Kathmandu: The micro, small and medium entreprises (MSME) sector has been playing a pivotal role in strengthening trade and commerce relation between India and Nepal, policymakers and authorities concerned have opined.
Keeping in view the ongoing COVID-19 pandemic, experts and policymakers have made their remarks in an interaction held virtually by India-Nepal Centre in association with the Confederation of Nepalese Industries (CNI), Nepal SBI Bank Ltd (NSBL) and PHD Chamber of Commerce and Industry (PHDCCI).
Governor of Nepal Rastra Bank, Maha Prasad Adhikari in his keynote speech called the MSME sector as the growth engine of Nepal’s economy. Highlighting on the recent policy measures, he assured that Nepal’s MSMEs are on its way to emerge stronger and can partner for registering positive outcomes.
Sushil Bhatta, the newly appointed CEO of Investment Board Nepal (IBN) recognised the challenges MSMEs are facing with the demand and supply shocks due to the ongoing pandemic situation. He highlighted the importance of MSME for Nepal’s economy and job creation. He stressed on the need of creating awareness in MSMEs for skill development, entrepreneurial advancement, innovative practices and new technology to give them a competitive edge at the regional and global platforms.
“In the recent past, the trade between India and Nepal has reached to around 85 percent peak of pre-COVID times both in terms of exports and imports,” mentioned Kapidhwaja Pratap Singh, Commercial Representative from the Indian Embassy in Nepal.
He highlighted many importers in India are dependent on exports of Nepal, making it a two-way flow of commodities between India and Nepal. He added that localised trade is happening at a faster pace. This shows the immense networking and supply chain management development by business between India and Nepal.
The webinar entitled “Enhancing Cooperation for MSMEs in Nepal” was moderated by Ambassador KV Rajan, Chairman, India-Nepal Centre, PHDCCI & India’s Former Ambassador to Nepal and Nirvana Chaudhary, Chairman, India-Nepal Centre (Nepal), VP, CNI & MD, Chaudhary Group.
Anil Khaitan, Former President, PHDCCI; Saurabh Sanyal, Secretary-General, PHDCCI; Atul K Thakur, Nodal Coordinator, India-Nepal Centre, PHDCCI; Madhav Lal, Former Secretary, Ministry of MSME, Government of India; Ashutosh Bharadwaj, MD, Noveau Manufacturing Pvt; Praveena Kala, Director, Paramount Cables Pvt Ltd & Former CGM-SBI; Dr Binod Atreya, MD, BFIN were also present in the virtual interaction.
It was hailed how PHDCCI’s India-Nepal Centre has taken the initiative for hosting this webinar as well as the preceding two: Strategizing Economic Rebounding and Cooperation in India and Nepal (April 30, 2020); Exploring Hydroelectricity Potential in Nepal (July 23, 2020).