President expresses concern over nation’s soaring trade deficit

Kathmandu / Nov. 30: President Bidya Devi Bhandari has expressed her concerns over growing trade deficit in the nation.

Addressing the inaugural ceremony of the Nepal Chamber expo- 2017 kicked off at the local Bhrikutimandap from today, the President insisted on the need to replace the import-based trade and business.

The Head-of-the-State was a view of promoting domestic investment and attracting foreign investment to reduce the country’s trade deficit. Growing migration of youth human resource to foreign countries in search for employment is due to nation’s poor employment condition which has sent a negative message to the economic development of the nation, according to the President who insisted on the need for durable investment at home by the private sector.

Over four million Nepali are engaged in risky labor in 84 countries across the globe, the Head-of-the-State said. Nepal’s annual remittance is around Rs 600 billion.

She further expressed her hope that the government would promote income business by conserving and promoting traditional skills. She insisted on the vital role of public and private sectors to bring foreign investment to the country.

Eight countries are taking part in the expo which the Chamber called a premier business event. It has showcased a total 225 stalls ranging from salt to automobiles.

The Republic of Korea (South Korea) has participated in the event as a partner nation while Thailand as the focus nation. Nepal, India, China, Japan, Pakistan and Bangladesh are others countries participating in the expo.

South Korea’s Ambassador to Nepal, Park Young- sik who was also present on the occasion expressed his hope that Nepali would tread towards economic growth following the implementation of federalism.

Commerce Secretary Chandra Kumar Ghimire said the event would help build a cordial relationship between buyers and sellers and find a new potential for investment.

Nepal Chamber of Commerce president Rajeshkaji Shrestha pledged positive cooperation and support from the private sector to the government’s efforts for attaining a double-digit economic growth. The event will run until December 4. RSS