Bilateral trade between India and Nepal to cross $10 billion in three years

The bilateral trade between Nepal and India is expected to cross $10 billion on the backdrop of increased sentiment for trade and investments between the two economies, according to PHD Chamber of Commerce and Industry (PHDCCI).
Currently, the bilateral trade between the two economies stands at $8.3 billion in the fiscal year 2018-19 with Nepal’s import from India at $7.8 billion and export only at $0.5 billion with a trade deficit of $7.3 billion.
In this backdrop, Nepal has sought India’s uninterrupted cooperation and complete trust to build a roadmap for a New Nepal just the way India is visualising a ‘New India’ through sound institutional arrangements in place, said Nepali ambassador to India Nilambar Acharya, addressing ‘Advantage Nepal Conclave: Ease of Doing Business in Nepal,’ under aegis of PHDCCI’s India-Nepal Centre (INC) in collaboration with Embassy of Nepal and Confederation of Nepalese Industries (CNI) in New Delhi today.
Acharya also pointed out that the era of insurgency and instability at government’s level in Nepal is over and with a stable government in place, the country looks forward towards India to build a fresh new country which ensures an inclusive growth for each of its citizen. “The era of insurgency and instable governments in Nepal is a thing of past and with new government in place with its fresh constitution, the country is committed for its social and economic transformation with close cooperation from India and other neighbouring countries though Nepal attaches paramount importance to India, given its age old relations between India and Nepal,” said the ambassador.
Acharya, on the occasion, also emphasised on the trust factor which Nepal holds over India by stating that given intensity of Nepali traditional relationship with India, for its economic and social upliftment and that it expects an uninterrupted and complete cooperation of India to rebuilding the new Nepal.
He identified host of areas for possible joint ventures between Nepal and India Inc such as heritage tourism, power particularly hydro, agriculture, pharmaceuticals and the like including education and skill development.
Host of experts – present on the occasion – also emphasised the need to explore the trade and investment opportunities and extended an invitation to India to participate in the economic development of Nepal, with a pro-active approach to achieve the desired objectives and they further assured of providing a conducive and suitable social environment to overseas industries particularly the ones from India.
It was also emphasised that PHDCCI, which largely represents the MSME segment, should be assigned the task of drafting the MSME Policy for the economy of Nepal, so that small and micro organizations of the two countries come forward at a united platform to cement the cooperation in the desired direction.
The conclave witnessed immediate past president of PHDCCI Anil Khaitan, chairman of India-Nepal Centre under PHDCCI and former envoy of India to Nepal K V Rajan, vice president of CNI and chairman of India-Nepal Centre (Nepal chapter) under PHDCCI Nirvana Chaudhary, deputy chief of Mission at the Embassy of Nepal in New Delhi Bharat Kumar Regmi, economic counselor at the Embassy of Nepal in New Delhi Tirtha Poudel, former governor of Chhattisgarh and former deputy national security adviser Shekhar Dutt, and former ambassador to Nepal Ranjeet Rae among others.

Nepal and North-Eastern Indian states plan economic partnership

Nepal and Northeastern states of India are planning to start economic cooperation institutionally.
During 'India-Nepal Economic Partnership Summit' organised at Gangtok in Sikkim today experts suggested to work on various level of cooperation to strengthen the ties to deepen regional and sub-regional economic cooperation. They also discussed on easing the current barriers in free flow of goods and people.
Nepal can meet desired development goal from the ‘Looking East’ policy of India, said Nepali ambassador to India Nilambar Acharya, addressing the programme 'India-Nepal Economic Partnership Summit' organised by Progress Harmony for Development Chamber of Commerce and Industry (PHDCCI) – under aegis of its India-Nepal Centre (INC) / State Development Council (SDC) in association with the Embassy of Nepal in New Delhi – today at Gangtok of Sikkim state of India.
He also pointed on the sectors where India-Nepal co-operation can be further boosted through proactive and sublime 'East Connection' to achieve the desired goals for economic development of various sectors.
Likewise, inaugurating the summit as chief guest, Chief Minister of Sikkim Prem Singh Tamang, on the occasion, shared his perspectives on the opportunities that are at place and about the need of having the collaborative efforts, for making a framework of comprehensive regional and sub-regional economic co-operation.
Economic Minister at the Embassy of Nepal in New Delhi Krishna Hari Pushkar urged the investors to Indian investors in Nepal, whereas the chief secretary of Sikkim Alok Srivastava, on the occasion, gave an overview of Sikkim’s developmental profile and policies which are progressive and supportive to the businesses. Similarly, additional chief secretary at the Department of Commerce and Industries, Government of Sikkim Thomas Chandy welcomed the Nepali entrepreneurs’ to engage with Sikkim and start a new chapter of collaboration in particularly two areas; Tourism and Organic Farming.
Likewise, Prof Mahendra P Lama, member of the EPG on Nepal-India Relations, touched on historical and contemporary facts that are crucial for further expansion of economic cooperation between Sikkim and Nepal.
Chairman at the India-Nepal Centre under PHDCCI and India’s former ambassador to Nepal K V Rajan shared his reflections on the need of institutionalising the socio-cultural goodwill and shared ties between India and Nepal for accelerating the economic cooperation, whereas MD and CEO of Nepal SBI Bank Anukool Bhatnagar, on the occasion, outlined on the financing facilities available in Nepal for doing business.
Charing the summit’s first Technical Session 'Promoting Industry in Nepal: Revisiting Bilateral Trade Policies, Expanding Sub-regional Cooperation, Border Area Development, MSMEs, Destination Sikkim, SAARC, BBIN’, ambassador K V Rajan explained the opportunity for both the countries. Likewise, economic counsellor at the Embassy of Nepal in New Delhi Tirtha Poudel, former MP at the Lok Sabha of Sikkim and Leader of SDF P D Rai, secretary at the Department of Information and Public Relations Sherap Shenga, vice chancellor at the ICFAI University of Sikkim Dr Jagganath Patnaik, Dean at the Central Agriculture University of Sikkim Dr P P Dabral, former chief secretary at the Andhra Pradesh and also former principal secretary and advisor of GTA, former MLA of Darjeeling Trilok Dewan and tourism advisor of Government of Sikkim Raj Basu took active part in the first session.
Likewise, the concluding session on 'Policy Reforms and Ease of Doing Business in Nepal: Sectoral Possibilities in Nepal, Channelising Investment (both-ways) for Industrial Development in Nepal and Northeast (with special reference to Sikkim)' moderated by deputy secretary and coordinator, SDC / India-Nepal Centre (PHDCCI) Atul K Thakur, witnessed executive director of Interstate Multi-Modal Transport (P) Ltd and Fleet Logistics (P) Ltd Bikas Rauniar, International Trade Expert Dr Panu Pazo, Consultant – Infrastructure Col Mani Gahatraj, educationist Gayatri Rai, agri and food processing entrepreneur Abhimanyu Dhakal.
Editor of Karobar National Economic Daily – the media partner of the summit – Kuber Chalise, on the occasion, summed up the session by proposing to establish a joint Special Economic Zone (SEZ) and a Haat Bazaar at the border so that the investors and farmers from across the border can take benefit.
The PHDCCI has been closely working with the Government of Nepal and the leading industry bodies of Nepal to promote bilateral economic development. The summit also focused on the sectors where India-Nepal co-operation can be further boosted through proactive and sublime 'East Connection' to achieve the desired goals for Nepal’s economic development. The summit – that aimed at exploring the trade and investment opportunities and to participate in the economic development of both India’s Northeast region and Nepal – hosted some of the key policy-makers, who significantly influence the decision-making of the region. It also hosted two-ways investment opportunities between Sikkim and Nepal through sensitising the industry captains and investors to come in term with the strong possibilities that both the places offer unwaveringly for businesses and investments.

