Nepal-India Economic
Forum Formed
Federation
of Nepalese Chambers of Commerce and Industry (FNCCI) has formed
a Nepal-India Economic Forum (NIEF) under the chairmanship of
FNCCI's president Ravi Bhakta Shrestha in an attempt to follow
a "track two" mechanism for developing economic ties, trade and
investment between Nepal and India.
The forum, NIEF, has the main objectives
of promoting bilateral economic and trade issues and do consultations
at times at the government, private and political levels.
Narendra K Basnyat, Executive Member
of FNCCI has been nominated to the post of co-chairperson of the
NIEF. Similarly, nominated members of the forum are Rajendra K
Khetan, 2nd Vice President of FNCCI, Yogendra Shakya,. Ex president
of Hotel Association Nepal (HAN), representative of FNCCI-CII
JEC, President or office Bearer of Nepal India Chamber of Commerce
and Industry (NICCI), senior representative from Indian JV, Rajiv
Kulkarni, CEO of Standard Chartered Bank, Ashish Sen Gupta from
Abhijit Carpet and Jagdish Prasad Agrawal from Nimbus Marketing.
There are also other special invitees in the forum like Minister/Economic
Counselor/First Secretary, Embassy of Nepal, NDH; Minister Economic.
Conselor/ First Secretary, Embassy of India Kathmandu; Joint Secretary,
Nepal-India Desk, Ministry of Industry and Joint Secretary at
Nepal-India Desk Ministry of Foreign Affairs. In the advisory
committee members various personalities like economists, politicians,
journalists, business leaders, among others have been chosen.
It is said that Forum would try its
best to develop close ties with apex chambers in India for developing
economic, trade and investment between the two countries. The
forum is supposed to take up issues with the government of Nepal
in facilitating and promoting Indian investment in Nepal and with
the government of India and related agencies to boost bilateral
interest. It has an objective of complementing activities being
carried out under the FNCCI-CII JEC and that NICCI.
The forum is going to upgrade the
activities like sensitizing the concerned authorities and help
ensure the effective implementation of the trade and transit treaty
between two countries. The activities to be carried out by the
new forum include lobbying with the government of Nepal on issues
related to the Indian joint venture operating in Nepal; advocating
with the government of India and other concerned groups regarding
Nepalese export and trade through the counterpart federations
in India and other diplomatic channels; undertaking studies for
the prospective projects that have potentials in Nepal; facilitate
trade and investment delegations between the two countries, among
others.
The initiation of forming a forum
is a new approach for strengthening and increasing cooperation
in areas of trade, commerce and economics by creating a new mechanism
within the FNCCI.
NRB issues letter
of Intents to three more banks
Nepal Rastra Bank has issued the
letters of intent for the establishment of two commercial banks
on September 14 as per their applications which were submitted
before 1995 (2052 BS).
According to NRB, Siddhartha Bank
Limited has been given permission. Its head office will be in
Kathmandu with the authorised capital of Rs. one billion and paid
up capital of Rs. five hundred million.
Similarly, Laxmi Bank Limited has
also obtained the letter of intent to start banking transactions
with the authorised capital of Rs. 240 million and paid up capital
of Rs. 120 million. The head office of the bank will be based
in Birgunj.
As per the NRB regulations, banking
transactions must be started within one year after the issue of
the letter of intent. On top of that, equity shares have to be
floated to the public within one year after the banking transaction
comes into effect.
The press release further states
that NRB, under the Development Bank Act-2052, has decided to
issue letter of intent to Export Import Bank of Nepal Limited.
The bank's head office will be based in the capital. The authorised
capital of the bank will be two billion and paid up capital will
be one billion rupees, the press release states.
NRB expects that the establishment
of new banks help gear economic activities in the country, it
is said.
Japanese Grant
to HRD Center at FNCCI
The government of Japan is to provide
a grant assistance of US$ 45,490 or approximately Rs. 3,450416
to the Federation of Nepalese Chambers of Commerce and Industry
(FNCCI) for the implementation of the Project for the Establishment
of a Human Resource Development Center for Management and Administration.
The grant assistance agreement was
signed in Kathmandu on 1st October 2001 between Mitsuaki Kojima,
Japanese Ambassador to Nepal and Ravi Bhakta Shrestha President
of FNCCI.
Speaking in the signing ceremony,
Japanese Envoy to Nepal expressed his pleasure for getting the
opportunity to extend the cooperation and added that human resources
development is essential for the development of a country. "For
the sound development of private sector, entrepreneurship and
quality service are essential," he stressed.
Appreciating the Japanese assistance
Ravi Bhakta Shrestha said that the assistance would play an important
contribution in establishing the proposed centre thereby enabling
the Nepalese entrepreneurs to compete in the global market and
fulfill the lack of well trained personnel.
Praising the activeness and the keen
interest of Ambassador in the development process of Nepal, Shrestha
said. "His Excellency is economic ambassador to Nepal."
Suraj Vaidya Ex-officio Vice President
of FNCCI, Pradeep Man Vaidya, Chairperson of Human Resources Development
Comittee and Gajendra Bahadur Shrestha Advisor of the Committee
were also present on the occasion.
Nepal wins travel
award
Nepal has been voted 2nd in the top
country category out of the 180 countries in the Wanderlust Travel
Awards 2001. The award is based on a survey carried out by Wanderlust
publications, a UK based prestigious travel magazine, in which
nearly 1600 Wanderlust readers made their responses.
The survey was based on travels from
January 2000 and the respondents had visited 180 countries, 557
cities, travelled with 342 airlines and used over 500 tour operators.
