National economic prosperity thru foreign policy: Foreign Minister Khanal

Kathmandu, Oct 2: Foreign Minister Shisir Khanal has said Nepal’s foreign policy and diplomacy should not be merely limited to the expansion of political and diplomatic relations, but be connected to the national economic interests and prosperity.

During his address at an event organised by the Asian Institute of Diplomacy and International Affairs on ‘Economic Diplomacy for a Prosperous Nepal: Aligning Foreign Policy with Economic Interests’ here Friday, Minister Khanal viewed Nepal’s economic diplomacy should be an inseparable part of Nepal’s overall development strategy.

Trade expansion, foreign investment, aid mobilisation, tourism promotion, technology transfer, knowledge and skills exchange, employment creation and expansion of access to international market for Nepali products should be focused by the foreign policy, he underscored.

According to the Minister, in the changing global economic scenario, Nepal needs to transform economic relations to the substantive economic opportunities.  For this, effective mobilization of Nepali missions abroad is imperative. They work for promotion of trade, investment and economic cooperation with the capacity enhancement, he added.

The Minister said such missions would play a crucial role in identifying and exploring new markets for Nepali goods and services, expanding trade relations, and deepening international economic partnerships.

He argued that economic diplomacy is not the responsibility of a specific ministry or body, for it needs to be pursued in collaboration of all government entities, private sector, business community and Nepali diaspora community on the basis of clear national priorities, institutional coordination, regular dialogues and results-oriented work performance.

Utilization of diplomatic means is instrumental in increasing foreign tourists’ arrivals by promoting Nepal’s natural, cultural and historic heritages. Tourism is a means of earning foreign currencies, creating employment and revitalising the local economy.  That’s why it should be connected to national economic priorities, Foreign Minister explained.

He reminded everyone that promotion of economic diplomacy counts for Nepal’s enhanced production capacity and innovation promotion. It further contributes to Nepal’s participation in the global value chain through the international partnership.

His focus was on prioritising economic aspects in the formulation of foreign policy and its implementation which works on a clear vision and coordinated actions. It has role in transforming diplomatic achievements to substantive economic gains, according to Minister Khanal.