Nepal-India partnership summit to promote cross border trade

Progress Harmony For Development Chamber of Commerce and Industry (PHDCCI) and Embassy of Nepal in New Delhi is organising ‘India-Nepal Economic Partnership Summit’ on Friday at Gangtok in Sikkim.
PHDCCI – under aegis of its India-Nepal Centre (INC) / State Development Council (SDC) and in association with the Embassy of Nepal in New Delhi – is organising ‘India-Nepal Economic Partnership Summit’ to explore the trade and investment opportunities and to participate in the economic development of both India’s Northeast Region and Nepal, according to the organizer.
The summit will focus on the sectors where India-Nepal co-operation can be further boosted through proactive and sublime ‘East Connection’ to achieve the desired goals for Nepal’s economic development  from tourism to agriculture and food processing, energy, infrastructure, healthcare, education, skill development  and start-ups to services, according to deputy secretary and coordinator SDC, India Nepal Centre, Atul K Thakur.
The summit aims at hosting the key industry and government stakeholders from both the countries who are either already involved with the industrial development of Nepal or have genuine urge to be part of it. “Also, the Summit will facilitate two-ways investment opportunities between India and Nepal through sensitising the Indian industry and investors – especially those located in India’s Northeast and neighbouring countries – and Nepalese counterparts to come in term with the strong possibilities that Nepal offers unwaveringly for businesses and investments,” he added.
PHDCCI has been closely working with the Government of Nepal and the leading industry bodies of Nepal. Likewise, PHDCCI’s India-Nepal Centre promotes two-way bilateral economic and business relations between India and Nepal.
Former Indian Ambassador to Nepal K V Rajan is the chair of India-Nepal Centre and Atul K Thakur is its coordinator, whereas vice president of the Confederation of Nepalese Industries (CNI) Nirvana Chaudhary is the chair of Centre’s Nepal Chapter.
The summit also aims at bringing closer the policymakers in government and industry captains to discuss and ideate for the way forward and broaden the base of Nepalese economy through next-wave of economic and governance reforms. It will also explore the potential of road, railway and air networks in Nepal and ‘common factors’ and leveraging on the same for attracting investment from Northeast and India at large, Thakur said, adding that the summit will also bring-in to notice the hidden potential in Border Area Development Programme and paving the way for India’s major involvement in helping the infrastructural facelift of Nepal’s bordering districts in West Bengal and Bihar – and making them the gateways of Northeast-Nepal Trade Connection. “It will also discuss and ideate for making Cluster-based Economic Zones across Nepal.”
Through the summit, the efforts are being made to create and sustain a framework of deeper regional and sub-regional economic cooperation, informed Thakur.
The summit – that has Karobar National Economic Daily as its media partner – will also have sessions on 'Promoting Industry in Nepal, Revisiting Bilateral Trade Policies, Expanding Sub-regional Cooperation, Border Area Development, MSMEs, Destination Sikkim, SAARC, BBIN and BCIM' and 'Policy Reforms and Ease of Doing Business in Nepal, Sectoral Possibilities in Nepal, Channelising Investment (both-ways) for Industrial Development in Nepal and Northeast (with special reference to Sikkim).