Industry Minister Joshi bats for development of industrial sector

Kathmandu, September 4

Newly-appointed Industry Minister Nabindra Raj Joshi has said that enabling the industrial environment in the country is the major focus of his ministry.

To improve the deteriorating industrial environment, Minister Joshi laid emphasis on parallel reforms in the legal and administrative fronts to create a conducive environment for the industrialisation of the country.

In a meeting with a delegation of Nepal Chamber of Commerce (NCC), the industry minister stated that his first priority will be early approval of the bills related to the industrial sector, like the Industrial Enterprise Bill, Labour Bill, Company Bill, and Foreign Investment and Technology Transfer Bill, among others.

Recently, the Parliament had approved the Special Economic Zone Bill, which is expected to give a new lease of life to the country’s flagging industrial sector.

The country has faced premature deindustrialisation due to various factors like the insurgency, rampant power cuts, labour unrest, strikes and bandhs, among others. Minister Joshi, however, pledged that his ministry will do the needful to create momentum for industrial development.

According to the minister, he has been paying attention in controlling the outward flow of investment and labour from the country by creating jobs and investment opportunities within the country.

In the meeting, NCC President Rajesh Kazi Shrestha urged for the early approval of the financial and industrial bills, which are expected to encourage foreign investment and technology transfer in the country for industrial development. Stating industrial development is crucial for the overall economic development of the country, Shrestha said that cost of production will be minimised and investors will be lured to make investments in the country if the government is able to settle issues related to labour and power supply.