Promotion of domestic industries is necessary to increase production, consumption: Industry Minister

KATHMANDU: Minister for Industry, Commerce and Supplies Damodar Bhandari has underscored on promotion of domestic industries to increase the production and consumption of domestic goods.

Addressing the ‘Make In Nepal- Swadeshi’ campaign organized by the Confederation of Nepalese Industries (CNI) in collaboration with the Ministry here today, he said, “It is necessary to promote the domestic industries also to expand trade by taking comparative advantage. Arrangements for this would be made in the upcoming year’s budget.”

He said the Ministry is committed to promoting the domestic enterprises and giving high importance to the domestic industries as well. “The Ministry of Finance has been suggested towards that end and it would be given the same suggestion in the coming years as well. Personally, I will also take special initiatives for this work,” he added.

The Industry Minister stressed on the need of increasing the contribution of the industry sector to the national Gross Domestic Production (GDP), stating economic prosperity would be hard to come by until there is the contribution of the industry sector in the economy.

He pointed out the need for a big reform for that purpose. Minister Bhandari called on all sides to move ahead towards increasing the industry sector’s contribution to the national economy, encouraging investments in the industry sector. The government is committed promoting investment in the industries in collaboration with the private sector.

“In order to attract foreign investment as well as domestic investment, I request the private sector to play an important role in encouraging foreign investors based on the experience of the private sector on how to promote investment in the industrial sector and bring in foreign investors,” he suggested.

Praising the role played by the CNI for the promotion of industries the country since its inception, he expressed his gratitude for the contribution made by the Confederation in facilitating the implementation of the government’s policy and increasing the industrial production as an organization of genuine industrialists.

Minister Bhandari expressed the confidence that the ‘Make in Nepal-Swadeshi’ campaign, which is being conducted by the CNI in agreement between the Government of Nepal and it, will prove to be a milestone in developing Nepal as a self-reliant, self-sufficient and export-oriented economy.

He said, “The Ministry has been giving this campaign a high priority and it has also been helping to make this campaign a success. It will continue to do so in the future. The CNI has been urging the government and the public entities to buy domestic goods and the government is also positive on this. This arrangement is in place in the law as well. The ministry will also take necessary initiatives for its effective implementation. I urge everyone, including the private sector, to use indigenous products.”