CALL TO SCRAP FOUR-POINT DEAL

CALL TO SCRAP FOUR-POINT DEAL
Kathmandu, 12 Oct.: The Rastriya Janajagaran Parishad Nepal (RJPN) has demanded immediate scrapping of the four-point deal signed by the UCPN-Maoist with the United Democratic Madhesi Front(UDMF), saying it was anti- national, RSS reports.

The RJPN also demanded the resignation of Defense Minister Sharat Singh Bhandari’s for making indiscreet remarks against the national interest.

RJPN convener Sadhya Bahadur Bhandari said it was unfortunate that there are threats for disintegrating the country, and that government was running against the parliamentary norms, in which the parliament remains a silent spectator.
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REMITTANCE INFLOW INCREASES
Kathmandu, 12 Oct.: The remittance income of the first month of the current fiscal year compounded to almost 10 per cent of the annual income in the past fiscal year as with the increasing numbers of migrant workers, The Himalayan Times reports.

From mid-July to mid-August, Nepal received Rs 21.87 billion in remittance income while last year annual remittance income received in Nepal was Rs 253 billion. First month recorded a whopping 23.6 per cent increment in remittance compared to the same period of last fiscal year when the first month witnessed a growth of only 6.5 per cent amounting to Rs 17.7 billion, according to Nepal Rastra Bank (NRB).

Despite the widening trade deficit substantial increase in remittance inflow has brought about surplus in Balance of Payments (BoP) too. After going through a prolonged BoP deficit, it has started to become positive since mid-June 2011. By the first month, the BoP was surplus by Rs 8.5 billion unlike last year when BoP was surplus by Rs 1.5 billion.

The improving economic situation in the destination countries along with upward trend in migrant outflows have contributed in increased remittance income. According to Department of Foreign Employment a little over 354,000 Nepalis have been granted approval for foreign employment which is a 20.6 per cent increase in comparison to that of the previous year.

Remittance income is supposed to grow more in the months of September and October due to festive season. Moreover, the recent appreciation of US dollars in terms of Nepali currency will also contribute in inflating the remittance income.

In the first month alone, 45,165 people have left for different foreign countries looking for employment. There are more than three million Nepalis working abroad including different Gulf Countries, Malaysia and OECD countries. There are even more undocumented workers from Nepal employed in that send remittance to their family. At present, 52.8 per cent of the total households have at least one absentee member that is away from home, according to Nepal Living Standard Survey (NLSS)-III. Of the total households, 32 per cent families have members away in foreign countries. Likewise, 55 per cent of the total households receive remittance from the members abroad.

However, the startling number of Nepalis working abroad is not considered sustainable for Nepali economy despite the lucrative remittance income. The empirical evidences also show that the development process of economy that is dependent on remittance is relatively slower by about 1.5 per cent.

“The gain of remittance income results as the loss of able manpower in migration equation that is seeping the national productivity,” economist Dr Chiranjibi Nepal said, adding that it is good for a short term, when the industrial and agriculture production is low but prolonged outflow of workers has left the resources unutilised which will be dangerous for future generation.
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FNCCI TO TRY TO HOST CACCI MEETAT HOME
Kathmandu, 12 Oct. Nepalese Chambers of Commerce and Industry (FNCCI) is taking part in Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) summit scheduled for October 13-14 in Taipei, The Himalayan Times reports.

During the summit, the FNCCI is bidding to host the next CACCI conference in Nepal.

“If Nepal is selected as the venue for 2012 CACCI conference, it is expected to boost Nepal’s inbound foreign direct investment (FDI), and promote Nepal as an attractive tourism and investment destination,” said the umbrella organisation of private sector that hosted the CACCI presidential visit delegation to Nepal on September 5-7.

Nepal has already hosted the fourth South Asian Business leaders’ conclave on September 20-22 during which more than 250 business leaders from South Asia took part.

FNCCI is confident that with support and cooperation from the government, it can host the CACCI conference in 2012 successfully.

The Confederation of Asia-Pacific Chambers of Commerce and Industry is celebrating its 45th anniversary during the summit. It is the confederation of 27 federations of chambers of commerce and industry of Asia-Pacific region that includes membership of Russia, Turkey and Australia.

The CACCI is organising this year’s Summit in Taipei to review its role and direction in light of the new realities in the regional and global market environment. During the summit thoughts on how CACCI should redefine its role as a regional organisation to ensure that it continues to promote the interest of its members and the region’s business community as a whole will be shared among the members.

FNCCI president Suraj Vaidya — who is taking part in the summit in president Amb Benedicto V Yujuico’s invitation — will deliver a presentation on ‘Nepal as suitable destination for Confederation of Asia-Pacific Chambers of Commerce and Industry conference’, and will promote Nepal as an attractive tourism and investment destination.
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