Nepali stall at the ITB Berlin bagged the title of Ninth Best Exhibitor in Asia/Australia Oceania category making it one of the most successful fairs of Nepal Tourism Board (NTB) for 2013. The travel and trade expo held from 6 to 10 March was participated by NTB along with 21 companies from the Nepali Travel Trade industry.

According to the official press statement, Nepal stall had the representational model of a huge architectural woodwork Pagoda showcasing Lord Buddha as a centerpiece. Nepal stall that promoted Lumbini as the birth place of Buddha, attracted thousands of visitors. The stall was successful to promote Nepal and her tourism prospects such as hospitality, food, festivals, adventure sports and new destinations. Suresh Pradhan, Ambassador of Nepal to Germany, said that Nepal’s history and culture are of equal importance along with adventure activities and appreciated the support extended by the government of Germany in conservation of Bhaktapur Durbar Square.

ITB this year had more than 10000 exhibitors from 188 countries promoting global tourism under one roof, according to the press release. The biggest travel event of Europe received approximately 180,000 visitors from trade, media and consumers.

Nepal Ranks 112th on Tourism

The World Economic Forum’s (WEF) Travel and Tourism Competitiveness Index (TTCI) 2013 report shows that Nepal ranked 112th among 140 countries across the globe. The report says that Nepal was unable to make any significant progress in travel and tourism sector while India, Sri Lanka, Pakistan and Bangladesh: the other four South Asian nations progressed over the last two years. Nepal ranked 112th also in the TTCI 2011.

However, Nepal is above Pakistan and Bangladesh which are ranked at 122th and 123rd respectively in the TTCI. India and Sri Lanka were ranked at 65th and 74th in the index. Though ranked lower than Nepal, Pakistan and Bangladesh made some progress as they were placed 123 and 129 respectively in 2011. India and Sri Lanka were also upped from 68th and 81st positions from 2011.

Nepal’s marketing and branding of the sector wasn’t seen impressive, as the country was placed at 78th spot. The lower ranking was also due to the attitude of population towards tourists, for which Nepal got 70th position. Nepal was ranked 44th in terms of attitude of population towards foreign visitors in 2011.  TTCI index also ranked Nepal in 52nd spot in terms of government’s prioritisation of the travel and tourism sector. Meanwhile the country was placed at 36th spot in government’s spending in travel and tourism industry. Despite these, Nepal was ranked higher in terms of price competitiveness. According, to the TTCI index, the accommodation and hotel price in Nepal was considered the most competitive in the world, second only behind Gambia. It was followed by ticket taxes and airport charges for which the country was ranked at 25th position. Nepal was also considered among top 25 countries which are least restrictive destinations to visit.

Switzerland has the globe’s most competitive travel and tourism sector owing to high quality transportation and hotels, skilled workers and rich natural resources, according to the WEF report.

The Vesper Café Opens a New Outlet

The Vesper Café has opened a new outlet at Naxal named Vesper Fine Wines and Bistro. The outlet specializes in wines, and serves Italian and continental cuisine. According to Raju Dhungana, Manager at Vesper, it is offering Lunch for couple starting from Rs 500 to Rs 700.  The bistro can cater to about 30 people at once, and the menu is affordable than that of its Jhamsikhel outlet, said Dhungana.

Financial Literacy Initiative to Kick-off in Mid-April

Month-long Financial Literacy Initiative (FLI) will start in mid-April. It is an initiative taken for the first time in Nepal by Center for Economic and Financial Studies (CEFS), says coordinator of the initiative Olin Thakur.

New Business Age Pvt Ltd will contribute to the event as an official media partner.“Financial Literacy Month Celebration” is a part of Financial Literacy Initiative, Thakur says, adding that the celebration includes various workshops, quiz/essay competitions, round table discussions, award distributions and various other financial awareness activities in various places across the nation.

“Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others,” according to organiser.

Financial literacy encompasses both knowing about money matters and being equipped to utilize that knowledge by applying it across a range of contexts. What a person needs to know to be financially literate will vary depending upon their circumstances and needs.

Generally, however, it will involve an understanding of a person’s own values and priorities, budgeting, savings and how to manage money, credit, the importance of insurance and protecting against risk, investment basics and retirement planning along with others.

Why is it Important in context of Nepal?

Good financial literacy skills help individuals and families make the most of opportunities, meet their goals and secure their financial wellbeing, as well as contribute to the economic health of society, Thakur claims. “Improved financial literacy can increase economic participation and social inclusion, drive competition and market efficiency in the financial services sector, and potentially reduce regulatory intervention.”

Individuals and households must have the tools to cope with the increasingly complex world of financial instruments. Moreover, financial education ensures poverty reduction and economic growth facility. So, financial literacy is becoming more necessary.

Nevertheless, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus program in most countries around the globe, according to organiser.

Organiser says that Financial Literacy Initiative is to help Nepali people in understanding and addressing financial matters, and thereby contribute financial wellbeing; to promote and enhance financial capability among each; to enhance the present knowledge base; to manage financial resources effectively; to empower individuals to make informed choices, avoid pitfalls, know where to go for help; and take other actions to improve their present and long-term financial well-being.

“We believe that Financial literacy Initiative will be very crucial in helping the Nepali citizens of various age groups of Nepal to understand and adjust to the situation in which they are now to help them acknowledge themselves in a wiser way and find the loopholes and the gaps in their way of doing micro-macro financial transactions in their day to day lives,” Thakur further added.

Bridging Gaps

It aims at facilitating them to bridge the gaps in their financial knowledge and understanding as well as enable them to manage their day to day transactions and future planning in a cost-time efficient ways be it the transaction of a rupee or a million. The event page can be found at social network website facebook by clicking: www.facebook.com/flinepal or official website of Center for Economic and Financial Studies (CEFS).