Chamber urges FM to recognise transaction value at customs

 Kathmandu, Dec. 29

Nepal Chamber of Commerce (NCC) has urged Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel to recognise the transaction value of imported and exported goods at the customs.

It also requested him to widen the scope of revenue by simplifying the customs process.

"When the reference price is maintained in the customs process, it has affected the revenue and encouraged illegal transactions. The government's revenue collection has also been affected. Therefore, the government should recognise the transaction value," President of NCC, Rajendra Malla urged newly appointed DPM and Finance Minister Paudel at a meeting with the latter Thursday afternoon.

Malla requested the DPM to stop the illegal transactions at the border crossings and organise the customs system and make it more efficient.

The delegation of the NCC led by Malla discussed the economic and financial situation of the country with the DPM and drew his attention to eight issues such as improvement in public expenditure, facilitation of customs, suspension of guidelines related to working capital loans.

Malla emphasised that a single digit interest rate should be maintained in order to achieve the government's goal of double-digit economic growth. Since the private sector is unable to implement the guidelines related to working capital loans introduced by the Nepal Rastra Bank, it should be suspended immediately.

He also suggested that the capital budget that couldn't be utilised by the three levels of the governments should be mobilised through the banks and financial institutions (BFIs).

In response, DPM Paudel said that he was serious about the demands raised by the NCC.

“There is no alternative for the government and the private sector to move forward together for the economic prosperity and progress of the country,” he said, adding that he had started initiatives to solve all the problems seen in the economy.

Published in The Rising Nepal daily on 30 December 2022. 

CCBL to distribute 4.75 pc bonus shares

 Kathmandu, Dec. 29

Century Commercial Bank Limited (CCBL) has decided to distribute 4.75 per cent bonus shares and 0.25 per cent cash dividend (for tax purposes) from the paid-up capital of Rs. 9.55 billion.

The 12^th Annual General Meeting of the bank held on Thursday in Kathmandu  approved the bank board's proposal to distribute the bonus shares and cash dividend.

The meeting also passed a special resolution regarding the acquisition of Century Commercial Bank Limited by Prabhu Bank Limited.

By the end of October of the current year, this bank has a total deposit of Rs. 97.29 billion and the loan amount is Rs. 87.45 billion. It has managed to earn Rs. 318.5 million net profit.

Published in The Rising Nepal daily on 30 December 2022. 

Experts blame lack of coordination for poor export trade

Kathmandu, Dec. 28

Top government officials and private sector experts have said that the failure in forging collaboration among various government agencies, and among the public and private sector agencies has barred the country from expanding foreign trade and promotion of Nepali goods in the international markets.

It is discouraging that we have been talking about the inter-agency coordination for the past three decades but the situation has not been improved on any front, they lamented while speaking at a talk on 'Trade policy and economic diplomacy in Federal Nepal' organised by the South Asia Watch on Trade, Economics and Environment (SAWTEE) and The Asia Foundation on Wednesday in the Capital.

Secretary of the Ministry of Foreign Affairs (MoFA), Bharat Raj Poudyal, said that coordination among the government agencies as well as with the private sector bodies was an original and recurrent challenge that existed for the last many decades.

He stressed on the coordination among the government agencies, specific-purpose government bodies like the Trade and Export Promotion Centre and Investment Board Nepal, and private sector companies, producers and associations.

"The MoFA has tried to make some improvements in forging greater cooperations among these agencies in the past couple of years but there were no encouraging results," he said.

Paudyal maintained that the MoFA has been working with concerned government agencies and business institutions to promote Nepali goods in the major international markets and facilitate their exports.

"We have tried to facilitate to promote our products in various countries, Nepali missions have been activated and mobilsed in this drive. Tea producers have got entry in the markets which were untapped before," he said while stating that indigenous Nepali goods with light weight and high value are being promoted and communications between the missions and private sector business associations have been intensified of late.

According to Paudyal, Nepal's international trade is suffering from supply-side constraints, high cost of doing business, less competitiveness and productivity, and poor branding and marketing.

"We are at the primitive stage in terms of the use of technology in branding, marketing and promotional activities. We failed to upgrade the capacity and technology of traditional business and lagged behind on multiple fronts," he said. Likewise, he said that Nepal's missions in foreign countries have very limited human resources and other capabilities so they are not in the position to support in economic diplomacy due to poor budget support and lack of skilled and dedicated manpower.

“We consider creating documents as the progress but very few care about the execution of the policies,” he said.

Commerce Secretary at the Ministry of Industry, Commerce and Supplies (MoICS), Toyam Raya, said that only producing goods is not enough, quality has to be maintained and promotion campaigns run in national and international markets.

"Our concerns are to maintain quality in our products, reducing trade and transportation cost and creating their markets in foreign countries. A truck bound to Birgunj from Kolkata moves just about 4 km per hour, including the times in congestion and clearance at various points. We need to improve this situation to reduce the cost of trade," he said.

 “Until we depend on revenue based on imports, reforms in the economy are less likely,” Raya maintained.

Dr. Posh Raj Pandey, Executive Director of SAWTEE, expressed concern over the decreased contribution of export to the economy. Share of export to the Gross Domestic Product is less than 3 per cent now, it was above 5 per cent some years ago, he said.

"We have for long failed to quantify our production capacity. Enhancing policy coherence and coordination among the policy making and executing agencies is necessary to increase our competitiveness," said Dr. Pandey.

Purushottam Ojha, former Commerce Secretary, said that the subnational governments in Nepal don't have an integrated trade promotion policy or export promotion strategy.

