should show serious concern to normalise the interest rate for these sectors,” he said urging the government to provide a flat three per cent cash incentive to Nepali exporters and simplify its procedure.
"The process to obtain the cash incentive on the basis of two to four per cent value addition is quite complicated,” he said, stressing on need to further simplify the process and to introduce a flat rate of three per cent for Nepali exporters.
The economy is based more on remittance as the government is more focused on remittance than in the development of the private sector, Basnet added.During fiscal year 2010–11 total imports of the country was worth Rs 64.56 billion while total exports was worth Rs 3.94 billion. During the first seven months of the present fiscal year total trade deficit increased by 17.6 per cent which translates to Rs 212.36 billion.
“Our imports are six times more than our total exports and our total trade deficit is about Rs 3.30 billion,” he said. During the programme, finance minister Barshaman Pun suggested the private sector to cooperate with the government for the development of the economy.
On the occasion, representatives from the private sector urged the government to determine the Market Fair Value for land and housing.

NCC awards top performers
KATHMANDU: Nepal Chamber of Commerce (NCC) during its annual general meeting felicitated cargo companies and exporters with a letter of appreciation for their support in the export and import business. Everest De Cargo, Muktinath De Cargo, Rising Star De Cargo, Himali International, and Atlas De Cargo were awarded with a letter of appreciation. Among the carpet companies, Himalayan Art Carpet, Kaju Art Rugs, Shangrila Carpet and Handicrafts were also felicitated. Designer Industries, Nepal Fashion, and United Fashion in the readymade garment sector also received a letter of appreciation. In the handicraft sector, One World Nepal Trading, and in the pashmina sector, Exclusive Fabric were also felicitated. Kiran Shoes Manufacturer was felicitated for being the highest exporter to India, whereas Nepal Pashmina Industries Association was felicitated for the highest exportable products.