279 registered industries shut down in Chitwan

KATHMANDU: A total of 279 industries registered with the Industry and Commerce Office have been shut down since the beginning of the current fiscal year.

These closures primarily reflect industries that were registered for foreign purposes and those that failed to operate.

According to the office’s Information Officer, Shaktiman Kumal, many industries registered for foreign employment have been shut down. Some have ceased operations without ever functioning, while others were unable to sustain themselves.

In contrast, 273 new industries have been registered this year, including 262 private firms, seven community firms, and four private limited companies.

This marks a decline from the previous year, where 329 industries were registered and operational during the same period.

The industries that have closed down include those in the productive, agricultural, forestry, tourism, and service sectors.

Kumal highlighted an increasing trend of companies being registered for foreign employment purposes, only to be shut down once the initial purpose has been fulfilled.

Many entrepreneurs are closing their businesses after realizing that they are unable to generate income locally and are seeking foreign employment opportunities instead.

This trend has been particularly evident in industries that initially aimed to boost local economic activity but failed to sustain long-term operations.

Additionally, the Industry Office has reported that 2,167 industries have renewed their registration this year.

Among these, nine industries have changed their names, while 31 have relocated to new premises.

Moreover, 28 industries have made business modifications, and three others have received facility recommendations.

The data underscores a shift in local business dynamics, with a growing number of enterprises closing after fulfilling their foreign employment goals, alongside a notable decrease in the number of new industries becoming operational.