New Delhi. Finance Minister Dr. Swarnim Wagle has stressed the need to take the economic and strategic partnership between Nepal and India to a new height. Wagle, who is on an official visit to India, said that expansion of physical, digital and energy networks is essential to make the partnership between the two countries timely.
Finance Minister Wagle made the remarks while addressing a high-level diplomatic roundtable at the India International Centre (IIC) in New Delhi on Friday. He highlighted the recent natural disasters in Nepal and the loss of life and property caused by them and expressed gratitude to the Government and people of India for their promptness and significant support in this hour of crisis. He said that Nepal is firmly implementing the concept of ‘Build Back Better’ to make post-disaster reconstruction sustainable and safe.
Stating that although Nepal’s role in climate change is negligible, the Himalayan and coastal ecosystems are bearing the brunt of it, Wagle said that Nepal and India should work together on the issue of climate justice in international forums. He also stressed on the changing dimensions of development finance, green finance and maximum mobilization of concessional financial instruments by rising above the traditional assistance framework.
Investment and collaboration
Finance Minister Wagle pointed out the need to reduce the trade deficit and remove non-tariff barriers by making timely amendments in the existing Nepal-India trade treaty. He also called on the Indian side to increase foreign direct investment from India in energy, manufacturing industries and technology sectors as policy and legal reforms have been made to improve the investment environment in Nepal.
People’s Order, Good Governance and Development Aspirations
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Recalling that the incumbent government was formed with the overwhelming mandate of the Nepali people, Finance Minister Wagle said that the government was fully dedicated to fulfilling the aspirations of the people for rapid development and economic transformation. “Our development aspirations are based on policy stability and institutional reforms,” he said, adding, “The present government is determined to maintain zero tolerance against corruption and good governance. Transparent and accountable governance is the basis of economic prosperity.” ’
High-level Participation and Discussion
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The event was attended by senior Indian politicians, diplomats, strategists and economists. Shyam Sharan, Chairman of the India International Centre (IIC) and former Indian Ambassador to Nepal and former Foreign Secretary played an important role in the roundtable dialogue. Sharan, who is currently leading the IIC, said that such in-depth and open discussions at the policy level would be fruitful to make Nepal-India relations timely.
Former Indian Foreign Secretary and former Ambassador to Nepal Saran, senior leader of Indian National Congress and Rajya Sabha member Jairam Ramesh, former National Security Advisor and former Foreign Secretary Shiv Shankar Menon, former Deputy National Security Advisor and diplomat Pankaj Saran, eminent economist and former JNU Emeritus Professor (former Vice Chancellor, University of Delhi) Prof. Dr. Deepak Nair, President of India Trade Promotion Organisation (ITPO) Javed Ashraf, former Indian Ambassador to Nepal Ranjit Roy, Head of Foreign Affairs Department of Bharatiya Janata Party (BJP) Dr. Vijay Chauthaiwale, South Asian Geopolitics and Connectivity Scholar Dr. Constantino Xavier, Director of the Ministry of External Affairs of India Manusmriti, Diplomatic Affairs Editor of The Hindu Suhasini Haider and Nepali delegation were present on the occasion.
During the discussions, the experts and diplomats from the Indian side praised Nepal’s democratic stability, commitment to good governance and economic agenda. The participants concluded that the common prosperity of the two countries depends on cross-border connectivity, energy partnership and mutual trust and stressed the need to make the bilateral mechanisms more result-oriented.
