Kathmandu, Sept 16: Industry, Commerce and Supplies Minister Damodar Bhandari has said that Nepal needs to pay attention to foreign investment promotion, technology transfer and trade expansion to solve the problem of low productivity and weak competition.
At the opening ceremony of the seventh conference of the Trade and Investment Framework Agreement Council (TIFA Council) formed between Nepal and the United States of America today in Kathmandu, he expected that the market access of Nepalese goods would be expanded by increasing trade facilitation.
“Nepal’s landlocked status and economic status have caused some serious challenges in international trade,” he said.
Minister Bhandari said that it is important to increase technical cooperation, capacity building and cooperation between the business communities of both countries. “The United States’ support in these areas will be invaluable as we strive to increase our trade relations and ‘drive’ mutuality,” he said.
According to him, the conference would be significant in the ongoing dialogue and partnership between the two countries.
The members of the American Trade Delegation stressed on the need of further promoting the trade collaboration between the USA and Nepal.
