Making all the decisions and being accountable only to yourself will give you a feeling of freedom and the rewards are many. The sweat, hard work and hours that you put into your own company, benefit you directly, rather than your boss or manager, you reap all the rewards. Starting an import business or any business for that matter, is exciting and hugely rewarding. Nothing’s easy in this world but once a few sales start to come in, it’s a very rewarding feeling seeing something come to life that you’ve built. It’s scary but for those that do and are willing to take the time to learn a new business, do their research, create a business and marketing plan and have the guts to take action, it’s well worth it. This being true, it’s always possible to change career, take the plunge and start up your own international trading business. Some reports state that around 70% of us are unhappy in our job. Start Your Own Your Own Import And Export Business Setup Your Company The Right Way For You.Understand Marine Insurance: For When Disaster Strikes!.Understand Incoterms 2020: Code Words for Logistics.Learn How To Negotiation: The Art of The Deal.Safety In Numbers: A Range of Products Earn Bigger Profits.Find The Best Products For The Lowest Price.Product Testing: Is Your Product Hot Or Not?.Here’s what we’re going to cover so you know what to think about as you start your import export business venture: Start an import export business is challenging and will take some study and research but the rewards are great. Starting an import export business really isn’t rocket science and can be hugely rewarding and make you financially successful but of course, is going to take time, dedication and some all fashioned hard work. A stable neighbourhood where Chinese hegemonic ambitions are contained is essential for prosperity in South Asia.The story of Lord Alan Sugar is a great one, from selling radio aerials for cars and other electrical goods out of a van, to a market stall, to multimillionaire. But then it would be money well spent if it results in India cajoling Nepal back into close, fraternal ties, just as it has Sri Lanka in recent months. With just these two moves, Nepal’s looming economic crisis can be mitigated to a large extent. In these circumstances, a small duty revision by New Delhi on edible oil imports can change the situation dramatically as can India stepping in to help its neighbour in its massive plan to revamp the country’s electricity infrastructure. Going forward, Nepal is due for an upgrade to the low-middle-income country status by 2027 which, in turn, would mean many of the duties and other benefits it receives as an LDC will be withdrawn. The much-touted tourism and tea industries which successive governments in Kathmandu have promised to boost have flattered to deceive. Nepal’s main source of foreign exchange is remittances, which constitute 25 per cent of GDP. Nepal generates its profit margin thanks in the main to export subsidies by Kathmandu and duty exemption by New Delhi on imports from less developed countries (LDCs). No economic logic can explain how Kathmandu can make money by importing edible oil through Kolkata port and transferring it to Nepal by road (700 km) for re-export,” the report adds. Landlocked and food deficit, Nepal doesn’t have such advantages. “As soya oil comes predominantly from South America and palm oil is sourced from Southeast Asia, India ~ as the world’s largest importer of both ~ has access to better sourcing arrangements and a slew of port-based refining facilities to support the trade. Put another way, India accounts for approximately 80 per cent of Kathmandu’s total exports of which edible oil constitutes a two-thirds share. Nepal exported $1.64 billion worth of goods last year to its southern neighbour and half came solely from Soya and palm oil exports. Revenue generation is far from keeping pace and is heavily dependent on exports to India. A recent media report points out that Nepal has a favourable 37 per cent debt-GDP ratio but its external debt to exports is close to breaching 350 per cent and its repayment obligations have been rising exponentially over the past decade. Nepal’s economy, as an expert recently put it, lacks depth, and this implies it is at risk of an economic crisis despite the statistics not showing any cause for immediate alarm.Īs observers have pointed out, there is a reason why Kathmandu banned and/or restricted the import of what it termed luxury items from India last month and Nepal’s central bank is doubling down on augmenting its foreign reserves. New Delhi should be willing ~ and there are signs it is preparing ~ to pump desperately- needed funds into Nepal to prevent it from failing as a state and adding to the chaos in South Asia caused by the economic collapse of Sri Lanka.
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