PM Oli paying official visit to China on December 2-5

Kathmandu, Nov. 29

Prime Minister KP Sharma Oli of Nepal is paying an official visit to China from December 2 to 5. the Ministry of Foreign Affairs (MoFA) informed on Friday.

PM Oli is set to embark on an entourage of the northern neighbour of Nepal at the invitation of his Chinese counterpart, Li Qiang.

PM Oli will be accompanied by his spouse Radhika Shakya. The delegation will include Minister for Foreign Affairs Dr. Arzu Rana Deuba, PM Oli’s Chief Advisor  Bishnu Prasad Rimal, Economic and Development Advisor Yuba Raj Khatiwada, members of the parliament; high-ranking government officials; representatives of the private sector and media persons.

The Prime Minister is scheduled to meet with Xi Jinping, the President of China in Beijing. He will hold bilateral talks with his Chinese counterpart Li and exchange views on matters of mutual interest, the MoFA informed in its statement on Friday.

Prime Minister Oli will also hold a meeting with Zhao Leji, Chairman of the Standing Committee of the National People’s Congress of China. He is also scheduled to deliver a keynote address at the Peking University.

Likewise, the Prime Minister will address the Nepal-China Business Forum, which is being jointly hosted by the Embassy of Nepal in Beijing, the China Council for the Promotion of International Trade (CCPIT) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

PM Oli and his delegation will return to Kathmandu on December 5.

Nepal's top-level visit to China is happening after more than a year since former PM Pushpa Kamal Dahal Prachanda concluded an official visit on September 23 to 30.

This is the third official visit of PM Oli to China with the earlier two happening in March 2016 and June 2018. His past visits were successful in signing the historic Transit and Transport Agreement as well as connectivity and cooperation projects including in the energy, railway and infrastructure sectors and progress at the Belt and Road Initiative (BRI).

During PM Oli's visit to China in 2018, the two countries signed 14 bilateral agreements, memorandum of understanding and letters of exchange which included MoUs on energy co-operation, investment and cooperation on production capacity, strengthening cooperation between the two foreign ministries, human resource development cooperation, and establishment of mechanism for facilitation on the implementation of Nepal-China cooperation programmes and projects in Nepal between the two foreign ministries.

Likewise, the countries signed agreements on economic and technical cooperation, reconstruction of Friendship Bridge and Rasuwa Bridge, and protocol on the utilisation of highways in Tibet Autonomous Region, China, by Nepal for cargo transport. 

Published in The Rising Nepal daily on 30 November 2024.  

FM Dr. Rana reaches Chengdu

 Kathmandu, Nov. 28

Leading a Nepali delegation, Foreign Minister Dr. Arzu Rana Deuba has reached Chengdu, China.

She is on a 3-day official visit of China at the invitation of her Chinese counterpart, Wang Yi.

FM Dr. Rana was welcomed in Chengdu by Sichuan Provincial Deputy Director General of Foreign Affairs Office of Sichuan Province of China, Nepal's Ambassador to China Dr. Krishna Prasad Oli, and Consul General of Nepal to Chengdu, Suresh Raut, the Embassy of Nepal in Beijing informed in a statement.

During her visit, Dr Rana is scheduled to hold bilateral talks with Chinese Foreign Minister Wang Yi. The meeting will take place on Friday in Chengdu.

This official visit is also aimed at preparing for the upcoming visit of Nepal's Prime Minister KP Sharma Oli to China, the Ministry of Foreign Affairs of Nepal said.

Dr. Rana will return to Katmandu on November 30. 

Published in The Rising Nepal daily on 29 November 2024.  

Lumbini Ceramics launches Laminar tiles

Rs. 4 billion project creates 300 jobs in Bardiya

 

Gulariya, Nov. 28

Newly established Lumbini Ceramics Limited has started production from its plant in Gulariya Municipality-9, Bardiya. The Rs. 4 billion industrial project is spread in an area of about 12.5 bigahas. The company began trial production from mid-August this year.

With a daily production capacity of 140,000 square feet and an annual capacity of 41.5 million square feet, the company is poised to meet a significant portion of the domestic demand. It is set to utilise up to 80 per cent of the production capacity in the first year.

Equipped with cutting-edge technology sourced from Italy, Spain, China, and India, Laminar Tiles specialises in 100 per cent vitrified tiles—products with high durability, water resistance, and design versatility. The vitrified tiles are produced in a variety of finishes and surfaces such as matt, glossy, high-gloss, matt carving, grip-9, trumatt, full body and planks. They are 99.92 per cent water resistant.

The Nepali tiles industry is experiencing a transformative shift, driven by the emergence of local manufacturing. Up until the onset of COVID-19 pandemic, Nepal's demand of tiles was met with imported products with 99 per cent of them imported from Indian manufacturers. In 2019, Nepal imported tiles worth approximately Rs. 10.5 billion.

This heavy reliance on imports not only drained foreign currency reserves of the country but also limited the availability of tailored solutions for local consumers. Recognising this, Laminar Tiles has stepped up to address the demand through local production, the company stated.

However, in the aftermath of the pandemic, Nepal has seen strong growth in the tile manufacturing sector. "Given the rise of local manufacturing facilities for tiles, we expect import substitution to happen. Nepal should become completely self-reliant for tile consumption over the next few years. Nepal’s tile consumption per capita is lower than countries in the region. Tile consumption should further increase as well," Director of Lumbini Ceramics, Abhinav Churiwal expressed his hopes.

According to him, the company aims at replacing the entire tiles imports and make Nepal self-reliant in tiles products within a few years. The shift to local manufacturing not only reduces Nepal’s trade deficit but also ensures faster delivery, greater variety, and customisation options for consumers.

The company has created more than 300 jobs, and also plans to engage more local talent in its factory. While senior technical personnel have been hired from abroad to ensure operational excellence, the majority of the workforce comprises Nepali citizens.

 

Elevating standards

The company’s use of advanced Italian glaze and proprietary technologies like Grip9, TruMatt, and full-body tiles ensures products that are durable, aesthetically pleasing, and tailored to Nepali needs, Churiwal said.

Grip9 tiles are designed to provide enhanced safety in wet environments, making them ideal for terraces, parking areas, and balconies while TruMatt products offer an abrasion-resistant surface suited for high-traffic commercial spaces.

The company has over 500 different tiles that differ in design, size, finish, and usage and are divided into 10 collections.

Multiple quality control measures applying human experts and digital technology are installed and applied along about 1.5 km length of the processing and production plant.

"Using a coal-fired furnace heated to 1,200°C, the tiles undergo precise finishing to achieve smooth, resilient surfaces. Each batch is subjected to strict quality control measures, ensuring durability, design excellence, and affordability," said the company.

The factory consumes about 3.5 MW of electricity while the furnace is heated with the coal. Churiwal said that coal is used to heat the furnace in absence of the technology that makes the use of electricity possible for the same task.

 

Tapping into a growing market

Despite its nascent stage, Nepal’s tiles industry holds immense potential. The country’s per capita tile consumption remains lower than that of regional counterparts, signaling room for growth. As construction activities pick up, the demand for tiles across residential, commercial, and public infrastructure projects is expected to rise. This is where Lumbini Ceramics wants to strike the chord.

