Kathmandu, March 26 (IANS) Nepal will promote its pashmina products via Belt and Road International Trade and Investment Platform in China, an official said.
It is a mutual exchange platform of global purchasers and suppliers which was formed with a joint initiative of chambers of commerce and associations from countries and regions along the Belt and Road routes, Xinhua news agency reported.
The initiative, proposed by China in 2013, aims at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road.
A local chapter of the platform, launched in November, said a team of the international platform had come to Nepal recently to take part in the Nepal Investment Summit on March 2-3.
Bhaskar Raj Rajkarnikar, chairman of the local chapter, said an understanding has been reached between the two sides on selling Nepali pashmina in China, one of the largest markets in the world through the platform.
"Nepal has got a huge opportunity to increase exports of Nepali pashmina to China," he said.
According to Shanker Prasad Pandeya, president of Nepal Pashmina Industries Association, the platform will market Nepali pashmina in China after entrepreneurs provide information about the products.
"Agreement has not been signed on the matter, but understanding has been reached," he said.
As of first seven months of the current fiscal year starting in mid-July 2016, Nepali pashmina worth $201,149 was exported to China, according to the statistics of Nepal Rastra Bank, central bank of the country.
Western countries including European countries and the US have been the key markets for pashmina products so far. But Nepali entrepreneurs said China had been emerging as an important market for Nepali pashmina.
Pandeya said: "It is a growing market and we can take benefit of Chinese market with the help of Belt and Road investment platform."