Indian Foreign Secretary Harsh Vardhan Shringla has said that Nepal and Bangladesh are among the top ten export destinations for India.
He said India’s total exports to these two countries amount to over 16 billion dollars.
Speaking at a program organized by the Bharat Chamber of Commerce on 'Post-Covid Economic Recovery', the Indian foreign secretary said Nepal is India’s ninth-largest export market and an important destination for Indian investments. Indian firms account for over 30% of the total FDI stock in Nepal, worth nearly USD 600 million.
There are about 150 Indian ventures operating in Nepal in the manufacturing, services, power sector and tourism industry, he said.
A number of reforms have been undertaken in recent years in Nepal which are expected to improve the ease of doing business in that country.
Some upcoming areas that may be attractive to Indian industry include vehicle assembly, hydropower, medicinal and aromatic plants, and pharmaceuticals, the top Indian diplomat said. He said, “Nepal is a close neighbor and economic partner of India. It is India’s ninth-largest export market and an important destination for Indian investments.”
