Twenty one Annual General Meeting of The Nepal-USA Chamber of Commerce and Industry (NUSACCI) concluded electing Kiran Sakh as a new president and eleven members Executive Committee.
Addressing the general meeting, Ministry of Industry Nabindra Raj Joshi said the United States of America remains a main supporter of Nepal’s overall development. “As a main trading partner, American investment and market is important for us,” said minister Joshi. “The government is amending the much needed Foreign Investment and Technology Transfer Act, Foreign Investment Act and other regulations to create conducive environment for foreign investors including American,” said Minister Joshi.
He urged business community to invest in industrial sector to create more employment instead going for trade.
“NUSACCI can play a role in recruiting American companies to come to Nepal and strengthen economic ties between our countries,” said the U.S. Ambassador to Nepal Alaina B. Teplitz. Ambassador Teplitz said that this is a challenging time for private sector in Nepal. She said that Nepal government also needs to do more in legal reforms making Nepal conducive environment for American investors.
Addressing the program, president of NUSACCI Narendra Kumar Basnyat said efforts have been taken in both the countries to increase American investment in Nepal and promote Nepalese products in American market. “President Osama’s proclamation on last week to implement the Nepal Preference Program will boost Nepal’s export to America as it provides duty free treatment to 66 items,” said Basnyat.
“I would like to draw the attention of Nepal government to work closely with private sectors for the promotion of export and bring in FDI form USA for the development of economy,” said Basnyat president of NUSACCI. Nepal also needs to take advantage of TIFA and use this platform to create a conducive export market in US and investment friendly avenues in Nepal for US investors,” said Basnyat.
“The U.S. is a very big market for Nepali products like handicrafts, silver jewelry, Pashmina, carpets and garments,” said Kiran Sakh president elect, issuing vote of thanks.