"There is low level of trust and dialogue between the provincial government and private sector. So, there is a need of a dedicated organisation to look into the issues of trade and private sector," he said. 

Published in The Rising Nepal daily on 29 December 2022. 

Nepal-China trade resumes from Kerung

Kathmandu, Dec. 28

Two-way trade between Nepal and China has resumed via Kerung-Rasuwagadhi customs point from Wednesday.

A special ceremony was organised at the Kerung-Rasuwagadhi border port to resume the two-way trade which has been obstructed since the advent of COVID-19 in early 2020. China had closed its border after the World Health Organization (WHO) declared coronavirus a pandemic in 2020 March.

After the ceremony, six cargo trucks fully loaded with the Nepali goods went through the port and entered into China, Embassy of China in Kathmandu said in a statement.

Meanwhile, Ministry of Foreign Affairs (MoFA) of Nepal said that the Department of Commerce of the Tibet Autonomous Region of China organised an official ceremony in Kerung on Wednesday to observe the opening of the port.

Meanwhile, Hilsa/Purang port has also been opened for one-way trade from Monday.

"The resumption of the ports is expected to augment bilateral trade between Nepal and China," the MoFA said in a statement.

The Rasuwagadhi border along with the Tatopani/Khasa border remained closed for a long time during the first wave of the COVID-19. China opened it for one-way traffic to send medical and logistic support to Nepal to combat the pandemic. Nepal's export to China remained largely affected during the pandemic period with zero exports and revenue from both the border points. 

Published in The Rising Nepal daily on 29 December 2022. 

Accor Group to open its hotel in Sukedhara

Kathmandu, Dec. 28

Accor Group, a world famous hotel business, has entered Nepal. Desh Bandhu Basnet (Ajit), member of the working committee of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), and Chairman of NRN and Bi-national Committee, introduced this group to Nepal.

Accor, a world-leading augmented hospitality group with over 430 hotels across India, the Middle East, Africa and Turkey, has signed its first Mercure property in Kathmandu. Set to open in 2023, Mercure Kathmandu will have 105 rooms in Sukedhara, offering great proximity and connectivity to the city’s main attractions and centre.

Basnet has introduced Accor Group in the management of The Metropolitan Hotel Private Limited, which he is about to bring into operation in Nepal. The hotel is going to be put into operation under the brand name of 'Mercure' by Acor Group. An agreement was signed between Acor and The Metropolitan in New Delhi, India recently to introduce the brand in Nepal.

Accor is managing more than 5,300 hotels in more than 100 countries in Asia, Europe, Africa and the Middle East.

The agreement was signed by Basnet, President of The Metropolitan Hotel and Punit Dewan, Senior Vice President of Accor. Basnet said that it was a matter of pride to bring a world-class brand to Nepal. This has created an opportunity for visitors to Nepal to get world-class hospitality services.

Likewise, Dewan said that the agreement will greatly contribute to the development of Nepal's tourism, and Accor will provide world-class service to foreign guests in Nepal along with Nepali traditional hospitality. The hotel will have all the facilities required in a five-star hotel, including a gym and swimming pool.

Published in The Rising Nepal daily on 29 December 2022. 

CAN Federation elects new leadership

Kathmandu, Dec. 28

A new central working committee has been elected in the Computer Association of Nepal (CAN) Federation under the leadership of Ranjit Kumar Poddar.

The 29^th Annual General Meeting and 14th Congress of the Federation held on Saturday had elected a new working committee while Poddar was elected the President of the organisation unanimously.

Earlier, the assemblies of 74 districts and seven provincial committees of the CAN Federation were conducted.

Khushal Regmi has been elected as the senior vice-president of the federation. Similarly, Rajendra Prasad Aryal from the institutional group, Sarita Singh from the women's group and Hark Bahadur Seti and Dhruvaraj Sharma (Sudip) from the district group have been elected as vice-presidents.

Likewise, Chiranjeevi Adhikari has been elected as the general secretary of the federation and Naveen Joshi has been elected unopposed as the treasurer. Suman Lal Pradhan, Buddha Ratna Tuladhar and Pratap Sapkota have been elected as secretaries while Bhupal Das Shrestha, Narayan Prasad Shrestha, Bhupendra Mainali and Karna Raj Paneru have been elected unopposed as the secretaries. The federation's central working committee includes seven secretaries.

The elected members are Vishwa Ram Balami, Agma Malakar, Srijana Shrestha, Subhash Khadka, Bikram Singh, Divya Tara Shakya, Niranjan Patel, Keshav Prasad Bhattarai, Hempal Shrestha, Mina Aryal, Thakur Kumar Shrestha, Umesh Raghuvanshi, Deepak Shah, Sarita Neupane, Shekharnath Dulal, Saruna Shrestha, Chintamani Bastola, Tulsi Ram Pandey, Dr. Abhijeet Gupta, Dipendra Poudel, Mani Raj Pandey, Ram Kishore Rawal, Raju Kattel and Reena Shrestha. The committee has nominated Bhanubhakta Sharma as a member.

Prabhat Shrestha has been elected as the coordinator of the Accounting Committee and Hridaya Man Shrestha and Bikrant Karki have been selected as members of the committee.

Newly elected president Poddar has said that the new working committee will work with a collective spirit. According to him, the federation will play a role in the significant development of this sector by coordinating with professionals, students, businessmen and related bodies of the information technology sector.