"Laminar Tiles is already catering to a diverse clientele, including homeowners, architects, contractors, and developers. Its wide product range spans various applications—from residential walls and floors to commercial facades and high-traffic public spaces," said Churiwal. With over 500 designs and a variety of finishes such as matt, glossy, and high gloss, the company is triving to meet the aesthetic and functional preferences of Nepali consumers.

The company has given priority to environmental sustainability as well. With the implementation of dust and pollution control measures, along with sewage, effluent, and waste treatment plants to minimise its environmental footprint, the production areas of the factory looks comparatively dust-free and clean.

Its future plans include the establishment of a biogas plant to manage organic waste and conserve energy.

 

Economic slowdown

The economic slowdown gripping Nepal for the past two years has seriously impacted the construction business which is the major demand sector for the tiles.

However, Churiwal is optimistic about the future. "While our current focus is on meeting domestic demand, we expect exporting its products in the long term, bringing foreign currency into Nepal," he said. As the market matures, the company also hopes to see clearer quality standards and greater consumer awareness regarding tile categories and applications.

According to the company, the current economic downturn which has resulted in a construction slowdown is perhaps the biggest challenge being faced by any construction-related industry, including tiles.

Meanwhile, given the number of facilities coming up, overcapacity may also be a problem going forward. Likewise, the lack of training for tile installation workers has made tiles more expensive to install than purchase while there is also the lack of proper equipment required to install tiles. 

Published in The Rising Nepal daily on 29 November 2024.  

Plast Nepal Expo 2024 begins in capital

Kathmandu, Nov. 28

The Fourth edition of the Plast Nepal Expo 2024, an international exhibition showcasing plastic products and technology, kicked off at the Bhrikutimandap Exhibition Centre in Kathmandu.

Inaugurating the 3-day expo organised by the Plast Nepal Foundation (PNF), Minister for Industry, Commerce, and Supplies, Damodar Bhandari, expressed the government's commitment to addressing industrial challenges and creating an environment conducive to investment.

According to him, the formation of a high-level Economic Reform Commission, which includes private sector representation, is an evidence of efforts to involve all stakeholders in policy development.

Minister Bhandari stressed on the need to resolve legal barriers, improve coordination among government bodies, and create a stable environment to attract investment.

"We need to follow sustainable practices in the plastic industry to mitigate environmental impacts, boost domestic production, adopt innovative technologies, and increase exports to reduce the trade deficit," said Minister Bhandari.

The PNF is a consortium of manufacturers and suppliers engaged in the production, processing, and trade of plastic products. Expo features 150 stalls featuring participants from Nepal, India, Bangladesh, China, and other countries, including suppliers of raw materials, machinery, and services.

According to the PNF, the expo serves as a platform to showcase innovations, foster collaboration, and address critical issues facing Nepal’s plastic industry, including policy reform, investment incentives, and sustainable practices. It features household goods, construction materials, commercial goods, packaging items, raw materials and processing industries.

President of the PNF, Dipak Shrestha, said that Nepal has about 800 plastic industries that produce goods worth Rs. 75 billion annually and provide employment to over 100,000 pesons.

He also highlighted the role of plastic in mitigating environmental challenges through advanced technologies, though he raised concerns about low-quality imports from India that undermine locally produced goods. He called for stricter regulations at the border to protect domestic industries that have been contributing to job creation and economic prosperity.

Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry, stressed the need for legal reforms to address sectoral challenges and prioritise domestic production as a substitute for imports.

He highlighted that while several laws were amended through ordinances during the investment summit held in April this year, the necessary regulations and procedures to enforce them have yet to be prepared. "This delay has hindered the effectiveness of those changes," said Dhakal.

According to him, the government and the private sector successfully concluded the investment summit, and laws were amended. However, the absence of regulations and procedures remains an issue. Whether for attracting domestic or foreign investment, further amendments to certain laws are still necessary.

He said that the private sector is facing problems such as excise duties, wastage of manufactured goods, and pricing challenges, and there is an urgency of practical decisions and timely resolutions to address these concerns.

Likewise, Industry Secretary, Krishna Bahadur Raut, emphasised the need for balanced policies that address industrial growth while considering environmental sustainability.

Rajesh Agrawal, President of the Confederation of Nepalese Industries, highlighted the importance of developing a robust recycling system in Nepal to reduce the need for imported raw materials and alleviate trade deficit. He noted that recycled plastics accounted for over 40 per cent of production in some countries and argued that similar measures in Nepal would benefit the economy.

Similarly, Kamalesh Kumar Agrawal, President of the Nepal Chamber of Commerce, urged the government to reduce customs duties on imported raw materials and introduce environmentally friendly policies to support the sector.

The expo will run till Saturday. 

Published in The Rising Nepal daily on 29 November 2024.  

Experts express concern over declining pollination in Karnali

Kathmandu, Nov. 28

Agriculture experts and policymakers have expressed concern over the declining pollination rates in Karnali Province as it is increasing having its toll on agriculture production and livelihood.

Speaking at a national workshop on pollinators and pollination, jointly organised by the Karnali Ministry of Land Management, Agriculture and Cooperatives and Li-Bird, they emphasised the critical role of pollination in Nepal’s agricultural system. They warned that the recent decline in pollination poses a significant challenge to farming.

Karnali Province is working on strategies to address the decline in pollination and improve environmental sensitivity in agriculture. Efforts are underway to make Karnali a fully organic province, with plans that aim to balance agriculture and ecological sustainability.

Based on these progresses, stakeholders remain hopeful that effective implementation of these initiatives will support both the region's farming sector and its ecological health.

Pollination is an ecosystem service crucial for biodiversity, ecology, food production and nutrition. Global economic value of pollination services is above US$ 800 billion which highlights its importance for global food security and economic prosperity, Executive Director of Li-Bird, Bharat Bhandari said.

He cited international agreements aimed at pollinator conservation and said that the workshop's primary goal was to highlight the importance of pollinators and pollination. According to him, UN Biodiversity Conference 2016 and 13^th Convention on Biological Diversity (CBD) held in Cancun of Mexico had recognised pollinators' contribution in Sustainable Development Goals and adopted an action plan for 2018-2030 with a goal to reverse the decline of pollinators by 2030.

Statistics have shown that cultivation of pollinators-dependent crops such as apple, citrus, cardamom, avocado, mango and kiwi has increased 3.7 times faster than non-pollinator dependent crops during the period of 2001-2018.

Bhandari identified several factors contributing to the decline in pollinators, including climate change, intensive farming practices, excessive pesticide use, and the destruction of forests and grasslands.

He also noted the dwindling number of wild bees and stressed the need for a sustainable approach to pollinator management. He called for immediate action to address climate and environmental crises and urged greater coordination in pollinator conservation efforts.

Rajendra Prasad Mishra, Secretary at the Ministry of Agriculture and Livestock Development, stressed the need for strategic measures to improve agriculture and livestock development in Karnali Province. “Agriculture and livestock should be prioritised in Karnali. We must implement plans effectively at the grassroots level,” Mishra said while calling for collective efforts to ensure sustainable development in the region’s ecology and agriculture.

Professor Rishi Ram Kattel of Agriculture and Forest University, suggested to create a long-term strategy at least covering a period of 15 to 20 years.

"But there have been more talks than actions. We need a long-term strategy and policy and action plans should be formulated to achieve that strategy," he said.

He stressed greater collaboration and cooperation among the MoALD, Ministry of Industry, Commerce and Supplies and concerned departments and provincial agencies to achieve the goal. 

