KATHMANDU, Sept 7: Recognizing the importance of economic diplomacy in the context of changed global inter-dependence and expanding globalization, the Ministry of Foreign Affairs (MoFA) has earmarked an annual budget for its missions abroad to launch programs aimed at promoting trade, tourism and investment in Nepal.
"In a bid to reorient itself, the ministry has a dedicated budget for the missions to use the fund for promoting economic diplomacy," Gyan Chandra Acharya, secretary of MoFA said Monday. Acharya was speaking at the inaugural ceremony of the seminar on "Economic Diplomacy: Prospects and Problems" organized for the first time in Nepal under this topic by the Association of Former Career Ambassadors of Nepal (AFCAN).
"We not only provide orientation training on economic diplomacy, but the ministry now has a separate division to monitor the programs of the missions. But we have limited funds. We are requesting the Ministry of Finance to extend support," Acharya added.
Speaking at the function, Foreign Minister Sujata Koirala laid stress on promoting "pragmatic economic policies" for sustained development. "We need closed and mutually beneficial relation with the outside world, especially with India and China. We want to promote regional economic cooperation through BIMSTEC and SAARC," she said. She further said that the government’s new security plans will “ensure congenial environment for foreign investors”.
The two-day seminar will deliberate on four principles of economic diplomacy relevant to Nepal: Trade, foreign direct investment, tourism and foreign employment. “This seminar has been organized with the objective of pulling experiences of former ambassadors and to bring about a unified and coherent approach to the subject,” Sundar Nath Bhattarai, the president of AFCAN and former ambassador to Thailand, said, adding, “It is equally important to formulate a national consensus to promote foreign policy goals.”
Many studies and the Ministry’s high-level task forces (one formed in 1992 and the other soon after the 2006 people´s movement) have in the past recommended revitalization of economic diplomacy programs, constitution of inter-ministerial coordination committee, international relations and coordination mechanism, public-private partnership and well-equipped and resource-based mechanism to facilitate the conduct of economic diplomacy.
Kedar Bhakta Shrestha, the vice-president of AFCAN and former ambassador to the US, said that economic diplomacy is not an exclusive domain of MoFA. Pointing at the PM’s recent visit to the stock exchange in Mumbai, he said, “Such visits promote true economic diplomacy.” He stressed the need for “comprehensive approach,” besides corporation, communication and coordination policies.
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