In addition, he pledged to take special initiatives to produce skilled information technology manpower in Nepal, to work for the transformation of information technology startups into industries, to do special work in the promotion of information technology businesses, and to work across the country to reduce the digital divide of information technology. 

Published in The Rising Nepal daily on 29 December 2022. 

Economy has not spiraled out of control: Paudel

Kathmandu, Dec. 28

Finance Minister Bishnu Prasad Paudel has said that the economy has not spiraled out of control although there are some challenges. In a meeting with the newly elected working committee of Nepal Association of Financial Journalists (NAFIJ) on Wednesday at his office in Singhadurbar, FM Paudel pledged to put his efforts to take the economy back on the path of sustainable growth.

Minister Poudel told the journalists to make critical comments if he fails to deliver and promote good practices. Stating that there has been some mishandling of the economy but it has not derailed from the track, he maintained that joint efforts of all and cautious moves from the government would soon improve the economic scenario.

Minister Paudel said that since everyone's common concern was to bring the economy on the right track, the problems in the economy should be properly identified and solved appropriately. He said that for the construction of a strong economy, everyone needs to add one brick at a time, so the creative role of all parties is necessary for that. He also urged all sectors to cooperate with the government and add bricks one by one to bring the economy which is on the verge of crisis to the path of improvement and towards prosperity.

Finance Minister Paudel said that the cooperation and coordination of financial journalists in his previous term had helped in the development and improvement of the economy and promised to promote cooperation in the future as well.

During the meeting, chairman of NAFIJ Modnath Dhakal wished the newly appointed finance minister a successful tenure and presented suggestions for improving the economy. Similarly, he suggested developing a mechanism so that the journalists could get timely information from it. He also suggested for the maximum utilisation of technology to provide information and statistics to the journalists and public.

Dhakal urged the MoF to work on developing the capacity of economic journalists in the coming days and pledged the support of NAFIJ in coordinating with the concerned organisations for the same. 

Published in The Rising Nepal daily on 29 December 2022. 

Chinese experts in capital to study trans-Himalayan railway feasibility

Kathmandu, Dec. 27

A day after the Chinese government said that it would pursue ‘high-quality Belt and Road Cooperation’ with Nepal and inject new impetus into the strategic cooperative partnership between the two countries, the first batch of Chinese experts has arrived in Kathmandu on Tuesday to conduct feasibility study and survey of the cross-border railway.

The northern neighbour on Monday had said that it would stand ready to work with the new Nepali government to expand and deepen friendly exchanges.

Stating that to conduct the feasibility study and survey of the China-Nepal cross-border railway had been a long-cherished dream of Nepali people and a vital consensus reached by leaders of the two countries, the Chinese Embassy in Kathmandu said that it was also an integral part of jointly building the Belt and Road Initiative between China and Nepal.

China also expressed its readiness to maintain close contact and coordination in jointly carrying out the work ahead in building the trans-Himalayan multi-dimensional connectivity network. The two countries had signed a pact on the mega initiative that would create connectivity with the entire Eurasian region during the visit of Nepal’s Foreign Minister, Dr. Narayan Khadka’s to China in August this year. Dr. Khadka and his Chinese counterpart Wang Yi had signed the agreement on behalf of their countries. However, the two countries have been discussing this project at various high level platforms and meetings.

This is probably the largest cross-border project being initiated after Nepal officially signed a framework agreement on One Belt One Road Initiative in 2017.

The delegation of Chinese experts includes six professionals. A team led by the Spokesperson of the Department of Railway (DoR), Aman Chitrakar, had received them at the Tribhuvan International Airport.

As Nepal lacks the expertise in the development of critical railway infrastructure and China has an experience in constructing railway lines in difficult Himalayan region, the northern neighbour had promised to send multiple batches of experts to Nepal. The agreement between Wang and Dr. Khadka in August had also said that a team of expert would be sent to Nepal by the end of 2022.

Nepal will support in environment assessment, land acquisition and settlement programmes to facilitate the implementation of the project.

“This project will change Nepal’s status from a landlocked to a truly land-linked nation,” said Chitrakar while terming it as a milestone project in infrastructure development in the region.

Rasuwagadhi to have two-way trade

Meanwhile, two-way trade will be conducted via the Kerung-Rasuwagadhi border from Wednesday. A ceremony is being organised at the Kerung/Rasuwagadhi border port to resume the two-way trade between China and Nepal.

The Chinese Embassy in Kathmandu informed that the Department of Commerce of Tibet Autonomous Region, the Lhasa customs district of China, the General Station of Immigration Inspection of Tibet Autonomous Region, the health commission of Tibet Autonomous Region, and other relevant departments will attend the ceremony, the Consulate General of Nepal in Lhasa is also invited.

Since the 8^th century, Kerung has been the important route of political, economic and cultural exchanges between China and Nepal. In 1961, in order to further facilitate bilateral exchanges, Kerung port was approved to open and in 1987 it was approved as China’s national first-level land port.

“In recent years, Kerung port has continuously improved its infrastructure and promoted the improvement of customs clearance efficiency, and its trade has witnessed rapid growth. Between 2015 to 2020, the total import and export trade of Kerung port reached 14.71 billion yuan,” read a statement of the embassy.

However, the border point along with Tatopani-Khasa border was shut for months and opened for one-way traffic since the outbreak of COVID-19 pandemic.

Kerung port took corresponding measures according to the pandemic prevention needs, said the embassy.

In April 2020, at the request of Nepal, the one-way freight clearance at Kerung port was reopened, which played an important role in ensuring the supply of medical treatment and live plants and animals to Nepal.

