Latest news with #KPSharmaOli
News18
15 hours ago
- Business
- News18
Nepal set to graduate from LDC to in 2026 as per schedule, says PM Oli
Kathmandu, Jul 30 (PTI) Prime Minister KP Sharma Oli on Wednesday said Nepal's preparations for its graduation from the category of the least developed country (LDC) to a developing country can be attributed mainly due to recently achieved notable growth in per capita income. Nepal is scheduled to graduate from the LDC status in November 2026. Nepal's LDC graduation would certainly boost the country's image globally, Oli said, but also cautioned that the impact of climate change and natural disasters could hinder Nepal's progress, and thus hamper upgradation. 'Our current per capita income is around USD 1,400, which meets the threshold. Based on this and other indicators, the international community has included Nepal in the list of countries set for graduation," Oli told the Upper House. In his replies to the concerns raised during the discussions on a study report 'Nepal's LDC Graduation 2024' by the government, the Prime Minister said Nepal's graduation will contribute to strengthening Nepal's country rating index, creating an atmosphere to attract foreign investment. Nepal was listed as an LDC by the United Nations General Assembly in November 1971 and is now preparing to graduate to a middle-income developing country category after 55 years. Nepal currently chairs the LDC group consisting of 45 countries. 'Indicators of economic improvements have now been noticed. The current 16th Periodic Plan was prepared with the projection of the post-graduation situation," the Prime Minister said. Oli, however, admitted that 'upgrading Nepal as a developing country may result in reduction of some facilities in various sectors it has been receiving as a least developed country." He also cautioned that the impact of climate change and natural disasters could hinder Nepal's progress and graduation from the LDC status and underlined the need to increase production and productivity. Nepal has been working towards upgradation since 2010 through various plans, budget and annual plans and programmes. The UN reports in 2015, 2018 and 2021 showed Nepal's progress in Human Assets Index and Economic and Environment Risk Index. For a smooth passage to developing country status, the government has been implementing six key strategies through a high-level steering committee, Oli added. PTI SBP NPK NPK view comments First Published: July 30, 2025, 20:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
2 days ago
- Business
- Business Standard
PM Oli to raise trade issues with India during upcoming New Delhi visit
Nepal is preparing for a high-level dialogue to resolve existing trade issues with India during Prime Minister K P Sharma Oli's upcoming visit to New Delhi, Minister for Industry, Commerce and Supplies Damodar Bhandari said on Tuesday. Various issues, including trade promotion, would be discussed, Bhandari said while speaking as chief guest at a programme organised by Nepal Freight Forwarders Association to mark the 31st Cargo Day in Kathmandu. The Ministry has been taking initiatives to upgrade trade and business between the two countries, he added. The government is committed to resolving the trade-related issues with the two neighbouring countries, India and China, as they are Nepal's first market, Bhandari said. Foreign Ministry spokesperson Lok Bahadur Chhetri last week said Prime Minister Oli will visit India in mid-September. However, the date and the detailed schedules of the visit are yet to be finalised. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
2 days ago
- Business
- Time of India
PM Oli to discuss trade issues with India during upcoming visit: Nepalese Minister
Kathmandu: Nepal is preparing for a high-level dialogue to resolve existing trade issues with India during Prime Minister K P Sharma Oli 's upcoming visit to New Delhi, Minister for Industry, Commerce and Supplies Damodar Bhandari said on Tuesday. Various issues, including trade promotion, would be discussed, Bhandari said while speaking as chief guest at a programme organised by Nepal Freight Forwarders Association to mark the 31st Cargo Day in Kathmandu. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Product Management PGDM Project Management Leadership Artificial Intelligence Design Thinking Digital Marketing Data Science MCA Degree Healthcare others Public Policy Others Operations Management MBA Management Cybersecurity Technology Data Analytics CXO healthcare Finance Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details The Ministry has been taking initiatives to upgrade trade and business between the two countries, he added. The government is committed to resolving the trade-related issues with the two neighbouring countries, India and China, as they are Nepal's first market, Bhandari said. Foreign Ministry spokesperson Lok Bahadur Chhetri last week said Prime Minister Oli will visit India in mid-September. However, the date and the detailed schedules of the visit are yet to be finalised.
