January 29: The global import of wooden artifacts (except furniture) stood at US$ 155 billion (Rs 17.68 trillion) in 2018, according to ITC Trademap.
Nepal is home to various types of wood found in different climates. Thus, the country can establish itself as a major exporter of wooden artifacts in the international market with products such as veneer sheets, plywood, doors and windows and wooden statues.
But, in order to do this, Nepal must first strengthen its domestic industries. The government must support the opening of factories, produce the necessary manpower, encourage research and innovation as well as ensure the uninterrupted supply of raw materials.
To ensure the prices are competitive, the government must also give tax-rebate and subsidies to wood-based industries.
Nepal can produce its own unique brand of wooden carvings which, if marketed well, can become a huge export and a source of foreign currency.