Money
MoFA mulls setting up biz window
The Ministry of Foreign Affairs (MoFA) is mulling a separate ‘business window’ to accelerate country’s economic diplomacy.The Ministry of Foreign Affairs (MoFA) is mulling a separate ‘business window’ to accelerate country’s economic diplomacy.
Economic diplomacy is the Nepal’s key instrument for harnessing foreign direct investments in various sectors, development cooperation, promotion of tourism, trade and foreign employment.
“As we could not promote economic diplomacy in effective way abroad, we have decided to set up a wing called ‘business window’ to foster our interests overseas,” said a senior official at the ministry.
While the new idea is yet to take shape, the window will not only focus on accelerating the economic diplomacy but will also work closely with the local business communities abroad to promote Nepali trade opportunities and attract more investments.
The ministry has set up a Multilateral Economic Affairs Division (MEAD) for formulation, implementation and monitoring of programmes relating to the economic diplomacy and promotion of Nepal’s interest in economic affairs of multilateral international institutions, according to the officials.
“The division will oversee the window to promote national interest at WTO, and the issues of LDCs and LLDCs, formulate programmes in consultations with different government agencies and private sectors,” said a ministry official, adding that they were reaching out to the business community—who were largely not the part in the past—for this new venture,” said the official privy to the matter.
Bharat Raj Poudyal, spokesperson for the ministry, said that once established, the business window will serve as an interface for the business community for the promotion of trade, investment and tourism. “It will draw ideas and implement them gradually in executing the economic diplomacy,” he said.