Kathmandu, October 4

Emphasising on the need to reform policies to create an industry-friendly environment in the country, Minister for Industry Nabindra Raj Joshi said that the ministry has been currently focusing on restructuring existing policies related to industry and investment.

At a meeting with Ambassador of Denmark to Nepal Ingrid Dahl-Madsen, Minister Joshi informed that the Ministry of Industry (MoI) has put policy reform in top priority as policy hurdles have been taken as a major obstacle for industrial growth in Nepal. “Our focus is to develop new industry-friendly policies and make necessary reforms in the existing ones to encourage investments in the industrial sector for its growth,” said Joshi, adding that such policies would also encourage foreign investment in the country.

Informing Ambassador Madsen that the parliament has recently passed the Industrial Enterprise Act and SEZ Act, which have provisions that will help lure investment and industrial growth, Minister Joshi said that MoI has also started groundwork to draft required regulations on time and to implement them. Similarly, he also said that the ministry is working to bring the Company Act at the earliest.

On the occasion, Ambassador Madsen said that Danish investors are willing to invest in Nepal. Similarly, Madsen also expressed Denmark’s interest to support Nepal to organise foreign investors’ summit here.

Meanwhile, at a meeting of Nepal Business Forum (NBF) today, Minister Joshi also directed all MoI staff and other stakeholders to carry out result-oriented works by maintaining a proper and concrete work plan for every work. “Lack of coordination among government bodies is another reason for the delay in most of the works which needs to be addressed,” Joshi added.

On the occasion, Industry Secretary Shankar Koirala said that MoI is determined to make NBF a strong and capable organisation.