KATHMANDU, JUN 26 -
Experts have stressed the need for improving trade relation with Kuwait and other Middle East countries.
Despite a huge potential, Nepali traders have failed to reap benefits from trading with Kuwait. Nepal imported goods worth Rs 110 million from Kuwait last year, while exports stood at Rs 10 million.
Finance Minister Barsha Man Pun urged the private sector to maintain bilateral relationship to increase trade with Kuwait. The government will give priority to a common economic programme in the next year’s budget which could enhance both trade and investment, he said at a programme organised by Nepal-Kuwait Chamber of Commerce and Industry (NKCCI) here on Monday.
Nepal exports handicrafts, woollen, pashmina and agricultural products to Kuwait. Imports include dry fruits, chocolates, electronic goods and petroleum products.
NKCCI President Surendra Bir Malakar said besides a huge export potential to Kuwait, initiative could be taken to import petroleum directly from the country.
Purushottam Ojha, former secretary at the Ministry of Commerce and Supply said trade with some Middle East countries, including Kuwait, has been almost negligible. He urged entrepreneurs to enhance their supply capacity. “There is a need for devising a plan for strategic partnership which could develop mutual cooperation between the countries,” said Ojha,
Economist Chiranjibi Nepal said the country could benefit from the provision of low tariff in Kuwait. “Bilateral relation could also enhance the inflow of investment from Kuwait along with developing tourism,” he said.
Source: http://www.ekantipur.com/2012/06/26/business/nepal-kuwait-trade-has-huge-potential/356185/
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