How to turn foreign missions into export engines: Rewrite the template for our envoys
Summary
Nepal's foreign ministry is urged to transform its embassies into active commercial missions focusing on export promotion, buyer cultivation, and investment recruitment to boost the country's trade and reduce its large trade deficit.
Key Points
- Nepal runs a large trade deficit with actual export base around one billion dollars for a population of 30 million.
- Nepal's geography favors exports of high value-to-weight goods such as specialty agriculture, artisanal goods, and IT services.
- Foreign missions should actively engage in trade shows, buyer cultivation, anchor investor recruitment, diaspora mobilization, and friction resolution.
- Reform in foreign missions' performance evaluation could drive commercial diplomacy and significantly improve trade outcomes.
- Nepal's IT export sector faces challenges from emerging AI technologies, requiring a shift toward specialized products and services supported by active foreign commercial offices.
