Saturday, August 10, 2024

FNCCI President calls for BIMSTEC Infrastructure Development Fund

Kathmandu, Aug. 7

President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has proposed for the establishment of a BIMSTEC Infrastructure Development Fund (BIDF).

Speaking at a session on 'Trade facilitation in BIMSTEC through improved cross-border linkages and trade infrastructure’ at the BIMSTEC Business Summit 2024, being held in New Delhi of India on Wednesday, he stressed on the need for a fund like BIDF.  

Dhakal mentioned that a regional infrastructure fund was necessary to help member states avail resources so that they can develop the necessary infrastructure to promote trade facilitation and develop better cross-border linkages, the FNCCI said in a statement Wednesday.

"When all members states of the BIMSTEC region develop then as a region we will have a stronger voice in international forums and we will also be able to collectively bargain with more authority during international meetings," he said.

Dhakal also mentioned that the East-West Highway in Nepal could be utilised for regional connectivity by connecting Bangladesh to the central region of India, as well as link Myanmar and India through the Kaladan project. He added that a railway project could also be developed that runs parallel to the East-West Highway, which will make the movement of people and goods easier.

He also stressed the necessity to develop border infrastructure, such as integrated check posts, to simplify customs procedures within the region. Similarly, he spoke about the need to develop dry ports especially for landlocked countries like Nepal and Bhutan and how connectivity to these ports must be improved to help lower trade costs and enhance overall connectivity.

Dhakal also mentioned about the need for the smooth operation of existing airports for landlocked countries like Nepal and urged all member nations of BIMSTEC to foster discussions around enhancing regional air connectivity.

The FNCCI President added that trade facilitation was the backbone of sustainable development, and we must simplify and harmonise trade procedures among BIMSTEC states to reap the benefits.

He said that by improving our trade processes we will be able to enhance our competitiveness in the global market and while important initiatives have been undertaken in the BIMSTEC region, there is still much to be done. Dhakal encouraged dialogue among all the member states of BIMSTEC to explore solutions.             

 

Nepal ready to welcome foreign investors: FNCCI President Dhakal

Dhakal also highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.

President Dhakal emphasised that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement Framework, has created a favourable environment for foreign investment.

He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.

He said that increased trade and investment are essential for economic growth, job creation, and poverty reduction.

Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 per cent.

He called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to tap this potential.

He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway.

He emphasised on enhancing border infrastructure to simplify customs procedures.

The BIMSTEC Business Summit 2024 was organised by Ministry of External Affairs of the government of India in association with Confederation of Indian Industries (CII) to provide a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.

Published in The Rising Nepal daily on 8 August 2024.        


No comments:

Post a Comment

Featured Story

Govt prepares primary draft of DRR Policy

Kathmandu, Apr. 29: The government has prepared the preliminary report of the National Disaster Risk Reduction (DRR) Policy and Strategic ...