US envoy pays courtesy call on Industries Minister Bhandari – myRepublica

KATHMANDU, July 30: US Ambassador to Nepal Dean R. Thompson today paid a courtesy call on Minister of Industry, Commerce and Supplies Damodar Bhandari at the ministry at Singha Durbar.

On this occasion, Minister Bhandari said that Nepal and the US share common views on issues like democracy, human rights, sovereign equality, adding that the US was the first country to provide foreign aid to Nepal.

“I express my deep appreciation to the US government for expanding cooperation for socio-economic development and strengthening democratic institutions of Nepal. The development cooperation received from the United States of America has made significant contributions in various sectors, including education, health, transport, communication, agriculture and environment, among others,” he said.

The Industries Minister noted that the United States is the second largest destination for Nepalese exports and said it is also an important country in terms of the number of tourists visiting the country.

“Nepal and the US concluded a Trade and Investment Framework Agreement (TIFA) in 2011 and our ministry has chaired the TIFA Council meetings under the agreement, representing the Government of Nepal,” he added.

The sixth meeting of the Council was held in Kathmandu on May 19, 2023. According to the Minister, various issues related to bilateral trade and investment promotion were discussed in the meeting. The Minister said that the seventh meeting of the TIFA Council will be held in the US in the near future.

Referring to the facility provided by the US government for duty-free entry of 77 types of Nepali-made goods into the US market by the end of 2025 under the Nepal Trade Priority Program to support Nepal in its economic revival after the earthquake, Minister Bhandari said, “I highly commend this facility provided by the US government to Nepal during this time of crisis.”

Noting that trade and competition programmes are currently being implemented with the support of USAID and in collaboration with the private sector, financial sector and concerned ministries of Nepal, he expressed confidence that such programmes will help in building the professional capacity of micro, small and medium entrepreneurs as well as in exporting Nepali products to the US and European markets.

Minister Bhandari mentioned that Nepal has received foreign direct investment from the United States in various sectors, including communication and information technology, energy and agriculture. He added that the government has made efforts to create a more investment-friendly environment by amending seven different laws on the eve of the recent investment summit.

The minister expected the US government to increase investments in hydropower, energy, tourism and information technology.

The US ambassador also said that cooperation between the US and Nepal will continue in various sectors, including health, education, transportation, communications, agriculture and environment.

Explaining that USAID programs that were said to have been discontinued in the past would continue, he mentioned that the Trade and Investment Framework Agreement between the Government of Nepal and the Government of the United States of America entered into force in 2011 and the next meeting of the TIFA Council would be held in Nepal on September 16 and 17.

He also assured of making efforts to extend the deadline as the deadline for exporting 77 different products from Nepal to the US market expires after 2024.

RSS