January 19: Although Nepal has long been manufacturing and exporting press-fasteners, it is almost negligible when looked at from a global perspective.
According to ITC Trademap, press-fasteners worth US$ 543.5 million (Rs 61.95 billion) were traded globally in 2018. Out of this, Bangladesh imported press-fasteners worth US$ 40.2 million (Rs 4.58 billion) while India imported press-fasteners worth US$ 33.7 million (Rs 3.84 billion) in 2018.
So, Nepal can look to these two neighboring countries to expand its market. But for this, we need to increase the quality and competitiveness of our press-fasteners and have a proper export-oriented policy in place with proper subsidies and supply-chain management. The government should also declare this industry ‘tax-free’ so that production costs go down and the product can be exported at competitive prices.