NEC to focus on import substitution

Nepal Export Council (NEC) has decided to reduce imports of consumer goods and substitute with exports as in recent years imports have been rapidly increasing.
The council will focus on promoting the export of goods that are largely imported in the country, said president of the council Arjun Kumar Bhattarai in the 16th annual general meeting (AGM) of the council today.

"NEC will take a complete reverse step and will focus on the export of those goods which we have been largely importing," he said. According to him, the new strategy will promote commercial production of import substituting goods and the goods will also be exported.

Addressing the AGM, secretary at the Prime Minister's Office Surya Silwal said that the government will support the council in its export promotion and import substitution efforts. The government will help the private sector by formulating a friendly policy, he said.

Vice president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Pradeep Jung Pandey said that the government and the council should focus on the export of agriculture goods to reduce trade deficit. "The government needs to increase cash incentive for exporters to attract them to the business," he said.

The council honoured president of Nepal China Chamber of Commerce and Industry Rajesh Kazi Shrestha, director general of Department of Customs Narayan Poudel and journalist of Nepal FM Kumar Khatiwada for their contribution to promoting exports.

The AGM elected a new 15-member executive committee under the presidency of Arjun Kumar Bhattarai. Other elected executives of NEC are Naresh Das as outgoing president, and Suresh Kumar Shrestha and Hari Bahadur Karki as first and second vice presidents, respectively. The tenure of the executive committee will be for two years.