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President of the Federation of Nepalese Chambers of Commerce & Industry (FNCCI) Chandra Prasad Dhakal emphasized Nepal’s burgeoning stature as a promising investment destination, underpinned by its wealth of natural resources, skilled workforce, market access, and advantageous trade agreements.

Addressing China (Yunnan)-Nepal Industrial Cooperation Promotion and Enterprise Matchmaking Meeting held as part of the China-South Asia Business Forum in Kunming, Dhakal said, “Nepal’s wealth of natural resources, educated workforce, market access, and preferential trade agreements with China and India make it a promising investment destination.”

Dhakal lauded the sister city relationship between Kunming and Nepal’s Pokhara, characterized by agreements promoting cultural exchange, tourism, and research and development collaboration. 

He underscored the increasing connectivity facilitated by direct air routes between Kathmandu and Kunming, as well as the potential for future direct flights between Pokhara and Kunming.

Dhakal spotlighted the growing potential for Chinese tourism in Nepal, exemplified by Sichuan Airlines’ recent maiden flight to Pokhara during the Chinese ‘Dragon Boat Festival’.

He further outlined compelling investment opportunities spanning diverse sectors, such as energy, tourism infrastructure, transportation, trade facilitation, SMEs, ICT, and agriculture.

The gold is being traded at Rs 110, 400 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 109, 850 per tola.

Similarly, the silver is being traded at Rs 1,390 per tola today.

The Civil Aviation Authority of Nepal has quashed its previous decision regarding air flights.

Keeping in view the air safety, the CAAN had decided not to operate flights in the hilly areas after 12 noon.

CAAN spokesperson Gyanendra Bhul said that all the previous decisions have been scrapped and the new system has been implemented.

This rule will be applicable only for the planes and helicopters operating domestic flights.

The authority has backtracked from its earlier decision.

Issuing a statement on Thursday, the authority said that the permission will be granted only after the captain and dispatcher makes written announcement by ensuring the destination, air way and maintaining the VMC (VGBL and Distance from Cloud Minima) of the weather in the alternate airport before operating the flights.

Pradeep Adhikari, Director General of the CAAN, had introduced the new rules pertaining to the flights, putting the air business at risk. But, following widespread criticism, he backtracked from his decision.

The previous decision of the CAAN had allowed airlines to conduct flights to remote areas only within the fixed time.

ALSO READ: People losing lives as new rule affects flight operation

Earlier on Wednesday, Karnali Province stakeholders had held a serious discussion with Tourism Minister Sudan Kiranti and Director General Adhikari.

The Director General was heavily criticized in the meeting.

After hearing the problems of the Karnali folks, Minister Kiranti had expressed his commitment to resolve the issue within three days.

As per his commitment, Minister Kiranti directed Director General Adhikari to scrap the old rules immediately.

The Karki Province stakeholders had also expressed their grievances by meeting Prime Minister Pushpa Kamal Dahal earlier.

The CPN-UML had also obstructed the Karnali Province Assembly demanding regular flights.

Not so long ago, the government of Nepal advised the people not to opt for panic buying of grains, stating that there was enough grain stock to outlast the upcoming harvest season. 

But the ‘comfortable situation’ appears to have changed all of a sudden.  

Recently, the government of Nepal wrote to India asking for 155,000 tons of grains and sugar, stating that India's global ban on grain export may affect Nepal too.

Spokesperson at the Ministry of Industry, Commerce and Supplies, Radhika Aryal, confirmed that the government had written to the Indian government asking for the supply of 100,000 tons of rice, 50,000 tons of sugar and 5,000 tons of paddy.

“The letter has been sent to the Embassy of India in Nepal via the Ministry of Foreign Affairs but the official reply from the Indian government has not been received yet,” said Aryal.

India has imposed a ban on the export of non-Basmati rice across the globe despite objections from the international community. The export policy of non-Basmati white rice, semi milled or wholly milled rice, whether or not polished or glazed, is amended from “free to prohibited,” reads a notice from the Directorate General of Foreign Trade.

The price of rice, Nepal’s staple food, has been escalating in the domestic market right after India announced a global ban on the export of all varieties of rice, save the Basmati. The Indian ban came after Russia announced its withdrawal from the Black Sea Grain Deal in the midst of the Ukraine war, straining a war-hit supply system and aggravating the global food crisis.

The export will be allowed on the basis of permission granted by the Indian government to other countries to meet their food security needs and based on the request of their government.

Before this move, the government had been saying that there was enough gain stock to last three months after which a new harvest season will begin. Despite the government’s assurance, panic buying has been going unabated and the traders have been making hay. As for sugar, the government has said domestic production was not enough to meet the demand.