Published in The Rising Nepal daily on 29 November 2024.  

IBN grants approval to hydropower projects

 Kathmandu, Nov. 28

The Investment Board Nepal (IBN) has approved investments for several hydroelectricity projects, including the Budhigandaki HEP.

The 60^th meeting of the Board chaired by Prime Minister KP Sharma Oli at Singha Durbar on Thursday sanctioned a funding of Rs. 70 billion for the 341 MW Budhigandaki HEP, Rs. 23.59 billion for the 106 MW Jagdulla Semi-Reservoir HEP, and Rs. 47.54 billion for the 210 MW Chainpur Seti HEP.

Additionally, the IBN extended the deadlines for the 327 MW Upper Marsyangdi HEP and Samrat Cement Company Pvt. Ltd., the Board informed in a statement.

Likewise, the capacity of the West Seti Hydropower Project has been increased from 750 MW to 800 MW, and an amendment has been approved for its four-cornered designated area permit. Similarly, decisions were made to modify the share structure and agreement documents of the Upper Karnali Hydropower Project.

Prime Minister Oli urged relevant authorities to work in a coordinated manner to foster a conducive environment for investment and accelerate the nation's journey toward prosperity. He emphasised the need to utilise existing laws and policies effectively for development and progress.

Speaking at the meeting, Sushil Gyawali, Chief Executive Officer of the Board, provided updates on the draft strategic and business plan being prepared based on the board's earlier decision from October 8. According to him, discussions with stakeholders are ongoing.

Published in The Rising Nepal daily on 29 November 2024.  

MCA-Nepal relaunches transmission line bid

 Kathmandu, Nov. 27

Millennium Challenge Account Nepal (MCA-Nepal) has relaunched the call for bids to construct a 297 km power transmission line which is divided into three lots:  Lapsiphedi-Ratmate-New Hetauda, Ratmate-New Damauli, and New Damauli-New Butwal.

Issuing a press statement on Wednesday, the MCA-Nepal said that the transmission line to be built under the Millennium Challenge Corporation (MCC) Nepal Compact would strengthen Nepal’s power transmission network. The bid submission deadline is set for January 30, 2025.

"The relaunch follows a comprehensive review of the previous bidding process and includes design optimisations, improved access to tower locations, and updates to commercial terms based on bidders’ feedback," informed the MCA-Nepal.

 According to it, these adjustments address the main cost drivers identified in the initial bids, ensuring more feasible and cost-effective proposals.

On August 30 this year, MCA-Nepal successfully awarded a US$ 12.36 million contract to Transrail Lighting Ltd. to construct the 18-km Nepal portion of the Butwal-Gorakhpur transmission line, which is expected to be completed within 21 months.

“After securing the contract for the 18-km segment, we are confident the redesigned requirements for the remaining 297-km will attract strong market interest and competitive bids,” said Khadga Bahadur Bisht, Executive Director of MCA-Nepal.

With contractors already working on the three 400 kV substations and the 18-km transmission lines, MCA-Nepal is on track to implement the remaining segments, further strengthening Nepal’s energy infrastructure, read the statement.

The Government of Nepal and MCC signed the MCC Nepal Compact on September 14, 2017, incorporating two projects: the Electricity Transmission Project and the Road Maintenance Project, aimed at providing more reliable electricity and cost-effective transportation in Nepal.

Along with the three substations, the MCC Nepal Compact will fund the construction of up to 315 km of transmission line from Lapsiphedi, Kathmandu, to the Nepal-India border in Nawalparasi (Bardaghat Susta West) under the Electricity Transmission Project. 

The projects are co-funded by the US Government’s MCC Compact grant of USD 500 million and the Government of Nepal's contribution of USD 197 million.

Published in The Rising Nepal daily on 28 November 2024.  

Minister Rana urges envoys for economic diplomacy

 Kathmandu, Nov. 26

Minister for Foreign Affairs Dr. Arzu Rana Deuba has urged the newly appointed ambassadors and exporters to prioritise and promote economic diplomacy so that it could contribute to the development and prosperity of the country.

Speaking at an interaction with the newly appointed ambassadors of Nepal to various countries and export entrepreneurs at the Ministry of Foreign Affairs (MoFA) on Tuesday, FM Dr. Rana said that the Ministry has placed economic diplomacy at the forefront of its policies, and urged participants to actively work towards enhancing Nepal’s economic engagements abroad.

"The current challenges in Nepal’s economy have hindered its expected growth. In this context, all Nepali missions abroad must focus on promoting economic diplomacy," she said while encouraging ambassadors to attract investments to Nepal, explore potential opportunities, and enhance export promotion in their respective host countries.

FM Dr. Rana also emphasised the need for effective and result-oriented economic diplomacy programmes through diplomatic missions. Acknowledging the lack of adequate resources and manpower at the missions, she pledged to work towards addressing these gaps, read a statement issued by the MoFA.

According to Dr. Rana, a recent organisational and management survey had identified the immediate need for additional human resources in the ministry. The new appointments are expected to enhance efficiency and effectiveness in the ministry's operations as well as in the missions.

The Foreign Minister advised Nepal’s exporters and entrepreneurs to focus on competitive packaging of their products to meet global market standards. She said that Nepali products enjoy a distinct identity in foreign markets, which has resulted in significant demand, and urged them to capitalise on this by improving quality and presentation.

She further encouraged exporters to coordinate with Nepali missions and the MoFA to resolve any challenges they face during the export process, according to the statement.

Published in The Rising Nepal daily on 27 November 2024.  

Nabil SSE trains over 820 persons on entrepreneurship in three years

Kathmandu, Nov. 26

Nabil School of Social Entrepreneurship (Nabil SSE) has trained more than 820 individuals on entrepreneurship leading to the establishment of 117 new enterprises and creation of 1,200 jobs.

According to the promoter of the programme, Nabil Bank, the SSE in the past three years has tried to drive social transformation through the promotion of social entrepreneurship, the bank said in a statement on Tuesday.

The programme includes Nabil SSE Fellowship Programme and a certificate course.

“Nabil SSE has encouraged innovative individuals to create businesses and generate employment opportunities within the country,” said Nabil Bank CEO, Gyanendra Prasad Dhungana. “In just three years, Nabil SSE has contributed to job creation for hundreds and is set to support long-term social transformation.”

Since its inception, Nabil SSE has collaborated with 12 academic institutions nationwide to deliver its programmes. "The fellowship programme, run in partnership with Tribhuvan University’s School of Management (SOMTU), provides an excellent platform for individuals passionate about social entrepreneurship," said the bank.

Participants undergo an 18-day action-based residential training spread over six months, followed by a year-long mentorship. According to the bank, the programme has trained 56 social entrepreneurs, with 45 businesses from the first three cohorts already operational, creating employment for hundreds.

Likewise, 72 participants of the three-month Nabil SSE certificate course have successfully established their own ventures.

Published in The Rising Nepal daily on 27 November 2024.  

PM announces plan to expand scope of social security

 Kathmandu, Nov. 26

Prime Minister KP Sharma Oli has announced plans to expand the scope of Nepal's social security programme.

Addressing an event organised by the Social Security Fund (SSF) to mark the 7^th Social Security Day on Tuesday, he said that the contributors' children will also benefit from the fund within 90 days from now and contributors requiring medical treatment costing over Rs. 100,000 will receive 50 per cent of the expenses from the SSF.

