The US invests in Nepal’s businesses‘ global competitiveness. .The US Embassy in Nepal launched the USAID Trade and Competitiveness activity, introducing it to Nepal’s private sector.
According to the embassy, the $19 million investment will boost Nepali firms’ competitiveness in targeted sectors with high growth and employment potential over a five-year period.
Building on Nepal and the United States’ 75-year friendship, US-AID will work with Nepal’s Ministry of Industry, Commerce, and Supplies (MoICS) to assist businesses in facilitating new trade and investment opportunities, improving access to market-based financial and non-financial services, and increasing productivity.
“This investment in Nepal’s private sector will create jobs and raise incomes for women, youth, and marginalized groups,” said Sepideh Keyvanshad, USAID/Nepal Mission Director.
“This activity is just one example of Nepal and the United States’ broader cooperation to strengthen the economy and improve Nepali people’s livelihoods.”
MoCIS Joint Secretary Gobinda Bahadur Karki praised USAID’s partnership with the ministry and its continued investment in Nepal.
“I hope that this activity will help firms diversify their service offerings and improve their productivity, allowing them to compete on a global scale.”
USAID Trade and Competitiveness will help Nepal achieve its goals of increasing and diversifying high-value exports such as local produce, tourism experiences, and digital services that can be delivered anywhere in the world.
As Nepal’s economy grows, these export sectors will accelerate job growth and income generation by creating more resilient markets that allow marginalized groups to participate.
As Nepal recovers from the COVID-19 pandemic and addresses the local effects of the ongoing global food crisis, this investment is expected to support the private and public sectors’ capacity to compete in overseas markets, increasing Nepal’s resilience to external shocks.