The opening of two-way trade of Kerung port will promote Nepal’s exports to China, reduce the trade deficit in Nepal, cushion the trade imbalance, and further improve the connectivity between China and Nepal, said the northern neighbour.

Immediate Past President of Nepal-China Chamber of Commerce and Industry, Rajesh Kazi Shrestha said that opening the border for two-way trade is a welcome step. “The business community hopes that the border would run in full-fledge without setting any limit or quota on goods. It will help in the promotion of Nepali goods in China as well,” he said.

He also added that China should support Nepal in the facilitation of trade and tourism and there should be direct flight services to major cities in China from Nepal.

Meanwhile, one-way freight clearance at Pulan/Yari port has been reopened since Monday, December 26.

Energy infrastructure

While the border is opened for two-way trade with China, Nepal Electricity Authority (NEA) has initiated the construction process for the 400KV Ratmate-Raswuagadhi-Kerung transmission line project. The NEA has recently concluded the detailed feasibility study of the project.

The 70-km long cross-border transmission line will facilitate energy export to China as well. Currently, Nepal is exporting electricity to India and exploring opportunities to send it up to Bangladesh. China has constructed 1600-km transmission line up to Mansarovar while Nepal is developing high-powered transmission line via Ratmate to Gorakhpur of India with the support from the Millennium Challenge Corporation. 

Published in The Rising Nepal daily on 28 December 2022. 

Meta appoints Httpool as sales partner in Nepal

 Kathmandu, Dec. 27

Tech titan Meta has appointed Httpool by Aleph as an authorised sales partner in Nepal.

Meta said that it enables Httpool to support local advertisers and agencies to achieve their business goals by providing in-country assistance, strategic direction, and expertise across the family of Meta products – Facebook, WhatsApp, Instagram, and other social media platforms.

“Aleph, the holding company of Httpool by Aleph, has been part of the ASP programme since 2018, supporting not only the growth of Meta, but also the local advertising ecosystem, and helping agencies, advertisers and SMBs to succeed in digital marketing,” the company said in a statement on Tuesday. Aleph is active in numerous regions around the world, including Africa, Central East Europe, and the Asia-Pacific region. 

“As the Authorized Sales Partner for Nepal, Httpool by Aleph enables in-market support and consulting for advertisers,” said Sunny Nagpal, Managing Director at Httpool by Aleph in the Asia Pacific region.

Through Httpool’s comprehensive understanding of Meta’s solutions, the company serves as a direct point of contact across all products, apps, and services, enabling advertisers to make the most of what Meta has to offer, said Nagpal. Moreover, with a local presence in Kathmandu, it offers support in official and national languages, provides consulting services on both the strategic and optimisation aspects of campaigns, and enables billing in the country's domestic currency, Nepali rupee.

"We will offer improved support for local businesses and agencies to further unlock their potential growth," said Jordi Fornies, Director of Emerging Markets for APAC at Meta. 

Published in The Rising Nepal daily on 28 December 2022. 

Japan’s PM, China congratulate PM Prachanda

Kathmandu, Dec. 27

Japan has congratulated Pushpa Kamal Dahal ‘Prachanda’ on his appointment as the Prime Minister of Nepal.

Prime Minister of Japan Kishida Fumio sent PM Prachanda an official letter congratulating his inauguration as PM of Nepal on December 26, the Embassy of Japan in Kathmandu said in a statement on Tuesday.

The government of Japan also wishes to promote bilateral relations and friendship between the two countries. “Japan is looking forward to further working with the Government of Nepal to promote the bilateral relations and friendship between the two countries and cooperate in the social and economic development of Nepal under the leadership of PM Dahal,” read the statement.

Meanwhile, earlier on Monday, China congratulated PM Prachanda.

Spokesperson of China’s Foreign Ministry Mao Ning congratulated him on his appointment as the new PM of Nepal.

Stating that China had noted the smooth and successful general elections in Nepal, Ning said, “We believe that with the concerted efforts of the Nepali government and people and through the consultation and coordination of various political parties and political forces, Nepal will enjoy continued stability and socioeconomic development.”

According to her, as Nepal’s traditional friend and neighbour, China deeply values its relations with Nepal.

“We stand ready to work with the new Nepali government to expand and deepen friendly exchange and cooperation across the board, pursue high-quality Belt and Road cooperation, inject new impetus into our strategic cooperative partnership featuring ever-lasting friendship for development and prosperity and deliver more benefits for our two peoples,” read a statement issued by the Embassy of China in Kathmandu. 

Published in The Rising Nepal daily on 28 December 2022. 

NC-led coalition collapses in a dramatic development in 17 months

Kathmandu, Dec. 25

Dramatic political developments of a few hours have changed the entire political course of Nepal, preventing  the Nepali Congress, the largest party in the 275-member House of Representatives (HoR), from gaining any political post, not only in the centre but also in all seven provinces.

The ruling coalition of five parties – NC, CPN (Maoist Centre), CPN (Unified Socialists), Janata Samajwadi Party-Nepal and Rastriya Janamorcha-- that stayed strong until the elections crumbled within a matter of a day as the largest partners in the coalition NC and CPN (MC) could not reach an agreement as to who should lead the government in the first  term of two years

Chairman of the CPN (Maoist Centre), Pushpa Kamal Dahal Prachanda had reached Baluwatar early morning on Sunday to finalise the future course of the alliance by deciding the name of the  new prime minister before the deadline set by the President Bidya Devi Bhandari to submit a letter of a member of the House of Representatives showing that he would garner majority votes to become the PM as per the Article 76(2) of the Constitution of Nepal was to expire.

