Newly appointed Minister for Industry, Commerce and Supplies Matrika Prasad Yadav has said that the government will give high priority to promoting industrialisation and economic growth in the country.

Amid a meeting with the officials of Federation of Nepal Cottage and Small Industries (FNCSI) here today, Minister Yadav said that it is through agendas of industrialisation and economic prosperity that the parliamentarians have won the recent election and thus all the lawmakers will now focus on realising these agendas.

“We cannot achieve economic prosperity without promoting industrialisation and investment in the country. The urge private sector to rest assured this government will place industrialisation and investment under high priority,” said Yadav.

Informing that the development and promotion of both production-based and service-oriented industries require a strong coordination between the government, industrialists and workers, Minister Yadav said that the government will soon formulate a unified work plan among government agencies looking after industry, commerce and supply in a bid to achieve holistic economic development.

Speaking at the meeting, FNCSI President Shyam Prasad Giri informed that the ballooning trade deficit of the country is the major bottleneck for economic growth and overall development of the country. “The government should promote small and medium enterprises and the overall industrial sector, as the sector has significant contribution to the national economy,” said Giri.

Giri also suggested the government to promote domestic manufacturing sector and exports. He urged the government to immediately form an Export House to promote the export of Nepali goods.

Meanwhile, FNCSI also appealed the government to strictly implement the Directive to Increase Consumption of Domestic Goods, 2013 and encourage public offices to use Nepali products over foreign brands.

Though the directive instructs state entities to use at least 50 per cent Nepali products even if they are up to 10 per cent costlier than foreign products, consumption of Nepali products in the government offices remains disappointing, according to FNCSI.