Nepal-India trade has to be facilitated and simplified as the trade deficit with India has been ballooning, according to the finance minister Shankar Prasad Koirala.
Addressing
the three-day Indiainvestrade 2013, here in Kathmandu, he said that Nepal
imports 65 per cent from India, and the third country import also reaches Nepal
through India, Nepal's trade is largely dependent on India.
India's
assistance in infrastructure is key to boost Nepal's export and economic
growth, he added.
The new
government will take a giant step for economic development, Koirals, who is
also trade minister, hoped, adding that the Indian investors could also take
benefit from Nepal's decision.
Inviting the
Indian investors to invest in energy, agriculture, tourism and infrastructure
development, he expected that the commerce secretary level Inter-Governmental
Committee (IGC) meeting that is scheduled for December 21-22 is going to take
some vital decision on the issue.
On the
occasion, energy minister Umakanta Jha stressed on the need of agreement on
energy between the two South Asian nations.
Both India and Nepal can have 'win-win situation', if they jointly
develop Nepal's hydropower potential, minister for New and Renewable Energy of
India Farooq Abdullah said, on the occasion. "Some 40 per cent population
of India is facing energy crisis, he said, adding that Nepal can bridge its
ballooning trade deficit with India, if it joins hands in developing hydropower
in Nepal. "Even the South Asian regions as a whole can take benefit from
Nepal's hydropower."
The economic prosperity should be achieved, it will not happen
itself, the Indian minister added. "The policy stability is key to
development and encourage investors."
"There is serious political
commitment among the political leaders of Nepal for promulgating the new
constitution within one year," Indian ambassador to Nepal Ranjit Rae said,
adding that India is ready to support, "in all possible ways, peace,
security and economic prosperity of Nepal." Some 40 Indian companies from electrical and energy sector are showcasing latest electrical transformers, generators, solar lighting system at the three-day fair.
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