According to the sources, Prachanda wanted to lead the government in the first term of  two years and leave the post to  NC's President Sher Bahadur Deuba, leaving the posts of the President and Speaker of the HoR to the latter. But as Deuba wanted to lead the government himself in the first term and intended to keep the post of the president for NC itself, it only irked Prachanda. Later Prachanda reached Balkot to meet CPN (UML) chairman KP Sharma Oli, and it ultimately altered the political scenario.   

An extensive meeting of the leaders from the parties including CPN (UML), CPN (MC), Rastriya Swatantra Party, Rastriya Prajatantra Party, Janamat Party and Janata Samajwati Party-Nepal at Oli’s Balkot residence decided to form the government under the leadership of Prachanda.

Later in the afternoon, the new alliance recommended Prachanda's name as the Prime Minister claiming that the majority members of the House supported him. The application included the signatures of Oli, Prachanda, Swatantra Party's chairman Rabi Lamichhane, Janamat Party's chairman Chandra Kanta Raut, Nagarik Unmukti Party's chair Ranjita Shrestha, Janta Samajwadi Party-Nepal’s president, Upendra Yadav, and three independent parliamentarians – Prabhu Shah, Kiran Kumar Shah, and Dr. Amaresh Kumar Singh.

The CPN (UML) has contributed 78 members to the new ruling coalition, CPN (MC) 32 members, Swatantra Party 20 members, RPP 14, JSP 12, Janamat Party six and Nagarik Unmukti Party four members.

According to the sources from UML and MC, the UML will get the posts of the President and the Speaker of the HoR. 

Published in The Rising Nepal daily on 26 December 2022. 

Control of illegal business sought

Kathmandu, Dec. 25

President of Nepal Chamber of Commerce Rajendra Malla has said that illegal transactions should be controlled by managing the border with India.

According to him, smuggling and illegal business are being done by taking advantage of the open border between Nepal and India which has caused huge revenue loss to the government.

Speaking at a programme organised by the Kailali Chamber of Commerce in Dhangadhi, Malla said, "Nearly 40 per cent of illegal business is happening because of the open border between Nepal and India. It is also having a serious impact on the government revenue. In order to maintain trade balance of the country, the government should manage import and export business."

Malla also said that Nepal Chamber of Commerce is ready to work hand in hand with the government to organise imports and promote exports. He emphasised that the government should make the revenue system more flexible by widening the scope of taxes. "Revenue leakage from the border has not been controlled. A situation has arisen where some people pay taxes and others do not. It is necessary to make the revenue system agile by increasing the scope of taxes," he said.

According to him, private sector is always committed to disciplined business and transparent tax system. 

Published in The Rising Nepal daily on 26 December 2022. 

NFFA elects new leadership

 Kathmandu, Dec. 25

Nepal Furniture and Furnishing Association (NFFA) has unanimously elected a new leadership in the chairmanship of Dinesh Agrawal.

The 23^rd general assembly and convention of the association held in the capital on Saturday, 17 members were unanimously elected, in a 21-member committee, for a 2-year term.

The assembly unanimously elected Manish Aggarwal as the senior vice president of the association, Arun Kumar Chaudhary as the first vice president, Arjun Ghimire as the second vice president and Sanjay Lama as the general secretary. Similarly, Ramita Kasaju Shrestha is elected as treasurer, Kedar Nath Bastakoti and Damru Ballav Parajuli as secretary. Likewise, Dil Bikram Shrestha, Bhola Man Yonjan, Rishi Kishore Agarwal, Samyak Man Singh, Mukesh Agarwal, Geeta Achhami, Ranju Shrestha, Nikunj Agarwal and Tek Bahadur Karki were elected members of the working committee, unopposed.

The working committee will nominate three members while Immediate Past President Shubendra Joshi also remain as the member of the committee.

Addressing the general assembly of the association, Sunita Dangol, Deputy Mayor of Kathmandu Metropolitan City, informed that due to widespread complaints regarding house rents, they are going to make legal provisions to make it easier for the houseowners and the tenants.

The speakers of the programme pointed out to Deputy Mayor Dangol that there was a problem in the transportation of furniture products due to the restrictions on the transportation of goods in the valley. They said that although the plans put forward by the metropolis are good, managerial problems have arisen due to lack of discussion with the business community.

Shubendra Joshi drew attention to the fact that the furniture businesses were barred from participating in the tender for wood cutting. He said that furniture industries will face problems due to lack of raw materials while woods will be wasted in forests.

Dinesh Agarwal said that due to the high bank interest rates, the furniture traders are being displaced. He said in lack of timely amendment of the existing laws, it is difficult to advance the furniture business and the forest produce is not being properly utilised.

There are 12,000 furniture entrepreneurs in the country. This business is providing direct employment to more than 200,000 people. About Rs. 30 billion is invested in the furniture business and the annual turnover is above Rs. 40 billion. According to the entrepreneurs, of the total furniture demand, about 60 per cent is met by the imported goods. 

Published in The Rising Nepal daily on 26 December 2022. 

ICT Awards given out

Kathmandu, Dec. 24

The ICT Awards for 2022 are given in 14 categories to companies, professionals and applications.

Monal Tech Pvt. Ltd. bagged the Huawei Start-up ICT Award at the grand finale of the awards organised by Living With ICT on Friday evening.

