KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Bangladesh, Bhutan, India and Nepal to ink motor vehicle pact
Officials from Bangladesh, Bhutan, India and Nepal (BBIN) have agreed to finalize passenger and cargo protocols for the implementation of the BBIN Motor Vehicles Agreement (MVA).
A meeting of the officials held in New Delhi discussed the passenger and cargo protocols which will give effect to the agreement to regulate passenger, personal and cargo vehicular traffic between the four countries that was signed in June 2015, India’s Ministry of External Affairs said in a statement.
The delegations also discussed a draft enabling memorandum of understanding (MoU) to be signed by Bangladesh, India, and Nepal for implementing the MVA by the three countries.
Nepal, China likely to trade 2,000 MW of electricity by 2030
The Ratomate-Rauwagadhi-Kerung 400 KV Transmission Line Project said around 2,000-megawatt electricity can be imported and exported as per the initial report of load flow in the next 10 years.
Currently the testing of load flow from two points of India and one point of China is going on. Dhalkebar and Gorakhpur from India and Rasuwagadhi-Kerung point of China are being studied.
Nepal has connected transmission lines in 11 places with India. The Chinese government is planning to construct transmission lines in seven continents under the Belt and Road Initiative within 2030.
Once the transmission line is connected to China, Nepal will be able to sell electricity to third countries through India.
Dedicated entity for inter-ministerial coordination on foreign investment
A meeting of the National Development Problems Resolution Committee held in the National Planning Commission (NPC) under the chair of Prime Minister KP Oli decided to constitute a dedicated mechanism for the follow up of previous years’ commitments and to attract more foreign investment.
The mechanism shall coordinate with the stakeholders and other countries to bring in foreign investments especially from the neighboring countries in order to materialize the national aspiration of ‘Prosperous Nepal: Happy Nepali.’
Bangladesh approves LOI to procure 500-megawatt power from Nepal
A letter of intent to purchase 500 megawatts of electricity from Nepal’s Upper Karnali Hydropower Project has been issued by Bangladesh to India’s infrastructure giant GMR Group.
GMR is generating 900-megawatt electricity from Upper Karnali Hydropower Project. The cabinet of Bangladesh government had endorsed a proposal to procure electricity from Nepal on December 21 last year.
Chicken retailers lower prices to Rs 385 per kilo
CHicken retailers have agreed to decrease the price of chicken meat from Rs 410 to Rs 385 per kilogram after the government warned of stern action if they did not reduce the price.
While traders are claiming that the decrease in chicken prices from Rs. 410 per kilogram to Rs. 385 per kilogram is due to an increase in chicken production, government officials are still not satisfied as they claim chicken prices should not be more than Rs. 350 per kilogram.
The government says traders are trying to hike the price of chicken artificially and an investigation is undergoing and action will be taken against traders who artificially hiked chicken prices.
CG says abiding by government rules to get a unified license
CG Communications has claimed that it has settled all the dues of NTA and has been duly following the legal process. The company has also reiterated its commitment to offer voice service free of cost and data 50% cheaper than other local operators.
CG Communications Pvt Ltd on Sunday said that it has paid Rs 449.45 million in different fees to the government and is abiding by the prescribed government rule in a bid to receive a unified license.
Construction of Cruise ship in Narayani River reaches final stage
The construction of the cruise ship in ward no. 16 of Bharatpur metropolis has now reached its final stage. A cruise ship will be available for public transportation from mid-February.
The recent decision of the cabinet allowing registration of industry related to ship has helped speed up the work, according to Managing Director of the Rhino Water Entertainment Pvt. Ltd., Ram Chandra Kandel.
Online booking to enjoy a ride on the cruise ship will open in the next ten days, he said. Bookings for breakfast cruise, lunch cruise, and dinner cruise.
Travelers will also be able to enjoy live singing inside the cruise, which is also equipped with a bar. The cruise is equipped with a double engine and can travel at a speed of 35 kilometers per house. The cruise has reportedly cost around 150 million rupees.
Reconstruction of 400 heritages over
Out of 920 heritages destroyed by the 2015 earthquake, reconstruction of over 400 heritages has been completed so far.
Minister for Culture, Tourism and Civil Aviation, Yogesh Kumar Bhattarai stated that arrangements could be made to create an atmosphere for ensuring night visit at Kathmandu, Lalitpur and Bhaktapur Durbar Squares.
The Department of Archaeology has aimed at completing 60 percent of the reconstruction of earthquake-damaged heritages this fiscal year, while to complete the remaining 40 percent by the fiscal year 2078/79.
(Compiled and prepared by Swastik Aryal, Akash Shrestha, Nitish Lal Shrestha, Diana Zulkifli)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.
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