KATHMANDU: Minister for Industry Nabindra Raj Joshi has urged international communities to invest in Nepal's infrastructure development and industrial sector as the country has adopted a very liberal and competitive foreign investment policy.

Addressing the 44th Session of United Nations Industrial Development Organization (UNIDO) Industrial Development Board in Vienna, Austria, on Tuesday, Minister Joshi said, "Industrialisation is the most crucial vehicle to achieve the end goals of poverty eradication, decent job creation, inclusive economic growth, equitable development and shared prosperity. The least developed countries like Nepal aspire to achieve industrialisation at a more rapid and sustained pace so as to bring meaningful transformation in their social and economic life."

Minister Joshi added that it could be hardly emphasised that increased investment in energy and infrastructure, continued human resource development and skill transformation, application of new technologies and innovation are prerequisites for sustainable industrialization and undoubtedly, there are several untapped potentialities in the developing countries, particularly in LDCs like Nepal, where attention of all relevant agents of transformative change should be focused in line with the pledge of ‘leaving no one behind’ as contained in the 2030 Agenda for Sustainable Development.

Saying Nepal promulgated a new constitution through the Constituent Assembly last year, Minister Joshi said that the new constitution has ensured democratic freedom, human rights and inclusive society.

He further said that the people of Nepal are poised to bring about revolutionary changes in the economy through industrialisation in the same manner as they made historic contribution for the democratic achievement.

The Industry Minister also expressed belief that UNIDO will stand with Nepal to this cause.

He said, "We have challenges to adapt to the changing business environment fueled by technological advancement, enhance production and productivity of goods and services valued in the market, control wastes and pollution, raise efficiency in the production methods, and utilize more renewable energy in the total energy mix to ensure green growth. Nepal harbors very rich biological diversity and fresh water resources – major sources for renewable energy. We are keen to make sure that these two important resources are properly utilized as important inputs for inclusive and sustainable industrialization."

Saying there are ample possibilities of development in LDCs like Nepal, Minister Joshi said, "We are keen to promote entrepreneurship and strengthen the capacity of the small and medium enterprises to link them to the regional and global value chains towards this end."

He said that Nepal has expected more substantive FDI inflows and technology transfer into Nepal and looking forward to strengthening our partnership with the entire spectrum of development partners.

Minister Joshi stressed that this august body should be able to tailor inclusive and sustainable industrialization policy and strategy commensurate with the developmental need of every member country in conformity with the objectives of the SDGs as well as technical assistance program of UNIDO, in particular, should be made more responsive to the various copes and opportunities available in the member countries.

Minister Joshi has been participating in the 50th anniversary of the UNIDO and Expo taking place from November 21-25.