Likewise, Galli Maps won Product ICT Award, Karobar received Rising Star ICT Award, and Digital Education ICT Awards were given to Gyanodaya Bal Batika School in private sector and Gyanodaya Secondary School in public sector.

Nepal Telecom Pioneer ICT Award was given to Bijay Krishna Shrestha, Entrepreneur ICT Award to Mangesh Lal Shrestha, Nepali Diaspora ICT Award to Dr. Ved Kafle, and Ncell Woman Icon ICT Award to Sheela Kansakar Karki.

Similarly, Phonepay Payment Services Ltd. won Digital Services ICT Award, Nagarik App received Digital Governance ICT Award, Tech4Billion (Chingari) bagged South Asia ICT Award, Tigg won Public Choice ICT Award, while Dikshant Pandey won Jury Mention ICT Award for Python Voice Assistant.

Addressing the awards ceremony, Chief Secretary Shankar Das Bairagi, said that although Nepal had made some significant progress in the field of information and communication technology, there is a lot to be done.

Since every sector could be developed with the help of the ICT, it should be in the priority of the government as well as the private sector stakeholders, he said.

ICT Award Coordinator Rajan Lamsal said that the awards have been organised for the past seven years to develop the digital ecosystem in Nepal.

"After six months of tireless hard work and effort, we have successfully completed the ICT Award. Our campaign to encourage new start-ups, ideas and innovations and honour the pioneers will continue in the days to come,” he said.

Likewise, Secretary of the Ministry of Communication and Information Technology, Dr. Baikuntha Aryal promised the ministry’s readiness to provide necessary support and cooperation for the development of the ICT sector.

Thakur Gaire, a member of the House of Representatives, said that emphasis should be placed on the development of digital infrastructure and promised that he would take initiatives at the policy making level.

This year, more than 550 online applications were received for the award and the selection process was conducted for five months. Start-up and idea fest, mentoring session, story sharing session, field visit, presentation and speed dating were conducted this year in connection with the award.

The winners of Start-up ICT Award, Product ICT Award, Rising Star Innovation ICT Award have received credits worth hundreds of thousands rupees for cloud services from Microsoft and Huawei. Nepal Telecom has given high speed internet service to all the winners for one year, while Ncell has given Rs. 300 thousand cash to the Women Icon ICT Award winner.

Similarly, Silver Lining has given a special support package in the digital services category. Other sponsors and supporting organisations have provided free services in various ways. Different types of networking and meetings will be conducted to create an investment environment for start-ups and products.

Meanwhile, Cura Health from Province 1, Easyits from Madhes Province, Knowledge Exchange from Bagmati Province, Swastik Group (Swastik Nutri Food) from Gandaki Province, Farid Dotcom from Lumbini Province, Surkhet Soft from Karnali Province and Pathibhara Sensor Solution Industry from Sudurpaschim Province have been honoured as the best start-ups in the provinces. 

Published in The Rising Nepal daily on 25 December 2022. 

GIBL launches eight branchless banking outlets

 Kathmandu, Dec. 24

Global IME Bank Limited has launched eight new branchless banking services from Friday.

The service is launched in Dhanushadham Municipality-9, Dharapani in Dhanusha district, Manra Shiswa Municipality-1 in Mahottari district, Musikot Municipality-4, Badagaon and Musikot-2, Deurali, Katari Municipality-2, Garans of Udaipur district.

Similarly, the branchless banking is launched in Panini Rural Municipality-6, Dhatiwang in Arghakhanchi district, Shivraj Municipality-9, Baniabhar in Kapilvastu district and Chuha Municipality-7 of Kailali district.

With the launch of these branchless banking services, the number of branchless banking services of the bank has reached 283.

Bishal Kumar Bhujel, a local, will run branchless banking service in Dharapani under Dhalkebar branch, Shah General Store in Manara Shiswa under Bardibas branch, while Badagaon will come under Wami branch and local Bom Bahadur Chantel will run it.

Madan Deep Ghimire has been appointed as a representative for branchless banking services in Musikot, Deurali which comes under Wami branch.

Similarly, the bank has appointed local Raj Kumar Karki for branchless banking services in Garans under Katari branch, Maniram Paudel in Dhatiwang under Pokharathok branch, Jayanti Giri in Baniabhar under Chandauta branch and Jai Bahadur Khatri in Haraiyapur under Lamki branch.

From branchless banking services, local residents can get banking services through local representatives. From this, they can open a bank account, deposit and withdraw funds up to a specified limit, get information about the balance in their account, pay loan interest, and pay utility bills.

GIBL has more than 900 service centres including 292 branch network and three international contact offices.

Published in The Rising Nepal daily on 25 December 2022. 

Financial literacy stands at 58 pc, poor inclusion in insurance

Kathmandu, Dec. 22

About 58 people in a hundred are financially literate in Nepal, concludes a survey of the Nepal Rastra Bank (NRB) published on Thursday.

The 'Baseline Survey on Financial Literacy in Nepal' found that country's overall national financial literacy is 57.9 per cent, but only 27.5 per cent of adult population (18-80 years of age) passed the minimu target score in all financial literacy components – financial knowledge, behaviour and aptitude.

Only 36.5 per cent adults passed the minimum target score in financial knowledge and 56.6 in financial behaviour but financial aptitude of Nepali people seems good with 95.4 per cent score. Financial aptitude includes people's response towards savings, prioritization of short-term wants over long-term security and inclination towards risk for future wellbeing.

