KATHMANDU, JUNE 5

Ministry of Industry, Commerce and Supply has formed a high-level Industry and Investment Policy Forum to support Industry and Investment Promotion Board, established under the Industrial Enterprises Act, 2020.

According to Prakash Dahal, spokesperson for the ministry, the forum will provide suggestion to the board after examining practices of industry and investment management in the neighbouring countries.

The forum is required to recommend the board to improve particular industry along with the procedure and technology involved. It is also required to advise the board on industry types and investment sectors at provincial and local levels.

“Major objectives of the forum are to improve the country’s economy, create employment opportunities and enabling environment for investment,” said Dhakal.

Meanwhile, amid the lockdown foreign direct investment has continued to flow into the country. As per the ministry, in the last one month, a total of 15 industries have been registered at the Department of Industry.

Of them, 11 industries fall under FDI category. “In the last one month alone the department has granted approval to industries worth Rs 2.74 billion, with Rs 927 million under FDI,” he added.

Among the industries with foreign investment, seven have Chinese investment worth Rs 727 million and one each from India, South Korea, Netherland and Malaysia have investment worth Rs 50 million, each. “Even as the country is reeling under the COVID-19, the ministry is making efforts to minimise the impact of the lockdown in industrial sector,” said Dhakal, “The government will continue to promote investment in the country.”

A version of this article appears in e-paper on June 6, 2020, of The Himalayan Times.