April 4: Private sector stakeholders have reached an agreement to develop an 'ecosystem' of companies related to manufacturing, agriculture and service sectors.

The Federation of Nepal Cottage and Small Industries and Nepal Development Research Foundation have reached an understanding to this effect.

These two institutions signed a memorandum of understanding to this end in Kathmandu on Sunday.

As per the agreement, a team will visit various districts and discuss with the small and medium industrialists about their problems, market, human resources, production and other issues as part of their research, said Professor Doctor Navraj Khatiwada, chairperson of the research foundation.

He said that entrepreneurs will also be informed about the new technologies seen in the industry, value chain and industry promotion. The aim is to conduct a pilot project to develop the companies involved in these fields and make them successful enterprises. It has been agreed to select industries currently located in a certain geographical area to increase productivity by developing the ecosystem of entrepreneurs in the productive, agricultural and service sectors.

Shyam Prasad Giri, the former president of the Federation of Nepal Cottage and Small Industries, said that the industrial sector is in crisis in the current situation.

While developing and promoting the business of entrepreneurs in manufacturing, agriculture, digital services and other sectors, both the sides will mobilize their expertise, resources and manpower.

Research and strategy will be conducted by the foundation. The agreement also mentions that discussions, lobbying and joint initiatives will be taken with all the three governments of the federal, state and local levels to get new projects or support in the ongoing projects.