The Sun
3 days ago
- Business
- The Sun
Malaysia and Nepal forge new economic synergies
KUALA LUMPUR: The Malaysia-Nepal Business Council (MNBC) and the Federation of Nepal Cottage and Small Industries, Lalitpur Metropolitan City (FNCSI-LMC), signed a memorandum of understanding (MoU) in Kathmandu early this month, aimed at strengthening bilateral trade ties and revitalising small enterprise ecosystems. Setting the stage for a robust and forward-looking partnership, this collaboration underscores the commitment of both nations to promoting the growth of cottage and small industries, particularly in Nepal's Lalitpur region, while opening new avenues for cross-border trade, investment, and cultural exchange. The signing took place during a working visit by a 20-member delegation from the MNBC, which is based in Kuala Lumpur, led by its president Datuk Pardip Kumar Kukreja, the executive chairman of Malaysia's Paradise Group. They also met with Nepal's Prime Minister KP Sharma Oli to explore investment opportunities at his office. The meeting focused on strengthening bilateral trade and identifying potential ventures in sectors such as tourism, IT, agriculture, manpower, and plastic waste processing. Oli assured the delegation that Nepal is undertaking ongoing legal and structural reforms aimed at creating a more investor-friendly environment and welcomed Malaysian participation in the country's economic growth. As global economies look to build resilience through grassroots entrepreneurship and sustainable value chains, the MoU aims to lay the groundwork for long-term cooperation that leverages each country's unique strengths. At its core, the agreement aimed at promoting mutual support in developing cottage industries and enhancing market access, not only within the two countries but also globally. The FNCSI-LMC and MNBC envision a dynamic exchange of expertise, technology, and best practices, particularly in artisan craftsmanship, heritage-linked enterprises, and tourism-driven economic activities. To achieve these goals, both parties will work closely to organise trade missions, facilitate business-to-business (B2B) networking, and hold investment forums in Malaysia and Nepal. A focus on capacity building is also central to the pact, with plans to conduct workshops and training sessions that enhance the skills and global competitiveness of artisans and entrepreneurs. The partnership will also extend to joint product development, including branding, packaging, and market readiness, ensuring that traditional crafts and small-scale products from Nepal can meet international demand. Trade fairs and exhibitions will serve as vital platforms to showcase the vibrancy and potential of Nepal's cottage industry to Malaysian investors and consumers, while also opening doors for Malaysian ventures to explore similar opportunities in Nepal. Furthermore, a joint working committee (JWC) comprising representatives from both FNCSI-LMC and MNBC will oversee the partnership's progress. Meeting at least twice a year, the committee will coordinate joint efforts, track progress, and develop annual action plans to maintain momentum and keep objectives on track. The MoU, which is set for a five-year term, reflects a spirit of goodwill and strategic intent. It establishes the framework for more detailed agreements that may involve financial commitments or legal obligations. Both sides have expressed optimism for an evolving and deepening relationship. As the world shifts towards more inclusive and sustainable economic models, this bilateral initiative exemplifies how international collaboration can uplift local industries, empower communities, and foster resilient business ecosystems. Meanwhile, Nepal's deputy prime minister and finance minister Bishnu Prasad Paudel urged Malaysian investors to invest more in Nepal's physical infrastructure and tourism sectors. 'There is appropriate environment for private sector to invest in Nepal. Nepal's policies are investment-friendly. The government is ready to support and facilitate them,' he was quoted as saying.
Times of Oman
5 days ago
- Politics
- Times of Oman
Nepali PM Oli makes aerial survey of drought-hit Madhesh Province
Mahottari: Nepali Prime Minister KP Sharma Oli flew onboard the Nepal Army helicopter to the drought-hit Madhesh province, taking stock of the situation with a food crisis looming ahead. Oli flew over the Madhesh Province, overseeing the dry patch of field where, by mid-July, paddy saplings used to stand green, with farmers counting on their yield. But this year, despite marching past the mid-monsoon, the Madhesh Province, also known as the part of the Terai region, the breadbasket, is struggling with sweltering heat. Addressing an inaugural event in the drought-stricken area, Oli announced the installation of a 500 deep-boring water system to address the province's pressing water needs. However, local authorities remain sceptical that it will have any impact, as the underground water level has also receded. PM Oli, during his address, mentioned "much of the land appeared dry during his aerial inspection" and pledged "to hold discussions and coordinate efforts with the stakeholders for the earliest resolution to the ongoing water shortage in the Province." Following the dire condition of the water resources, the Madhesh Province was declared a disaster-hit zone for a period of three months, as decided in a cabinet meeting on July 23. The prolonged lack of rainfall in the Province has resulted in a severe shortage of drinking water and inadequate irrigation facilities throughout the Province. The Prime Minister noted that Saptari district, located on the eastern side of the Madhesh Province and situated near the Saptakoshi River, has experienced relatively fewer problems due to its proximity to the river. Oli added that the government is actively working to address the water crisis in the remaining seven districts in the Province. The Head of the Government, in the context of Madhes Province, which has already been declared a disaster-hit zone, vowed to introduce a special program to support those directly affected by water scarcity, including farmers. Madhesh province, which is the breadbasket of the Himalayan Nation, still relies on rainwater for cultivation. Central bank- the Nepal Rastra Bank's 2024 report on 'Economic Status of Madhesh Province' showed an increase in the province's gross domestic product, which will be due to an increase in its agricultural production. NRB had projected Madhesh Province's Gross Domestic Product (GDP) to stand at NRS 707 billion. Madhesh's Gross Domestic Product (GDP) shared 13.13 per cent of the country's GDP out of NRs 5.381 trillion. In Madhesh Province, farm products share 35.2 per cent of the GDP. Food crops, vegetables, fruits and spices are among the main products of this province. However, the dry and arid monsoon this year has increased worries for the farmers, who are now starting to worry about their coming days. Since the start of the monsoon this year, around two dozen people have already lost their lives to landslides and flooding. Several others have been injured and are missing in monsoon-related disasters. Properties and infrastructure worth billions of rupees have been either washed away by floods or buried in landslides. Locals in the mountainous region say that the weather has become so erratic that even light rainfall triggers floods. Scores of glacial and supraglacial lakes could burst at any time due to the melting of ice accelerated by global warming. At least eleven people were killed, and 17 others are still missing, in the Bhotekoshi flood triggered by a previously unnoticed supraglacial lake formed in Tibet above Rasuwagadhi. Nepal has been experiencing changes in temperature and precipitation at a rate faster than the global average, according to studies. Evidence indicates that the maximum temperature in Nepal is rising at a greater rate (0.05 degrees Celsius per year) than the minimum temperature (0.03 degrees Celsius per year).