Reiterating the commitment of the government to constitutional provisions and the fundamental rights of people, PM Oli reaffirmed its responsibility to transform Nepal into a modern, developed, and prosperous nation, free from poverty and backwardness.

The SSF was launched in 2018 during the previous tenure of PM Oli.

Meanwhile, the Prime Minister emphasised the need to draft innovative policies to create attractive employment opportunities and bring about an agricultural revolution. Speaking at another event organised by the General Federation of Nepalese Trade Unions (GEFONT), he said that increasing production and productivity was key to achieving equitable distribution and sustainable progress.

PM Oli, who is also the Chair of the CPN-UML party, underlined the party’s focus on action over rhetoric. He credited GEFONT for spearheading Nepal's successful labour movement, which inspired the launch of social security programmes.

Likewise, speaking at the event organised by the SSF, the Non-Resident Nepali Association (NRNA)'s President Dr. Badri KC said that the government failed to introduce concrete plans to include migrant workers and those in informal sectors abroad within the social security net.

He pointed out that while efforts were made three years ago to incorporate more workers into the Fund, little progress has been achieved. "Currently, the fund is perceived as a mandatory pre-departure requirement rather than a meaningful programme for the migrant workers. Out of over five million Nepalis working abroad, only 1.2 million are enrolled, and even fewer regularly contribute," he said.

Dr. KC stressed the need for effective implementation and awareness campaigns to help workers understand the benefits of the fund. "Establishing a fund is not enough; ensuring its effective execution and informing workers about its advantages is crucial," he stated. 

Published in The Rising Nepal daily on 27 November 2024.  

Enhance regional friendship through media professionals, journalists: Minister Gurung

Kathmandu, Nov. 24

Minister for Communication and Information Technology, Prithvi Subba Gurung, has stressed strengthening regional friendship in South Asia through media professionals and journalists.

Speaking at the first Saarc Journalist Award 2024 organised by SAARC Journalist Association in Kathmandu on Sunday, he said that the collaboration among stakeholders, journalism professionals and industries of the SAARC countries will strengthen the foundation of friendship among the people in the region.

Minister Gurung expressed his hopes that the Association will fulfill its objectives to promote journalists, reporters based in SAARC countries and support in enhancing the professional expertise and skills.

"The Association must focus on additional roles to establish awards, encourage research and development in various fields of profession, co-operate, collaborate and maintain constructive relation with the stakeholders in the society," he said.

He also urged the media professionals, including journalists, to contribute to foster a feeling of fellowship and promote goodwill among journalists through various conferences, seminars and workshops.

Dr. Natraj Ray, President of the Association, informed that the organisation will soon be registered at SAARC Secretariat and in the member countries. "We aim to create a broader regional network of journalists in SAARC. It will be developed as a platform to share ideas and learning, and put joint collaborations in skill enhancement," he said and added that within a year, the Association will be expanded to all eight countries.

The Association aims to create a vision for media so that it could contribute to the achievement of the regional development goals. It also aims to contribute to journalism education in the South Asian region.

Chairman of the Press Council of Nepal, Balkrishna Basnet, said that there is a need to create a common platform to find solutions to the common challenges of media in the region.

"This region has a gap of media coordinating body. Meanwhile, we are also facing growing challenges in managing and regulating social media," he said.

On the occasion, Saarc Journalist Association's Nepal Chapter was formed under the leadership of Samjhana Sharma of HRM magazine. Kuvera Chalise of Nepalkhabar is appointed the General Secretary of the organisation and TRN journalist Modnath Dhakal is named as the Secretary.

Likewise, Sharmila Thakuri of Arthatoday is appointed as Treasurer while Pushpa Raj Acharya of HRM, Anurag Singh Verma of Business 360 and Dambar Prasad Acharya of Ktmvoice are on board as the members of the committee.

Published in The Rising Nepal daily on 25 November 2024.  

Joy Store to offer discount on Apple products

Kathmandu, Nov. 23

Joy Store, the official distributor of iPhones in Nepal, has signed an agreement with Himalayan Brokerage Company (HBC) Limited to facilitate the employees of the latter in purchasing Apple products on discounted price.

Joy Store said in a statement that the discount will vary depending on the product, with eligible buyers receiving a maximum discount of 20 per cent. The partnership aims to provide Apple products at affordable prices to the employees and clients of HBC.

Guru Sharma, Managing Director of Joy Store, and Ram Chandra Rimal, Deputy General Manager of HBC, signed the agreement.

Sharma said that employees of the HBC need to present their IDs issued by the company, while clients of the company must show their TMN or DP account details to get the discount. "Based on these credentials, Joy Store will offer Apple products at discounted rates," Sharma said.

Likewise, Rimal said, "We aim to provide our employees and clients with high-quality products at competitive prices. This partnership with the official distributor reflects our commitment to delivering quality goods and services to our customers."

Published in The Rising Nepal daily on 24 November 2024.  

Nepal secures BB- credit rating

Kathmandu, Nov. 22

Nepal has successfully secured a BB- score in its first-ever sovereign credit rating.

It is a significant milestone highlighting the nation's economic structure, fiscal management, and macroeconomic stability, according to the Ministry of Finance (MoF).

The Ministry said in a statement on Friday that this achievement underscores Nepal's creditworthiness, robust financial and economic capacity, and its ability to secure international loans at lower interest rates. The rating is also expected to enhance private sector confidence and attract foreign investments.

Sovereign credit ratings assess a country’s economic health across four key dimensions: structural features, macroeconomic performance, public finance, and external finance.

"Ratings are determined using a combination of sovereign rating models and qualitative analysis, with scores ranging from a minimum of 'D' (default risk) to a maximum of 'AAA' (high credit quality)," said the MoF. Nepal's rating process, conducted by Fitch Ratings Ltd., involved a comprehensive evaluation of the country's economic structure, public finance, debt sustainability, and medium- to long-term growth plans, as outlined in Nepal's 16th Five-Year Plan which went into implementation from the current Fiscal Year 2024/25.

During their on-site visit from September 11–13, 2024, Fitch’s expert team held consultations with senior officials from the Office of the Prime Minister, the MoF, the National Planning Commission, and the Nepal Rastra Bank. The team also interacted with the leaders from the private sector, bilateral and multilateral development partners, and reviewed key infrastructure projects which also included an inspection of the Nagdhunga Tunnel as a case study for Nepal’s long-term development strategies.

The MoF maintained in the statement that sovereign credit ratings are a critical tool for global investors and financial institutions to assess the investment environment of a country. "For Nepal, the BB-rating reflects not only the current state of its economy but also its capacity to meet future debt obligations on time. This transparent evaluation showcases Nepal’s economic landscape to the international community, fostering trust and credibility," it said.

The MoF also stated that when compared to other South Asian nations, Nepal’s BB- rating is considered satisfactory, generating optimism among the government, private sector, and investors. As Nepal prepares to graduate from its Least Developed Country (LDC) status by 2026, this credit rating serves as a preparatory step towards exploring innovative and alternative financing options.

This rating bolsters Nepal’s standing as an investment-friendly destination, the MoF further said. It is expected to boost foreign investor confidence, leading to increased investments in critical sectors such as infrastructure, tourism, agriculture, and services. "This momentum could drive transformative growth in the coming years, positioning Nepal as a competitive player in the global economy," read the MoF Statement.

