BHARATPUR, AUGUST 24

Him Electronics, a subsidiary company under Golchha Group, along with Samsung have announced plans to set up a television factory in Nawalparasi, giving a boost to the country's electronics sector. The new plant is in line with the Nepal government's objective of fostering local production capabilities.

At the foundation laying programme, Shekhar Golchha, chairman and managing director of Golchha Group, said, 'This new factory will prove to be a milestone for Nepal. Establishing the factory will help in expanding the economy of the nation and raise the country's output and skill levels, making it a more competitive nation in the global market. This is the result of our 22-year-long collaboration with Samsung.'

He also assured that the company will explore all possible means to expand its manufacturing capabilities alongside enhancing employment opportunities.

Similarly, Ken Kang, regional president and CEO for Samsung Southwest Asia, said, 'The new LED television factory in Nawalparasi with our longstanding partner Him Electronics is a testimony to our continuing commitment to the people of Nepal and the consumers' ever-growing trust and love for Samsung products.'

'The collaboration between Samsung and Him Electronics represents a strong symbol of South Korea's strong partnership with Nepal and we have stepped into a new chapter today,' he added. 'This is also a milestone for Nepal in its endeavour to become a manufacturing hub. The new factory will help create employment opportunities as well as generate high skilled manpower while also attracting foreign direct investment (FDI) to the country. It will also contribute to the country's economy by developing the electronics ecosystem.'

Moreover, Minister for Industry, Commerce, and Supplies DIlendra Prasad Badu expressed best wishes for a successful venture of the factory and congratulated both Samsung and Golchha Group for their partnership.

'Nepal is an emerging destination for FDI in South Asia with several comparative advantages. The country has always taken the policy of attracting foreign investment to speed up the process of industrialisation and ensure the overall economic development. To ensure a positive environment in business and investment, the government of Nepal has been improving its national policies, legislations, procedures, and strengthening the institutional capacities,' Minister Badu said.

He also shared that Nepal is highly committed to creating a favourable environment for investment. 'The government of Nepal has established and operated a service centre under the Department of Industry to provide all kinds of services related to foreign investment through a single window. Sandwiched between two of the fastest growing economies in the world, Nepal has huge potential to achieve double-digit growth within the next halfa-decade,' he added.

He further assured that the government is ready to support, facilitate and promote FDI in Nepal.

With the introduction of the manufacturing facility, Nepal has increased its potential to transform the electronics space in the country with local enterprise, new skills, innovations, and jobs, helping to increase efficiency and productivity, creating more employment, and developing a stronger electronics manufacturing ecosystem.

The construction of the necessary infrastructure for the new factory is expected to be completed by the end of this year, while production is expected to start in 2023.

Minister for Industries, Commerce and Supplies of Lumbini Province Ajay Shahi, Ambassador of the Republic of Korea to Nepal Park Chong-Suk, Samsung Electronics Global President and Chief Financial Officer HK Park, and Chief District officer of Ramgram Municipality Shrawan Kumar Pokharel, among other local dignitaries, were also present at the foundation laying ceremony.

A version of this article appears in the print on August 25, 2022 of The Himalayan Times.