"Nepal has been a traveller's favorite
for a long time and still fascinate the visitors" comments the
September 2001 issue of the Wanderlust magazine. In the readers'
survey, Nepal scored 96.1 percent while New Zealand, that has
been placed in the first position achieved 97.1 percent.
Korea, Nepal sign
taxation agreement
South Korea and Nepal recently concluded
an agreement to avoid double taxation and prevent income tax evasion.
South Korean Vice Foreign Minister
Choi Sung-hong and his visiting Nepalese counterpart Narayan Shumshere
Thapa signed the agreement which officials said will provide an
important legal framework to boost bilateral trade and economic
relations between the two nations.
Nepal is the 57th country with which
Seoul has signed a double taxation avoidance pact.
Three Nepalese
banks among Asia's 500 largest
The Asiaweek, Asia's leading English
weekly published from Hong Kong has rated Nepal's Himalayan Bank
Limited (HBL), Nepal Grindlays bank Ltd (standard Charted Bank
Ltd) and Nepal Arab Bank Ltd (Nabil Bank Ltd) among the Asia Pacific
region's 500 largest banks, says a HBL's press release.
The list ranked the region's largest
banks by assets, deposits, loans and profits. It is said that
Himalayan Bank Limited has the largest share in deposits and lending
among the joint venture and private commercial banks operating
in Nepal.
The Asiaweek has disclosed the fact
that Himalayan Bank's return on Equity is the 13th highest in
the whole Asia Pacific region with 37.9 percent return. Similarly,
Nepal Grindlays Bank stands at 11 and Nabil Bank at 17, says the
release.
NS Quality Award
to various Industries
Nepal also observed the 32nd World
Standard Day With the global slogan "The Environment and Standard:
Close Together", amid a function in the capital on October 16,
2001.
Himal Iron and Steel (Pvt) Ltd, producer
of iron rod was given the NS Quality Award 2001.
Similarly, Swadeshi Cable Industries,
Biratnagar and Nebico Pvt. Ltd, Balaju were awarded with a Letter
of Appreciation each.
Likewise, Tribeni Cement, Narayani
Vegetable Industries, Saurav Oil Mill, Singha Brewery Nepal, Jaya
Mangalam Cement and Dugar Spices and Food Products were six industries
to receive the NS Mark on the occasion.
Now 36 domestic industries hold NS
Mark including the six new industries.
China Garden restaurant
opened at Soaltee
A new restaurant at the Soaltee Crown
Plaza specialising in oriental cuisine and serving the flavour
of various oriental culinary cultures was opened recently.
The oriental restaurant by the name
China Garden Restaurant is the latest addition to the portfolio
of the hotel's dining options. Soaltee Crown Plaza opened the
restaurant by taking franchise from the original china Garden
Restaurant in Mumbai.
Specialities from Hong Kong, Singapore,
China, Malaysia, Indonesia, Thailand, Vietnam and Japan adorn
the restaurant's menu. China Garden has a seating capacity for
84 covers.
Nelson Wong, the restaurateur from
Mumbai, designed the menu that includes his selections currently
available in the China Garden Restaurant of Mumbai. Ambassador
of the People's Republic of China to Nepal We Chongyong had formally
inaugurated the restaurant amid a function.
Innani nominated
ATGC Chairman
Asian Textiles and Garment Council
(ATGC), the wings of the Confederation of Asia-Pacific Chambers
of Commerce and Industry (CACCI) nominated Brij Gopal Innani,
President of Garment Association of Nepal as Chairman for two
years.
There are altogether 18 member countries
of CACCI including Nepal, India, China, Bangladesh, Japan, S.
Korea. It is the first time that Nepali person was appointed to
the council's chairman.
ATGC, according to its objectives,
provides the members regular fore for identifying and addressing
issues aff-ecting their respective sectors, finding solutions
to common problems and working out specific programs to accelerate
regional cooperation, particularly in the area of trade, technology
transfer, capital flows and exchange of information regarding
garment and textiles sectors.
Morang Auto Works
Penetrating in Diesel Generators Market
Engineering Division of Morang Auto
Works, has been meeting the demand of Industrial clients since
1998 in Diesel Generators, electronic weighing machines, air compressors,
material handling equipment's etc. In partner with internationally
reputed principals like Greaves Limited, Ingersoll-Rand India
Limited, Mettler Toledo India Pvt. Ltd., Escorts Construction
Equipment Limited, MAW-Engineering Division is able to cater every
need of industrial clients through its reliable service and expertise
in Greaves Gensets (10 KVA to 2500 KVA), Ingersoll-Rand Screw,
Rotary and Reciprocating Compressor (1H.P to 200 H.P), Mettler
Toledo Electronic Weighing Machines capacity (750 gm to 100 Tons),
Fork Lifts and Cranes, Loaders' from Escorts and Pneumatic Tools
from Ingersoll-Rand Wadco India Limited.
In a short span of time, within its
2 years of operation, MAW-Engineering Division, is able to have
more than 200 installations all over Nepal. Morang Auto Works,
as the leading Genset supplier for Nepal Market, is trying to
mitigate the shortage of Power in every sector. As its motto stands
'Building Trust through Service', with its full-fledged workshop
and a team of factory trained service engineers through its branch
networks, it is able to provide reliable service to its clients.
It has recently launched electronic
weighing machines for Retail Segments with brand names 'Cub' and
'Mini Tiger' (capacity ranges from 750gm to 30 Kg). We have to
appreciate that the design team of mettler Toledo had researched
in depth with the retailers for their every requirements before
launching it. The sleek look, dual display indicators, cockroach
proof, battery backups, compactness, portable, price computing
features of these scales surely should be able to satisfy every
retailer. The best part of it, retailers as well as consumers
do not have to rely on inaccurate mechanical scales anymore.