Published in The Rising Nepal daily on 23 November 2024.  

Govt inducts private sector representatives into Economic Reform Commission

Kathmandu, Nov. 22

The government has expanded the High-Level Economic Reform Recommendation Commission by including representatives from the private sector. The Cabinet meeting on Thursday decided to appoint President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, President of the Confederation of Nepalese Industries (CNI), Rajesh Kumar Agrawal, and President of the Nepal Chamber of Commerce (NCC), Kamlesh Kumar Agrawal, as the new members of the commission.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel handed over appointment letters and the commission’s terms of reference to the newly added members at an event held at the Ministry of Finance on Friday.

DPM Paudel congratulated the appointees and expressed confidence that their inclusion would help identify and address the challenges facing Nepal's economy. He emphasised that the participation of private-sector leaders in the commission would enhance their sense of ownership and add more responsibility to the initiative.

Dhakal thanked the government for including the private sector in the nation-building process, expressing optimism about strengthening the economy. Likewise, CNI's Agrawal stated that the commission’s efforts could bring transformative contributions to the country's economic landscape. NCC's Agrawal also welcomed the decision and pledged to take the new responsibility seriously to achieve the commission’s goals.

On the occasion, Commission Chairperson Rameshore Khanal provided an update on the commission’s activities over the past month and outlined upcoming programmes.

The Commission was formed in mid-October at the proposal of the Ministry of Finance to provide recommendations for economic reforms. Dr. Prakash Kumar Shrestha, member of the National Planning Commission; Prof. Dr. Ram Prasad Gyawali, head of the Central Department of Economics at the Tribhuvan University; economist Dr. Bishwas Gauchan; and senior researcher Dr. Kalpana Khanal from the Policy Research Institute are the members of the Commimssion. 

Published in The Rising Nepal daily on 23 November 2024.  

Government-World Bank launch roads improvement programme

Kathmandu, Nov. 22

The Government of Nepal and the World Bank jointly launched phase 1 of the US$128 million (Rs. 17.15 billion) Provincial and Local Roads Improvement Programme.

“The project aims to enhance the connectivity, efficiency, resilience and safety of Nepal’s provincial and local road network while also strengthening the government's ability to manage the road network,” the Ministry of Urban Development (MoUD) and the World Bank informed in a joint statement on Thursday. The MoUD will implement the programme in coordination with the provincial and local levels.

The project was launched in the presence of Deputy Prime Minister and Minister for Urban Development, Prakash Man Singh and provincial ministers of physical infrastructure and development from Sudurpashchim, Karnali and Madhes provinces.

“This project promotes the spirit of federalism embodied in the constitution bringing together the three tiers of government to work for the benefit of Nepalis. The project's focus on environment-friendly and climate-resilient construction techniques and five-year maintenance component is key to supporting sustainable infrastructure development,” said DPM Singh.

According to the statement, the first phase of the project will upgrade and improve 180km of selected provincial roads and bridges, undertake maintenance of 400km and 700km of existing provincial roads and bridges respectively,and construct 100km of all-weather roads and bridges to provide connectivity to prioritised municipalities and local levels.

"This project will help improve Nepal's road infrastructure with a focus on resilience, and safety," said David Sislen, World Bank Regional Country Director for Maldives, Nepal and Sri Lanka.

The project will be implemented in Sudurpashchim, Karnali, and Madhes provinces and 13 municipalities which will be scaled up in future phases. About one million people are expected to benefit from improved access to all-weather, resilient, and safe provincial and local roads and bridges.

At the launch event, a tri-partite memorandum of understanding was signed between the federal, provincial, and local governments of Sudurpashchim, Karnali, and Madhes provinces for the implementation of the project.

Published in The Rising Nepal daily on 23 November 2024.  

Health Ministry directs private hospitals to publish service charges

Kathmandu, Nov. 21

The Ministry of Health and Population (MoHP) has instructed private medical colleges and public hospitals to make their service charges publicly available. This move follows complaints from the service seekers about overcharging patients.

Following the complaints from several citizens about being unaware of the charges for medical services, Health and Population Minister Pradeep Paudel on Thursday issued the directive, emphasising the need for transparency so that everyone can access and understand the fee structures.

Responding to the minister’s intervention, the Ministry’s Quality Measurement and Regulation Division has issued a circular requiring healthcare institutions to publish their service charges.

In the letter, the ministry has asked all health institutions to display their fees on their websites and ensure that patients can easily access this information. Hospitals and medical colleges have also been instructed to disclose details such as charges for surgeries, bed categories, radiology services, and laboratory tests. Additionally, fees for tickets and other services must also be published for public awareness.

“The ministry will monitor whether the institutions have complied with the directives,” said Dr. Prakash Budhathoki, Spokesperson of the MoHP. “In the first phase, inspections will be conducted. If there is non-compliance, action will be taken as per the rules,” he added.

Published in The Rising Nepal daily on 22 November 2024.  

Revenue collection reaches Rs. 323. 24 billion in four months: Ministry

Kathmandu, Nov. 21

Revenue collection for the first four months of the current Fiscal Year 2024/25 has increased by about 17 per cent compared to the corresponding period last year.

According to data presented at a meeting of the Ministry of Finance (MoF)’s High-Level Management Committee, revenue collection stood at Rs. 276 billion during the same period in the last FY 2023/24.

 This year, it has reached Rs. 323.24 billion, the MoF said in a statement on Thursday.

The MoF said that in the last five years, the revenue collection against the target was highest in FY 2020/21 with 92.5 per cent achievement against the annual estimates of Rs. 1.011 trillion.

Likewise, it was 90.24 per cent of Rs. 1.18 trillion in FY 2021/22, 74.54 per cent of Rs. 1.422 trillion in 2023/24, and 71.38 per cent of Rs. 1.112 trillion in 2019/20.

In FY 2022/23, the revenue mobilisation remained the poorest in five years with just 68.23 per cent achievement of Rs. 1.403 trillion.

This year, the annual revenue target is Rs. 1.419 trillion, a 34 per cent increase compared to the actual revenue collected last year. “Of this, the target for the first four months was Rs. 406.37 billion. However, Rs. 323.24 billion has been collected, meeting approximately 80 per cent of the target and marking a 16.85 per cent increase compared to the same period last year,” the MoF said.

Speaking at the meeting, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel highlighted the importance of managing resources and expenditures effectively. He stressed the need to broaden the tax base, recover arrears, enhance the efficiency of tax administration, ensure ethical conduct among staff and coordinate across ministries.

He also noted the challenges posed by activities outside customs checkpoints and within tax administration.

DPM Paudel instructed to take strict legal action against those attempting to disrupt the tax collection system. Revenue Secretary Dinesh Kumar Ghimire emphasised the need for additional effort to meet the revenue targets.

The MoF stated that while revenue collection has increased compared to previous years, achieving the annual target requires strong coordination and cooperation among all stakeholders in tax administration, which remains a top priority of the ministry.

Director General of the Department of Customs, Harisharan Pudasaini and Director General of the Inland Revenue Department, Ram Prasad Acharya, also assured that they were working diligently to address challenges and seize opportunities to meet revenue collection targets.

Published in The Rising Nepal daily on 22 November 2024.  

