Export of Bangladeshi products to the Nepalese market has seen a sharp rise in recent years due to various steps taken by the two countries.
Bangladesh exported products worth about $10 million to Nepal in 2013-14 fiscal year but it leapt to $47 million in 2016-17 fiscal year. The rise was over four times higher in just three years.
A source in the Bangladesh Embassy in Kathmandu said more than 78 products are exported to the Nepalese market. The items include fridge, television, motorbike, electronics, automobiles, medicine, furniture, solar, raw jute, jam, powder etc.
Ambassador of Bangladesh to Nepal Mashfee Binte Shams also said: "Every year export of Bangladeshi products is increasing."
She said the bilateral trade between the two countries is still far below the potential. The last fiscal year the export volume was around US$ 47 million with the trade in favour of Bangladesh.
"In the last three years, we have seen Bangladeshi businesses and entrepreneurs beginning to explore the Nepalese market."
The Bangladesh Embassy in Kathmandu always encourages them by organising a Single Country Trade Fair every year in Kathmandu, she added.
This time the fair will be held in next February at the Bangladesh Embassy in Kathmandu in Nepal, she said.
Plastics, home textiles and construction materials have also big possibilities in the Nepalese market, she observed.
Walton entered through the fair in the Nepalese market. At present about 78 Bangladesh products are being sold in Nepalese market. While visiting Walton Showroom in Kathmandu, Nepal this correspondent found RIDA Incorporated Private Limited working there as the sole distributor of WALTON products in Nepal.
Sarfaraj Ansari, managing director of the company, said Nepalese people are satisfied with WALTON products.
Ansari said RIDA had already taken necessary preparations to utilize the potentials in Nepalese market. A total of 200 dealers in 75 districts have sold Walton products from 2014.
Meanwhile, Runner Automobiles Ltd started exporting its motorbikes to Nepal from last January. And it is the first ever that any such company of Bangladesh diversifying the country's export basket.
The motorcycles will be distributed in Nepal through Raman General Pvt Ltd.
Raman Mahato, Chief Executive officer of the Raman General Pvt Ltd, told the Daily Observer: "We have started motorcycle business with seven motorcycles models. Until now we have appointed 10 dealers in Nepal. In near future another 20 odd showrooms and service centers will be opened."
Mahesh Basnet, former Industries Minister and newly elected parliament member of Nepal, told the Daily Observer: "Bangladeshi product is very good and our people are very happy to use Bangladeshi products."
He said economic and commercial relations between Nepal and Bangladesh have been growing steadily over the last few years.
Imports from Bangladesh include industrial raw materials, chemicals, fabrics and textile materials, jute products, electric and electronic items, he added.
Mahesh Basnet said there is tremendous potential for expanding and diversifying trade between the two countries. Nepal's exports to Bangladesh constitute mainly yellow lentils, oil cakes, cardamom (large), wheat, vegetable seeds, handicrafts etc.
Mashfee Binte Shams said: "There are many areas where we can cooperate and which have high potential - the first is, of course, trade. The trade between our two countries is far below the potential."