Financial literacy for the study encompasses aspects of knowledge, aptitude and behaviour covering the issues like money management, planning for short- and long-term financial goals and awareness and choice of financial products.

According to the study, while financial behaviour and financial aptitude scores are found almost similar across provinces, there is a vast difference in financial knowledge.

Bagmati Province has the highest financial literacy score, whereas Madhes Province scored the lowest. Bagmati has 64.5 per cent financial literacy and Madhes 52 per cent. Gandaki's score is 62.4 per cent, Karnali 59.7 per cent, Sudurpaschim 57.5 per cent, Province 1 57 per cent and Lumbini 55.6 per cent.

Men more literate

Men are more financial literate than women. Financial literacy score in male is higher than female by 7.5 percentage point – male score is 61.8 per cent and female score is 54.3 per cent. But financial knowledge score of males is higher than female by 17.9 per cent. Such a difference in financial knowledge between genders is found in all provinces.

Financial knowledge includes the understanding of key financial concepts and the ability to apply numerical skills in financial situations. Likewise, financial behaviour encompasses day-to-day money management, financial planning, spending, savings, investment, reliance on credit to meet daily requirement and building a safety net for future well-being.

Likewise, younger generation (18-30 years), have better financial knowledge compared to other age groups. The financial literacy score of people of age 18-30 years is 63.2 per cent compared to 27.9 per cent of people of age 60 years and above. Similar is the case with formal education, reflecting that the fact that higher level of formal education has positive correlation with financial literacy score, concludes the survey.

 

Insurance has least inclusion

The survey of the central bank also found that insurance is the area having the least inclusion.

About 73.78 per cent of adult population is using the payment products, 86.64 per cent uses saving, investment or retirement products, and 46.34 per cent uses credit products while only 30.2 per cent uses insurance products.

Only about 8.5 per cent adults use non-life insurance products, while 26.8 per cent use the life insurance products. About two-thirds of adults are aware of at least five different financial products. Still 71.83 per cent of them rely on family and friends for saving or borrowing to meet their financial need.

 

92% in cities use payment service

Likewise, the usage of payment services is highest in metropolitan cities standing at 91.9 per cent of adult population. Workers in agricultural, construction and other sectors have a low usage of payment product. "Still significant numbers of population are using collective saving loan and 24 per cent hold stocks. Young generation have a higher usage of saving, investment or retirement products. Still, people in agricultural and construction sector have a low usage of saving product compared to other sectors," concludes the study.

According to the NRB, the baseline financial literacy survey was conducted to explore the status of financial literacy and financial inclusion in Nepal up to district and provincial level.

The survey included 9361 Nepali people of age above 18 years from 77 districts with at least one local level from a district. Individuals were selected from the voters’ list of the selected wards for the study. 

 Published in The Rising Nepal daily on 23 December 2022.

Finland, Unicef to join hands to help Nepal's education sector

 Kathmandu, Dec. 22

Finland and UNICEF have signed a partnership agreement to assist in Nepal’s education sector for five-years period 2023-2027.

Riina-Riikka Heikka, Ambassador of Finland to Nepal, and Usha Mishra, UNICEF Representative to Nepal, signed the partnership agreement at a programme held in Kathmandu on Thursday.

Finland is committing 4.2 million euros (approximately Rs. 590 million) for the enhancement of quality services for children in Nepal. Finland and UNICEF have been collaborating in the education sector since 2019 – the agreed support is a continuation of this partnership, they said in a statement.

"The renewed partnership will focus on strengthening school readiness, foundational learning and inclusive education models, targeting particularly the most vulnerable children," read the statement.

It also addresses those children who have been particularly hit by the COVID-19 pandemic or other disasters e.g. floods, in terms of their access to education participation and learning outcomes. The partnership also supports the new School Education Sector Plan (SESP) of the Government of Nepal, to which both Finland and UNICEF are contributing.

“Education is one of the key pillars of Finland’s Country Programme for Development Cooperation in Nepal. We need strong partnerships in order to jointly strive for inclusive quality education,” said Heikka.

Likewise, Mishra said that the strong and strategic partnership with Finland over the previous years has allowed them to continue supporting the government in their pursuit of expanding access and improving the quality of public education in Nepal, so as to serve the children of the country, especially those left behind. 

 Published in The Rising Nepal daily on 23 December 2022.

NCC, LCCI agree for bilateral trade, tourism promotion

 Kathmandu, Dec. 22

Nepal Chamber of Commerce (NCC) and Lalmonirhat Chamber of Commerce and Industry (LCCI) of Bangladesh have discussed business facilitation between the two countries.

They have also reached an agreement to increase businesses through the development of road and air infrastructure. As this year marks the 50th year of the establishment of the bilateral ties between the two countries, the business representatives of the two countries have agreed to cooperate in the fields of energy, tourism and industry.

President of NCC, Rajendra Malla, said that Nepal, India and Bangladesh have signed a tripartite agreement for energy trade. "To exploit the opportunities in this sector, we call for investment from Bangladesh and effective implementation of the agreement," he said.

Malla emphasised that along with the road network in Bangladesh, the relationship should be expanded at the citizens level by expanding air connectivity. In the context of Nepal's high trade deficit with Bangladesh, he suggested finding products with export potential.

As Nepal has the potential to reduce its trade deficit through energy trade, Malla requested for its facilitation and investment in electricity projects here.

In the context of the high demand for energy in Bangladesh, there was a bilateral discussion on various options for exporting from Nepal. Although there is an energy trade agreement between Nepal, Bangladesh and India, its practical implementation has not yet been completed.

