KATHMANDU: Foreign Minister Shishir Khanal has called for Nepal-US economic relations to move beyond traditional development assistance and focus more strongly on investment, trade, technology and entrepreneurship.
Speaking at an event in Kathmandu on Tuesday, Khanal said Nepal’s transition from a least developed country requires a new economic foundation for bilateral ties. Nepal is moving from an aid-dependent economy towards greater private-sector participation, foreign direct investment and higher-value trade, he said.
Khanal identified three priorities for deeper economic cooperation: connecting Nepal’s skilled youth and IT workforce with US technology, innovation and capital; expanding cooperation in clean energy, hydropower, cross-border electricity transmission and climate resilience; and leveraging the knowledge, skills, capital and entrepreneurship of the Nepali diaspora in the US for technology transfer, trade and business development in Nepal.
With Nepal-US diplomatic relations set to reach their 80th anniversary next year, Khanal said the longstanding development partnership should now contribute more directly to Nepal’s economic transformation, particularly through investment, technology, infrastructure and private-sector development.
