President Bidya Devi Bhandari has expressed her concern over growing trade deficit in the nation.

Addressing the inaugural ceremony of Nepal Chamber Expo- 2017 that kicked off at Bhrikutimandap from today, the President insisted on the need to replace the import-based trade and business.

The head-of- the-state was of the view of promoting domestic investment and attracting foreign investment to reduce the country's trade deficit.

Growing migration of youth human resource to foreign countries in search for employment is due to nation's poor employment condition which has sent a negative message to the economic development of the nation, according to the President who insisted on the need for durable investment at home by the private sector.

Over four million Nepalis are engaged in risky labour in 84 countries across the globe, President Bhandari said. Nepal's annual remittance is around Rs 600 billion.

She further expressed her hope that the government would promote income business by conserving and promoting traditional skills. She insisted on the vital role of public and private sectors to bring foreign investment to the country.

Eight countries are taking part in the expo which the Chamber called a premier business event. It has showcased a total 225 stalls ranging from salt to automobiles.

The Republic of Korea (South Korea) has participated in the event as a partner nation while Thailand as the focus nation. Nepal, India, China, Japan, Pakistan and Bangladesh are other countries participating in the expo.

Ambassador of South Korea to Nepal Park Young- sik, who was also present on the occasion, expressed his hope that Nepali would tread towards economic growth following the implementation of federalism.

The event will run until December 4.  RSS