Malla also said that Nepal is open for investment even in small and medium industries in Nepal and that they will take initiatives with the government for the protection of such investment.

Morol Humayun Kabir, Senior Vice-President of LCCI, stressed the need for developing road infrastructure to facilitate trade between the two countries. He said that both countries should take initiative to increase air and road connections as well.

Kabir said that they were ready for investment in the energy and tourism sectors in Nepal, but the chamber should take initiatives for policy facilitation.

 Published in The Rising Nepal daily on 23 December 2022.

NIBL to distribute 11% dividend

Kathmandu, Dec. 22

Nepal Investment Bank Limited (NIBL) has decided to distribute 11 per cent dividend (4 per cent bonus shares and 7 per cent cash dividend) to its shareholders from the profits it made in the fiscal year 2021/22.

The 36^th Annual General Meeting (AGM) of the bank for the last fiscal held Thursday in Kathmandu ratified the decision of the board of the company.

Last year, NIBL earned an operating profit of Rs. 6.28 billion, and net profit stood at Rs. 3.79 billion with the paid-up capital to reach Rs. 19.03 billion after the distribution of bonus shares.

The bank's deposits increased to Rs. 186.76 billion last year from Rs. 179.40 billion a year earlier. Similarly, the total lending has reached Rs. 164.82 billion compared to Rs. 161.91 billion in the previous year.

The AGM of the bank approved the merger with Mega Bank Nepal Ltd. Both the banks will start joint operations as a merged entity very soon, said NIBL in a statement.

NIBL has been catering services to its customer from 88 branches, 131 ATMs, 23 Extension Counters, 10 Revenue Collection Counters and 59 Branchless Banking Counters.  ICRA Nepal (International Credit Rating Agency- Nepal) has given the bank a credit rating of 'A'.

 Published in The Rising Nepal daily on 23 December 2022.

NRNA welcomes SSF’s move to include migrants under its scheme

Kathmandu, Dec. 21

The Non-Resident Nepali Association (NRNA) has welcomed the Social Security Fund (SSF)'s step to include Nepali migrant workers employed in foreign countries and Nepalis running businesses outside the country in its social security scheme.

In a programme organised on Tuesday, the SSF had announced that the informal sector workers and Nepalis employed abroad can participate in the social security scheme run in their homeland. The SSF has implemented the contribution-based social security scheme run by the Social Security Fund (SSF) which will come into effect by the second week of March 2023. A 'procedure for the operation of contribution-based social security scheme for workers in foreign employment and self-employment' is recently ratified by the Ministry of Labour, Employment and Social Security (MoLESS) to facilitate Nepali migrant workers into the social security scheme.

Stating that the NRNA had been advocating and lobbying that the Nepalis living abroad also be included in this fund, the organisation maintained that it has been discussing and coordinating with the government at various stages by taking responsibility for this matter.

"Also, the NRNA represented the voices of Nepali workers in the labour market, especially in India, the Middle East and elsewhere. Today, after more than a decade, that discussion and initiative of the association has borne fruit," DB Chhetri, Vice President and Head, Foreign Employment Department of the NRNA, said in a statement.

The new scheme has opened the way for millions of Nepali workers who are employed abroad to formally join the SSF.

According to Chhetri, the NRNA had initiated the campaign to include migrant Nepali workers in social security programme. In 2016, an agreement was reached between the organisation and the government to cooperate in the security fund. In the same year, an agreement had also been signed with the Employees' Provident Fund.

Meanwhile, President of NRNA, Rabina Thapa said that the step to include Nepalis staying in foreign land under the SSF has sent a positive message among the Nepali communities across the globe. "It will make the immigration more secure and dignified," she said. 

Published in The Rising Nepal daily on 22 December 2022.

Nepal elected member of PBC

Kathmandu, Dec. 21

Nepal was elected a member of the Peacebuilding Commission (PBC) on Tuesday at the 56^th plenary meeting of the United Nations General Assembly. It’s tenure of two years starts from January 1, 2023.

That will provide Nepal an opportunity to enhance its visibility in the world arena as a peacebuilder and peace contributor, Permanent Mission of Nepal to the United Nations, said in a statement.

Alongside Nepal, Bangladesh, Ethiopia, India, and Rwanda were elected from the category of the Top Troop and Police Contributors (TTPCs) to UN Missions.  Among the top ten TTPCs, five countries are elected to serve the PBC.

According to the mission, Nepal has been contributing to the maintenance of international peace and security through its unceasing participation in UN peacekeeping operations since 1958. Currently, Nepal stands as the third largest Troop and Police Contributor to UN Peacekeeping.

With its experience of peacekeeping for over six decades, Nepal will contribute to the work of the PBC by supporting the implementation of the peacebuilding dimension in peacekeeping, said the mission. Nepal’s own experience of a uniquely successful homegrown national peace process will greatly help it in contributing to the work of the Peacebuilding Commission.

Earlier, Nepal had served the PBC in 2009-10, 2011-15, and 2019-20 as a member of the Organisational Committee. Additionally, Nepal also served as the Chair of the Working Group on Lessons Learned of the Peacebuilding Commission in 2010.

A 31-member body, the PBC was established in 2005 with a mandate to support peace efforts in conflict-affected countries including their reconstruction and institution-building by promoting an integrated, strategic, and coherent approach across the system. The PBC also provides advisory services to the UN General Assembly and Security Council on matters of peacebuilding and sustaining peace. 

Published in The Rising Nepal daily on 22 December 2022.