Tuesday, July 29, 2014

Transparency, rule of law key to attract US investment: Deputy USTR



Transparency, rule of law, efficient court and its independency are keys to attract investors, according to a visiting US trade representative.
The US investors look for a transparent system, law and order and investment friendly policies to invest in Nepal, said deputy assistant of United States Trade Representative for South and Central Asia Mara Burr here on today.
Addressing private sector at Federation of Nepalese Chambers of commerce and Industry (FNCCI), she said that Nepal should concentrate on products and services that have comparative advantage.
Burr is on Kathmandu visit to prepare for the Trade and Investment Framework Agreement (TIFA) preparatory meeting that was scheduled three years ago, but has been delayed due to various reasons.
During the meeting, the private sector representatives requested her to help Nepalis goods get easy access in the US market and encourage US investors to make investments in Nepal.
Despite having high export potential, Nepali products have failed to get market access in the US, they said, asking for policy arrangement to ensure market for innovative Nepali products in the US. The private sector representatives also requested Burr to give accreditation to Nepali lab for smooth quality certification of Nepali products and allow Nepali exporters to participate is US trade fairs.
Against the backdrop of US authorities rejecting access of many Nepali products to the US market on quality grounds, they also urged the US to help establish internationally recognised quality control lab in Nepal.
Burr will hold preparatory meeting with government officials for TIFA Council Meeting tomorrow. The meet will discuss agendas for the TIFA Council Meeting to be held in Kathmandu and fix the date.
The FNCCI president Pradeep Jung Pandey, on the occasion, urged the US authorities to also encourage US investment in potential sectors like hydropower, infrastructure development, and tourism in Nepal.

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