The private sector has stressed that Prime Minister KP Sharma Oli’s official visit to China should be made fruitful as it offered an important opportunities to Nepal to boost its trade and bilateral cooperation with its northern neighbor.
PM Oli is leaving on an official visit to the People’s Republic of China on Tuesday.
The business sector has suggested the government to come up during PM’s visit with important plans for maintaining a balance in Nepal-China trade.
Nepal imported goods worth Rs 127.59 billion from China in the 10 months of the fiscal year 2017/18 whereas it exported goods worth mere Rs 2.67 billion in that period. Similarly, Nepal’s total import from China was Rs 6.015 billion and export to China was Rs 1.53 billion in fiscal year 2016/17.
President of Confederation of Nepalese Chambers of Commerce and Industry (CNI), Hari Bhakta Sharma said that the government should lay emphasis on promoting Nepal’s exports in China. He is leading the Nepali business team accompanying PM Oli during his visit to China.
He said that they wanted to operate joint venture companies with Chinese companies.
Woolen carpet, ready made clothes, yellow lentil, polyester and other thread, textile, iron and steel, goods manufactured from iron, steel, handicraft materials, noodles, toothpaste, cardamom, tea, Nepali paper, leather, Pashmina shawl, and herbs are the major goods being exported from Nepal in recent period.
The total foreign trade of Nepal has been increased by 20.8 per cent in 10 months of the current fiscal year as compared to correspondent period of the previous fiscal year and reached to Rs 1 trillion and 49 billion.
Out of the total trade, export has 6.3 per cent contribution while 93.7 per cent contribution of import.
The goods are being exported to European Union and America while thread is being exported to Turkey, hardened yak cheese to America and meat to Vietnam, shows the data.
More than 50 industrialists and bankers are included in the delegation led by Prime Minister Oli.
Investment agreement of more than 200 billion would be signed between government and private sectors of Nepal and China during the visit.