Minister for Industry Som Prasad Pandey (2nd from left) addresses an event organized by the Ministry of Industry to make public its progress report of the past 6 mnths at Singha Durbar, Kathmandu, on Tuesday.(Bijaya Rai/Republica)
KATHMANDU, July 20: Business leaders have emphasized the need to remove policy hurdles for industrial growth in the country.
Stating that existing policies are not favorable to the private sector, they demanded that the government review laws and policies government the industrial sector for making the country investment-friendly.
Speaking at a program organized by the Ministry of Industry (MoI) to make public its work progress of the past six months, Bhawani Rana, officiating president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said: “Domestic as well as foreign investors are unwilling to put their money here due to different policy hurdles. It is high time the government simplified laws and policies and make them industry-friendly so that the country's industrial sector receives more investment.”
Informing that industrial growth is the base for country's economic growth and prosperity, Rana further added that both the government and the private sector should join hands to drive country's economy forward.
Speaking at the program, Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC), said the government should review existing laws and policies and focus on implementing policies and programs meant for the industrial sector. “The government has been introducing various industry-friendly programs in recent years and also involving private sector representatives while drafting laws and policies. However, these policies and programs won't be of any help if the implementation side is weak,” said Shrestha.
He also urged the government to bring Industrial Policy soon.
On the occasion, Surya Prasad Silwal, secretary of the Ministry of Industry, said that the government's plans and programs aim to increase production, generate employment opportunities, and ultimately drive the country's economy to a new high by promoting the industrial sector. “We are always positive toward solving problems faced by the industrial sector,” he added.
Addressing the program, Minister for Industry Som Prasad Pandey said that the government was committed to creating favorable investment climate in the country as well as increase contribution of industrial sector to the GDP. “There was a time when industrial sector's contribution to GDP was 16 percent. And now it has dropped to 6 percent,” Pandey said, adding: “The economic prosperity we are talking about these days is only possible through proper industrial growth.
The government is committed to do its best for helping industries to increase production and use available resources to the fullest.