Saturday, 24 July, 2021

Brand Nepali Products

Promotion of export trade can play a crucial role in the economic development of a country. Exports can help boost national output and become an engine of growth. A stagnant economy can be reinvigorated with the expansion and diversification of exports. When there is increased foreign demand, it could lead to large-scale production with significantly reduced per unit costs. Exports can help increase sales and profits when the goods create new markets or expand the existing ones. Naturally, this situation can help increase investments, creating more jobs. It could also contribute in technology transfer. With the increase in exports, workers get better pay and other facilities. This will help workers to become more productive.

As exports facilitate international trade and spur domestic economic activities through increasing production, creating more jobs and revenues, the countries involved in the export trade may be able to have a major global market share. Export trade could be an important tool even for Nepal to give a boost to her economy. But the country has failed to increase exports. The government’s domestic product promoting projects, including Nepal Trade Integration Strategy (NTIS), could not move ahead as anticipated. Even the collective branding of Nepali pashmina and tea was not so effective. Amidst such a situation, Nepal has come up with a new scheme to promote ‘Make in Nepal’ products. It is a public-private partnership (PPP) project being developed jointly by the government and the Confederation of Nepalese Industries (CNI).

As the government has joined hands with CNI, a federation of large industries in the country, this effort is expected to be successful in boosting the nation’s exports. According to a news report carried by this daily on Monday, a web portal has been introduced to increase the industrial sector growth. Under the initiative ‘Make in Nepal-Swadeshi Campaign’, the government plans to registering as many as 1,000 industries with the Department of Industry (DoI) every year thereby creating 150,000 jobs and exporting a variety of products worth US$1.25 billion to US$4.6 billion in the next five years. It is worth mentioning that the project has the objective of increasing the industrial sector’s share in the gross domestic product (GDP) to 22 per cent by 2025, and 25 per cent by 2030. Nepal aims to become a middle-income nation by 2030. The enterprises willing to take part in this campaign can apply through the web portal. Any other business entities registered with the Department of Cottage and Small Industries or other authorities like local government can also participate in the campaign. Even multinational companies are eligible to be part of the initiative for goods and services produced in Nepal.

A mechanism is in place to give approval to the enterprises for using the Swadeshi brand, a unique logo featuring one-horned rhino. Being one of the numerous identities of Nepal, the rare wildlife is already featured in the logo of Cricket Association of Nepal (CAN). It is notable that the country has crossed the milestone of US$1 billion exports for the first time. In the first 11 months of the current fiscal year, the nation has exported goods worth Rs. 121.25 billion. This is a remarkable increase. The country was able to export goods worth Rs. 88 billion last year. However, the country needs to address various constraints and issues related to international market access and intellectual property rights. Only then can Nepali products may have competitiveness in foreign markets.