Crest Micro-Life Launches 'Advance Payment Micro Life Insurance Plan'

Kathmandu, Nov. 20

Crest Micro Life Insurance Limited has launched a new product Samriddhi Advance Payment Micro Life Insurance Plan on Wednesday, November 20.

The new plan offers periodic advance payments at five-year intervals during the policy term, with the remaining sum assured and additional guaranteed benefits paid upon maturity, the company said in a statement.

The periodic payments to the insured can assist with various life needs, including education, weddings, cultural and religious events, or even business ventures.

Individuals aged between 18  and 50 years can buy this product with Rs. 50,000 to Rs. 500,000 sum assured. The maximum maturity of this product is 70 years of age. It comes with 15, 20 and 25 years of policy terms and payment of premium can be made on an annual, semi-annual or quarterly basis.

According to the company, benefits of the plan include periodic advance payouts, low premium rates, secure savings and reliable investment options, income tax benefits, financial support for dependents and security in old age and assurance of a good future for children

"This plan ensures financial protection from the moment the policy is purchased, even as portions of the sum assured are returned in advance. Despite the advance payouts, full life coverage remains intact, along with additional benefits, including maximum maturity benefits, death benefits, 100 per cent of the sum assured for accidental death," read the statement.

Other benefits of the product include up to 100 per cent coverage for disability due to accidents, and a premium waiver in case of permanent disability. 

Published in The Rising Nepal daily on 21 November 2024.  

Inflation goes down to 3.85% as current account records surplus of Rs. 112 billion

Kathmandu, Nov. 19

The growth rate of remittance inflow into Nepal has moderated both on year-on-year and monthly basis.

Remittance inflows increased by 11.5 per cent to Rs. 407.31 billion in the first four months of the current Fiscal Year 2024/25 compared to an increase of 25.8 per cent in the same period of the last year 2023/24, according to the Nepal Rastra Bank's 'Current macroeconomic and financial situation' report published on Tuesday.

Similarly, remittance inflow increased by 15.2 per cent reaching Rs. 263.14 billion in the first three months by mid-October. In the same period of 2023/24, the country received Rs. 228.40 billion in remittance.  

However, in terms of amount, there has been a significant increase in the inflow with remittance reaching US$ 3.04 billion in the four months which was US$ 2.76 billion in the same period of the previous year.

The report mentioned that the net transfer from abroad to Nepal reached Rs. 442.44 billion during the first four months of this year compared to Rs. 404.07 billion in the same period of the previous year.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 110,654 and taking approval for renew entry stands at 59,939. In 2023/24, such numbers were 113,397 and 49,297 respectively.

Current account surplus reaches Rs. 111.8 billion

Similarly, the current account of the country remained at a surplus of Rs. 111.87 billion in mid-July to mid-November this year compared to a surplus of Rs.59.65 billion in the same period of last year, stated the report.

Net capital transfer amounted to Rs. 2 billion and foreign direct investment inflow (Equity only) remained at Rs. 4.81 billion. Last year, net capital transfer had amounted to Rs.1.15 billion and foreign direct investment inflows (Equity only) amounted to Rs.3.38 billion.

Likewise, Balance of Payments (BOP) remained at a surplus of Rs. 184.99 billion in the review period compared to a surplus of Rs. 101.66 billion in the same period of the previous year. Gross foreign exchange reserves increased by 9.4 per cent to Rs. 2232.28 billion in mid-October 2024 from Rs. 2041.10 billion in mid-July 2024.

"Of the total foreign exchange reserves, reserves held by NRB increased by 7.5 per cent to Rs. 1988 billion in mid-October 2024 from Rs. 1848.55 billion in mid-July 2024. Reserves held by banks and financial institutions (except NRB) increased by 26.9 per cent to Rs. 244.27 billion in mid-October 2024 from Rs. 192.55 billion in mid-July 2024," read the report. The share of Indian currency in total reserves stood at 21.9 per cent.

Likewise, based on the imports of three months of 2024/25, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 17.6 months, and merchandise and services imports of 14.6 months.

Inflation goes further down

The y-o-y consumer price inflation stood at 4.82 per cent in mid-October 2024 compared to 7.50 per cent a year ago. Inflation rate dropped to 4.10 per cent in mid-August this year, and 3.85 per cent in mid-September.

The NRB report stated that food and beverage inflation stood at 7.18 per cent whereas non-food and service inflation stood at 3.49 per cent in the review period. During the same period in the previous year, the price indices of these groups had increased by 8.48 per cent and 6.85 per cent respectively.

The year-on-year price index of vegetables increased by 25.15 per cent, pulses and legumes by 10 per cent, cereal grains and their products by 9.57 per cent, and ghee and oil by 4.98 per cent while price index of meat and fish decreased by 1.18 per cent and spices by 0.79 per cent.

Similarly, y-o-y price index of miscellaneous goods and services sub-category increased by 10.49 per cent, alcoholic drinks by 6.32 per cent, clothes and footwear by 6.12 per cent and furnishing and household equipment by 4.88 per cent.

Inflation was high in rural areas with price index increasing by 5 per cent on year-on-year basis while it went up by 4.76 per cent in urban areas. 

Published in The Rising Nepal daily on 20 November 2024.  

NCC urges envoy Sharma to facilitate Nepal-India trade

Kathmandu, Nov. 19

The Nepal Chamber of Commerce (NCC) has urged the newly appointed Ambassador to India, Shankar Sharma, to facilitate Nepal-India trade and attract investment in Nepal. During a meeting held on Tuesday at the NCC building in Kathmandu, Chamber President Kamlesh Kumar Agrawal said that despite Nepal adopting a free and open trade policy with India, the country is yet to see practical benefits.

Agrawal stated that while imports from India generally face few hurdles, exports encounter difficulties, especially at customs, where smooth facilitation is lacking. The Chamber also suggested to Ambassador Sharma that promoting tourism and attracting investment could help reduce Nepal's trade deficit with India. Agrawal also emphasised the need to attract Indian investment, particularly in the hydropower and service sectors, to address the growing trade imbalance.

The NCC urged Ambassador Sharma to work on improving railway transportation and to establish an international-standard quarantine lab at customs checkpoints to ease the cross-border trade with India.

Agrawal also drew attention to the lack of a high-quality quarantine lab, which hampers the ability to assess the quality of goods imported from and exported to India.

 “Export facilitation should be prioritised to secure long-term trade benefits in India. Effective measures must also be taken for the operation of railways and waterways,” Agrawal stated.

Chamber officials made complaints about the difficulties faced by Nepali traders at Visakhapatnam Port, Odisha’s Dhamra Port, and Gujarat’s Mundra Port. They complained that containers carrying Nepali goods often experience long delays, increasing costs, and urged better transit arrangements.

In response, Ambassador Sharma expressed his commitment to prioritising the reduction of the trade deficit and the facilitation of exports. He also pledged to take steps towards establishing a quarantine lab and emphasised his efforts to attract investment through enhanced collaboration between the private sectors of Nepal and India.

Published in The Rising Nepal daily on 20 November 2024.  

Yadav Prasad Pant Journalism Award presented to Madan Lamsal

Kathmandu, Nov. 19

Yadav Prasad Pant Research and Development Foundation awarded two individuals and facilitated one who made significant contributions in the fields of journalism and society.

The Foundation conferred Yadav Prasad Pant Journalism Award to Madan Lamsal, Editor-in-Chief of New Business Age and Arthik Abhiyan Daily at a programme organised on the 100^th memorial day of the late Dr. Pant in Kathmandu on Sunday.

