The country should focus on
promoting products and services that have competitive and comparative
advantages to bridge the ballooning trade deficit, according to caretaker prime
minister Dr Baburam Bhattarai.
Inaugurating the 'Made in Nepal'
exhibition, here today, he said that at a time when globalisation has provided
consumers more choices, Nepali entrepreneurs should produce quality products
and deliver their consignments on schedule to take advantage of globalisation.
"Nepali tea, coffee,
cardamom, honey, agro products, pashmina and handicrafts should be developed as
local brands to compete in the international market," he said, asking for
more investment in health, tourism and education to generate more employment
and promote the service sector.
However, lack of basic
infrastructure like electricity, strained labour-management relation,
difficulty in accessing finance and market, lack of forward and backward
linkages, and a not so investment-friendly environment are some of the
bottlenecks hindering the promotion of local products, making the country more
dependent on imports.
The country's imports stood at Rs
461.67 billion, but the export receipt stood at a mere Rs 74.26 billion,
accounting for a huge trade deficit of Rs 387.41 billion due to the
government's failure in promoting exports of local products and encouraging
entrepreneurs.
Organised by the Nepalese Young
Entrepreneurs Forum (NYEF), the third edition of the 'Made in Nepal' exhibition
that will be held till September 9, is not only expected to demystify the myth
that 'Nepal cannot even produce a needle', but also promote quality local
brands.
"The event will help promote
locally manufactured products in the domestic market," said immediate past
president of NYEF and exhibition coordinator Anuj Kumar Shrestha. "The
four-day exhibition with a slogan 'Aafno Bhaneko Aaphnai Ho', is
expected to provide a platform to entrepreneurs to promote their local brands
and provide better services to consumers under one roof.
Speaking on the occasion,
caretaker finance minister Barshaman Pun also hailed the efforts of the young
entrepreneurs, and said that such exhibitions will help promote local brands
and reduce the country's dependency on foreign products.
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