Discourage Petroleum Imports: Indian Envoy.

KATHMANDU, Nov 25: Indian ambassador to Nepal Jayant Prasad Friday urged Nepal to cut down import of petroleum products - country´s key import item from India -- and encourage investment in sectors having competitive advantage to boost exports.

“Nepal needs reduce the import of petroleum products and encourage industries having comparative advantages if wants to narrow down its trade deficit with India,” Prasad said, addressing a workshop on Nepal-India Economic Relation and Role of Economic Journalists in Present Context´ jointly organized jointly by Society of Economic Journalists-Nepal (SEJON) and BP Koirala India-Nepal Foundation.

Speaking on the occasion, former finance minister Dr Ram Saran Mahat stressed the need to take benefits from India.

Finance Minister Barsha Man Pun urged Indian investor to increase their investment in Nepal, stating that investment climate in the country was gradually improving following the signing of peace deal with major political parties and the Bilateral Investment Promotion and Protection Agreement (BIPPA) with India.

Nepal Rastra Bank Governor Dr Yuba Raj Khatiwada underscored the need to increase investment in areas having competitive advantage like health, education, tourism, finance, transport and hydropower sector.

Source : myrepublica.com