Kathmandu, Nepal, October 4, 2013
—— IFC, a member of the World Bank Group, is working with Nepal government and private sector stakeholders to improve the country’s trade environment, enabling the introduction of globally competitive local products to promote economic growth.
IFC and Nepal’s Department of Customs are working to improve trade facilitation through a series of measures. These include simplifying legal and procedural requirements, harmonizing customs working hours, rationalizing paperwork and fees, and adopting enhanced risk management for efficient border clearance.
“The government of Nepal is committed to improving the country’s trade competitiveness,” said Leela Mani Paudyal, Chief Secretary, Nepal. “Reducing procedural delays and costs is important for Nepali private sector to compete internationally and access global markets. Our partnership with IFC will help us achieve this.”
IFC facilitated a dialogue between the Department of Customs and private sector leaders today on steps being taken to promote trade as part of its trade facilitation program.
Trade facilitation involves improving reliability and efficiency of transportation infrastructure, logistics, and customs and border management regulations and procedures.
“Nepal’s commitment to improve trade competitiveness is encouraging,” said Valentino S. Bagatsing, IFC Resident Representative in Nepal. “Reforms in the trade environment will provide a much needed boost as Nepali businesses position their products for global markets.”
IFC’s South Asia Regional Integration and Trade program assists the government in its reform efforts to create an enabling environment to improve trade facilitation and logistics. IFC works with both private sector and government agencies to improve cross-border trade and investments.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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