Likewise, Ramadevi Pant Social Award was presented to Prem Kumari Rai, Chairperson of the Home-Based Workers Women’s Dhaka Entrepreneurs Society while former Finance and Water Resources Minister Balaram Gharti Magar was felicitated on the occasion.

Speaking at the event, Gharti Magar remembered Pant as a warm-hearted and patriotic individual who significantly contributed to the development of the country and left a legacy in the field of economics and development.

Lamsal, who is active in economic journalism for nearly three decades, said that the award has motivated him to make further contributions to his profession.

Chairperson of the Public Service Commission, Madhav Prasad Regmi, remembered Dr. Pant as a development architect and described him as not only a distinguished economist but also a skilled diplomat.

Dr. Pant, one of Nepal's leading planners and economists, earned his PhD in Economics from Banaras Hindu University in 1952. He briefly taught economics at Tri-Chandra College before serving as an economic advisor and finance secretary to the Government of Nepal. Later, he also served as a member of the National Planning Commission.

From 1958 to 1969, Dr. Pant worked as the Governor of the Nepal Rastra Bank and later served as Nepal’s ambassador to Japan, where he secured vital economic aid for the country. He subsequently represented Nepal as an ambassador to Australia, the Philippines, and South Korea.

Published in The Rising Nepal daily on 20 November 2024.  

FIDIC to organise Asia-Pacific Conference in Nepal

 Kathmandu, Nov. 17

The International Federation of Consulting Engineers (FIDIC) is set to organise its Asia-Pacific Regional International Conference in Nepal. The event is being organised by the Society of Consulting Architectural and Engineering Firms (SCAEF), the umbrella organisation of Nepali consulting firms, and will take place from November 18 to 20 in Kathmandu, informed the SCAEF at a press conference organised here on Sunday.

The annual conference will be inaugurated by Deputy Prime Minister and Minister for Urban Development Prakash Man Singh. According to SCAEF General Secretary, Kamal Karki, the event will feature the participation of FIDIC President Catherine Karakatsanis, along with representatives from 23 countries, over 100 international participants, and 300 national participants and observers.

Over the three days, discussions will be held on seven topics addressing technical and policy aspects of responding to environmental disasters. The organisers believe the conference, being held in Nepal amid rising disaster risks, will be highly beneficial for the global community.

The SCAEF has been representing Nepal as a full member of the FIDIC since 1997. Additionally, SCAEF is an active member of the FIDIC Asia-Pacific Regional Subcommittee.

The previous FIDIC conference took place in Bangkok, Thailand, while the 2025 conference is scheduled to be held in Bali, Indonesia. In this context, Nepal has received the opportunity to host the FIDIC Asia-Pacific Regional International Conference after a 15-year gap, said Karki.

Globally, most infrastructure development project agreements are conducted in accordance with FIDIC contracts. In Nepal, development projects funded through international donor agencies' loans and grants, as well as public procurement conducted through international bidding, are generally based on FIDIC contracts, according to the SCAFE.

Established in 1990, the Society of Consulting Architectural and Engineering Firms (SCAEF) serves as a common platform for firms providing consultancy services in various technical fields of architecture and engineering in Nepal. 

Published in The Rising Nepal daily on 18 November 2024.  

UML condemns Prachanda's remarks made to an Indian newspaper

 Kathmandu, Nov. 17

The Communist Party of Nepal (Unified Marxist-Leninist) has condemned the remarks made by Chairman of CPN (Maoist Centre), Pushpa Kamal Dahal, in an interview with an Indian newspaper 'The Hindu' on November 14 where the latter accused Prime Minister KP Sharma Oli, Chairman of UML as well, of 'using the China card' in politics.  

"His comments, accusing Prime Minister KP Sharma Oli of "using the China card" and labeling the decision to visit China as "proof of immaturity," are baseless, irresponsible, and deeply damaging to Nepal's sovereign image and foreign policy," the CPN-UML said in a statement on Saturday.

The statement signed by the Secretary and Chief of Department of Foreign Affairs of the CPN-UML, Raghubir Mahaseth, said that the party 'strongly condemned' the remarks made by the Prachanda who is also the three-time former prime minister of Nepal.

According to the UML, these statements are a blatant breach of diplomatic protocol and show a complete disregard for Nepal's independence.

"Nepal, as a sovereign nation, requires no external approval for its diplomatic engagements. The Prime Minister's decision to visit China is a reflection of Nepal's independent foreign policy, not a gambit of "card diplomacy" as falsely claimed," read the statement.

The UML also said that Prachanda's remarks undermine the delicate balance Nepal maintains with its two friendly neighbors, India and China, both of whom are part to Nepal's development and prosperity. Such thoughtless commentary risks jeopardizing the strong and equal partnerships Nepal has cultivated with these nations, according to the party.

According to the CPN-UML, rather than engaging constructively in national discourse, Prachanda has resorted to baseless accusations that undermine Nepal's sovereignty and national dignity. His words reflect disdain for Nepal's sovereignty and an obsession with political maneuvering at the expense of the nation's dignity.  

The party also claimed that Prime Minister Oli has demonstrated balanced and pragmatic foreign policy approach prioritising Nepal's sovereignty and national interests while fostering mutual respect and cooperation with both India and China.

Stating that foreign policy is not a matter for petty political squabbling, and it demands wisdom, caution, and responsibility, the UML said Prachanda's remarks are not only unfounded but also harmful to Nepal's international standing. It also urged Prachanda to retract his statement. 

Published in The Rising Nepal daily on 18 November 2024.  

Prevent politicising Buddhism: PM Oli

Kathmandu, Nov. 16

Prime Minister KP Sharma Oli has stressed the need to prevent the misuse of Buddhism for political purposes.

Addressing the 49^th annual celebration and the commencement of the golden jubilee year of the Buddhist Bihar Association at Aksheshwar Mahabihar in Lalitpur on Saturday, he said, in the past, due to Hindu fundamentalists, the promotion and expansion of Buddhist ideas were difficult in both Nepal and India but there is resurgence of Buddhist principles of late.

He also emphasized that there should be no schism in the name of religion.

"Buddhism and its teachings should not be exploited for political purposes. Religion is meant for humanity, unity, and peace, and Buddha’s philosophy stands for non-violence and human welfare," Prime Minister Oli said.

According to him, the essence of Buddhism is not to commit violence or take life. The followers of Buddhism are the true protectors of the faith. "We must spread the values of Buddhism among the youth. I will do everything I can from my side to support this. This religion embodies compassion, love, and humanity. It promotes selflessness, which is why it must not be misused politically," he stated.

Prime Minister Oli recalled participating in an international Buddhist conference in Vietnam five years ago and mentioned discussions about holding such events under the auspices of the United Nations in Nepal. The event was delayed by the COVID-19 pandemic.

PM Oli also remembered establishing an international meditation centre with a capacity of 5,000 people in Lumbini.

On the same occasion, PM Oli honoured the Lotus Research Centre and Dundu Bahadur Bajracharya for their contributions to the promotion of Buddha’s teachings and philosophy.

Published in The Rising Nepal daily on 17 November 2024.  

