NADA EV expo opens at Bhrikuti Mandap

NADA EV Expo-2022 kicked off at Bhrikuti Mandap in the capital with the aim of promoting electric vehicles.

The expo organised by NADA AutoMobile Association of Nepal, which will have a grand exhibition of electric vehicles, parts, financial services and other related organisations, will continue for four days.

Inaugurating the expo, Finance Minister Janardan Sharma has expressed his dissatisfaction with the recent increase in interest rates in banks and financial institutions.

He informed that after the situation of getting 13 per cent interest, the whole production chain will be affected and it had been discussed at the ministry level.

He said that in a country where money in the bank earns 13 per cent interest, who will invest in the industry and production.

Minister Sharma said that he had already consulted with the secretaries of the Ministry of Finance regarding the interest rate increase and the necessary decision would be taken after further discussion on this matter within this week.

He also said that the government was also aware of the decrease in revenue due to the import ban.

“The plan is not to stop imports forever. But the issue is not only to open imports but also to increase exports. I want to urge entrepreneurs to establish an electric vehicle industry in Nepal,” he said.

He said that the government was ready to give the necessary concessions for this purpose.

Recently, fuel import is increasing in Nepal and the era of electric vehicles will begin, he said and asked them to think about concentrating their business.

“Right now, there is a debate about how to build the economy in the world, all countries are planning to go in that direction, we are discussing the production of green hydrogen and green ammonia, we are studying how long petroleum vehicles will be allowed to run in Nepal, a committee has been formed in the ministry for that. Yes, we will inform you in time,” he said.

Minister Sharma said that electric vehicles should be made in Nepal and charging stations should also be constructed with priority.

On the occasion, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Shekhar Golchha accused the banks of treating the problem as an opportunity to earn money.

Using the current problem as an opportunity, banks are increasing interest rates and loan premiums unnaturally which will hit the economy, he said.

He said that the businessmen who are suffering from the global COVID-19 pandemic and the liquidity crisis have been hit harder by the increase in the interest rates of the banks.

Golchha demanded that the Ministry of Finance and Nepal Rastra Bank should immediately intervene and control the increase of interest rates by the banks.

Dhruba Thapa, president of NADA Automobiles Association of Nepal, said that parts and batteries used in electric vehicles can be produced in Nepal itself.

“Since all the equipment and batteries used in electric vehicles can be produced in Nepal, only 1 per cent customs tax should be imposed for that,” he said.

The expo will show the latest developments in energy-saving, green energy and new energy through the exhibition of vehicles of renowned brands and of different categories.

About eight brands of four-wheel vehicles, 16 brands of two- and three-wheeled electric vehicles are on display at the expo. The exhibition will continue until next Sunday.

Source : TRN,