The 8th Nepal International Trade Fair 2019 kicked off on Thursday at Exhibition Hall, Bhrikutimandap. The five-day expo is jointly organised by the Federation of Nepalese Chambers of Commerce and Industry, Lalitpur Chamber of Commerce and Industry and Federation of Handicraft Associations of Nepal with support from the Ministry of Commerce.

Speaking at the inauguration ceremony of the trade fair, Prime Minister KP Sharma Oli said that economic prosperity can be achieved with maximum utilisation of natural resources with the introduction of foreign capital and technology.

“Nepal can be a good destination for foreign direct investment,” he said.

He further said that different acts and policies would be amended to create an investor friendly environment. “For example, we are holding talks to remove double taxation with our trading partner countries,” says Oli.    

Matrika Prasad Yadav, Minister for Industry, Commerce and Supplies said economic prosperity is possible only through unity between the government and private sector.

“We can set an example of achieving economic prosperity in the world with strong unity between the government and private sector,” he added.  

According to the organisers, representatives participating in the Nepal Investment Summit will also visit the trade fair, said organisers.

A total of 225 stalls at the fair are exhibiting national and international goods and services.

China has 90 stalls—the most at the trade fair, Nepal has 83 stalls, 40 from Bangladesh while India has 10 stalls. Pakistan has two stalls.

During the opening day, people were flocking towards agricultural and herbal products from China. Similarly, garments products such as casual wear from Bangladesh and kurtis, shoes, jewellery and kitchen items India are becoming major attractions for visitors.

Furthermore, the trade fair is displaying handicraft goods, tourism products, information technology and commercial information, agricultural products, energy, building and construction goods and educational institutions.

The fair aims to promote Nepal’s international trade and enhance the growth of exportable products base with a focus on items identified by the Nepal Trade Integration Strategy, said the organisers.

Last year, more than 100,000 national and international visitors observed the fair where 340 exhibitors showcased their goods and services, organisers said.

The total turnover was Rs150 million last year and the organisers said they expect Rs150-200 million worth of transactions to be conducted this year. The Trade and Export Promotion Centre have provided Rs2.5 million to support the event.