Contents: - Nepal?s Smokeless Industry: Some Policy Options / Ananda P. Srestha - Competitive Advantages of Nation and Firm Strategy in Nepal / Bijay KC - Multinational Companies in Nepal: Are Investment Choices Consistent with National Interest? / Gunanidhi Sharma - Future of Banking in Nepal / Siddant Raj Pandey - Challenges of State-Building: Comparative Study of Japan, Korea and Nepal / Jan Sharma - Sangam Journal Style Sheet A Quarterly publication of Sangam Institute for Policy Analysis and Strategic Studies