Nepali Prime Minister K P Sharma Oli has welcomed United States’ decision for the Bill that paves the way for duty-free quota-free (DFQF) entry of garments made in Nepal.
PM Oli also requested entrepreneurs in his country to make quality products affordable, yet globally competitive. The PM assured them to aid the business sector by resuming the border operation that has been obstructed by the ongoing Tarai unrest and the border blockade.
In this regard, in a meeting with the representatives of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chambers of Commerce (NCC), Oli urged entrepreneurs to increase the production of textiles.
“It would be a golden opportunity for the revival of the garment industry, which was the country’s top exporter one-and-a-half decade ago,” said the Prime Minister.
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Nepali apparel entrepreneurs believe that the US market could resuscitate the garment industry. Addressing the challenges for the revival of the garment sector and to fully capitalise on preferential treatment extended by the US, the apparel entrepreneurs have suggested a few measures like export incentives of up to 10 per cent for five years, early approval of the Labour Bill from the parliament, subsidised interest rates from banks and financial institutions and incessant power supply.
FNCCI President Pashupati Murarka, CNI President Narendra Kumar Basnyat and NCC President Rajesh Kaji Shrestha among others had requested the PM to create a favourable environment for smooth business and to reconstruct the Dharan-Udaypur-Sindhuli road as an alternative route.
