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.
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