The FINANCIAL — Kathmandu, Nepal, July 17, 2011—IFC, a member of the World Bank Group, and the United Kingdom’s Department for International Development are supporting Nepal Business Forum, an independent body that facilitates dialogue between the government of Nepal and the private sector to build consensus toward improving trade facilitation in South Asian countries, including Nepal.
The program will help implement measures to reduce costs and promote trade through simplified documentation and procedures, electronic processing, and risk management approaches for border inspections and clearances.
Nepal Business Forum joined forces with IFC to host a one-day workshop titled Public-Private Dialogue for Enhancing Trade Facilitation in South Asia that brought together officials of Nepal’s ministries of Industry and Agriculture, the Customs Department, and private sector representatives to enhance trade and investment in South Asia.
“The government of Nepal seeks IFC’s support to implement trade facilitation measures, which will help achieve trade liberalization and create value.” said Purushottam Ojha, Nepal’s Secretary for Economic Affairs, Office of the Prime Minister and Council of Ministers. “There is a need to enhance competitiveness of local goods and services by reducing transaction costs.”
The workshop is part of a series of IFC-led initiatives in South Asia to build effective partnerships with public and private sector stakeholders in northeastern India, Nepal, and Bangladesh. The program aims to assist the government in focusing its reform efforts to create an enabling business environment.
"It is heartening to see Nepal making a strategic move toward improving trade in South Asia. Nepal Chamber reiterates its support in this direction," said Suresh Kumar Basnet, President of Nepal Chamber of Commerce.
Trade facilitation involves reforms in border operations, including the reliability and efficiency of transportation infrastructure, logistics operations, and customs and border management regulations and procedures.
“IFC works with both private sector and governments in identifying areas where reform efforts can help maximize improvements for cross-border private sector activity,” said Anil Sinha, IFC Head for Advisory Services in South Asia.
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