FEEN Electro-Tech 2024 kicks off

DPM Singh reiterates commitment to work with private sector

Kathmandu, Nov. 15

The 'FEEN Electro-Tech 2024,' organised by the Federation of Electrical Entrepreneurs of Nepal, kicked off at the Bhrikutimandap Exhibition Centre in Kathmandu on Friday.

Speaking at the opening ceremony of the 11^th edition of the expo, FEEN's President, Resham Prasad Devkota, said that the international exhibition featured a comprehensive range of electrical and electronic products. He added that awareness programmes on consumer rights and interests in the areas of electronics and electricity would also be conducted throughout the event.

Inaugurating the expo, Deputy Prime Minister and Minister for Urban Development Prakash Man Singh said that there was a need for the government to prioritise initiatives that boost production within the country. 

"The government is focused on ensuring the energy required for production and organising such an exhibition will also aid in achieving our national energy goals," he said. Minister Singh reiterated the government's commitment to partnering with the private sector for progress.

Likewise, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), called for breaking the perception that Nepal lacks an investment-friendly environment. He stressed the importance of political consensus on economic agendas, regardless of which party is in power. "The private sector drives the nation's economy, and the government must incorporate suggestions from the sector to move forward," he added.

Kamlesh Agrawal, President of the Nepal Chamber of Commerce, underscored the importance of increasing domestic electricity consumption alongside exporting power. "The government needs to reduce electricity prices and address the challenges faced by the private sector," he stated.

According to the FEEN, this year's Electro-Tech features 82 pavilions and stalls, both indoors and outdoors. The exhibition showcases a variety of products, including domestic and multinational brands, transmission and distribution equipment, energy supply and control devices, house wiring materials, wires, cables and conductors, advanced switches, LED lighting, electronics, household electrical appliances, office technology, telecommunications equipment, information technology, and alternative energy solutions.

Exhibitors from countries such as India, China, Japan, Taiwan, France, Spain, Malaysia, Germany, Italy, and Australia are participating in the expo, displaying an array of electric and electronic products. Notable brands include Transweld, Premier, Orchid, Janaki, C&S, Lisha, Dinz, Swift Gold, KEI, Janata, HPL, Philips, Havells, Siemens, Usha, Anchor, Orient, Himstar, Almeek, Librat, Arigold, Indotech, and Goldman, among others.

The FEEN expects around 50,000 visitors over the four-day exhibition. About 7,000 visitors reached the expo on Friday. 

Published in The Rising Nepal daily on 16 November 2024.  

Minister Adhikari seeks World Bank support in reforming land administration

 Kathmandu, Nov. 15

Minister for Land Management, Cooperatives and Poverty Alleviation, Balram Adhikari, has emphasised the significant role of the World Bank’s technical assistance in strengthening land administration and conducting new land surveys across the country.

Speaking at the Asia-Pacific Regional Conference jointly organised by the International Federation of Surveyors (FIG) and the Nepal Institution of Chartered Surveyors to address shared land challenges in Asia in Kathmandu on Friday, Minister Adhikari said that the government was actively working to permanently resolve Nepal’s long-standing land-related issues.

He underscored climate change as a global challenge and stressed the need for a comprehensive action plan to prevent natural and human-induced disasters affecting land use and management.

Stating that issues such as land classification, characteristics and challenges are common across Asia, Minister Adhikari mentioned that Nepal was collaborating with various international organisations to enhance the digitalisation of land management to make land administration more efficient and effective.

The two-day land conference in Kathmandu has drawn around 300 participants from 30 countries, according to Ganesh Prasad Bhatt, Joint Secretary at the Ministry of Land Management, Cooperatives and Poverty Alleviation.

On the sidelines of the conference, Minister Adhikari met with an international delegation attending the event. The delegation, led by Mika Torhonen, the World Bank’s Chief Land Specialist, expressed interest in partnering on land administration and management projects in Nepal.

During the meeting, Minister Adhikari recalled efforts made since 1971 to modernise land surveys and requested support for further advancements. Torhonen stated that if the Ministry of Finance engages formally, the World Bank could collaborate with project-based initiatives, such as digital record-keeping and transferring services to local levels.

Published in The Rising Nepal daily on 16 November 2024.  

Stock Brokers’ Association, Securities Brokers’ Association sing merger deal

Kathmandu, Nov. 14

A merger agreement has been signed between two broker associations of Nepal - Stock Brokers’ Association and the Securities Brokers’ Association. The agreement was signed by Dharma Raj Sapkota, Chairman of the Stock Brokers’ Association, and Sagar Dhakal, Chairman of the Securities Brokers’ Association.

The merger committees from both associations also played a key role in this agreement. On behalf of the Stock Brokers’ Association, former Chairman Santosh Raj Mainali led the committee as coordinator, with members Madan Poudel and Suyog Adhikari. On behalf of the Securities Brokers’ Association, General Secretary Krishna Giri coordinated the committee, with members Suman Kumar Malla and Sandeep Bikram Rana.

Following the merger, the combined entity will operate under the name Stock Brokers’ Association of Nepal (SBAN).

Speaking on the occasion, Dhakal emphasised the need for unification to address recent discrepancies in the stock market and to foster its development and expansion.

"The polarisation that emerged between new and old securities businesses after the licensing of new securities traders two years ago has come to an end with this historic understanding. This will undoubtedly guide the key stakeholders in a new direction. I firmly believe that this merger will enhance our professionalism and create a united front to protect our rights and interests," he said.

Dhakal also expressed his commitment to work collectively as one organisation, prioritising the growth, expansion, and security of the capital market while safeguarding investors' interests. He noted that the Securities Act, for the first time in approximately 23 years, is being amended, and the merged entity aims to play a significant role in making the law more business- and investor-friendly.

“There are still numerous provisions required to elevate our capital market to international standards, which have not been included in the current draft. Though laws should be amended continuously and regularly, many critical aspects have been overlooked. Hence, we must engage with all stakeholders to push for necessary amendments,” he stated.

Dhakal underscored the urgency of developing essential market infrastructure and investment tools, such as intra-day trading, short selling, equity derivatives and index funds. 

Published in The Rising Nepal daily on 15 November 2024.  

Shangri-La signs agreement to use CRS from Infodevelopers

 Kathmandu, Nov. 14

Infodevelopers Pvt. Ltd. and Shangri-La Development Bank have signed an agreement to implement Infodevelopers’ Comprehensive Reconciliation System (CRS) to automate and streamline the bank's reconciliation processes.

Arbin Pradhan, Director of Infodevelopers and Apoorba Prasad Joshi, Chief Operating Officer of Shangri-La, signed the agreement to that effect on Wednesday.  

"The CRS software is designed to simplify the reconciliation process by ensuring accurate matching of financial data, which is essential for regulatory compliance and maintaining financial integrity," the company said in a statement. With the introduction of this software, Shangri-La Development Bank aims to improve its internal operations, reduce manual work, and increase overall efficiency in financial management, it said.

Subash Paudel, Corporate Manager at Infodevelopers, said, "Our CRS software is built to offer smooth integration, faster processing, and greater accuracy, which we believe will significantly enhance the bank's operational efficiency."

Likewise, Apoorba Prasad Joshi, CEO of Shangri-La, added, "As part of our ongoing efforts to improve the efficiency and reliability of our financial operations, we have chosen Infodevelopers’ CRS software. This will streamline our reconciliation process, minimize errors, and enhance the quality of our financial reporting."

Published in The Rising Nepal daily on 15 November 2024.