US supports democratic, prosperous Nepal: TeplitzThe US policy towards South Asia is promoting regional economic collaboration and Washington supports a democratic, prosperous and stable Nepal, US Ambassador to Nepal Alaina B Teplitz said on Thursday.
The US policy towards South Asia is promoting regional economic collaboration and Washington supports a democratic, prosperous and stable Nepal, US Ambassador to Nepal Alaina B Teplitz said on Thursday.
Speaking at Tribhuvan University on US policy towards South Asia in general and Nepal in particular, the US envoy said the rationale behind Washington’s efforts towards regional integration “rests on the belief that prosperity, peace and stability are more likely to be sustained when the countries of the region are tied together in trade and economic agreements and in physical infrastructure connections”.
“There are challenges to achieving greater peace and prosperity within South Asia due to history, politics, philosophy and bureaucracy. These barriers are real, and until greater priority is placed on identifying shared interests and finding common ground, South Asia will continue to fall far short of its tremendous potential as a stable, global economic catalyst,” said Teplitz. While presenting some comparative trade data of ASEAN nations, Eastern and Southern Africa, the US envoy said regional connectivity is a must for South Asian national if they are to remain the beneficiaries of global economic growth.
“While landlocked countries have to rely on neighbours in different ways than those with access to the sea, there can be advantages… and this is true for Nepal,” she said. “Representatives from an American company recently told us that they envision setting up a factory in the Tarai where they can distribute their products to underserved markets in India’s Bihar and Uttar Pradesh states.”
Stressing that increased regional trade is a key step to improving Nepal’s economy and the region’s, Teplitz said, “But there needs to be a business climate conducive to investment.” “If Nepal is to meet its goal of graduating from least developed country status, it will need to dramatically increase private investment,” she added.