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January 4: Experts and government officials said during an interaction that the government should work to control the ballooning trade deficit of the country. They stressed on the need to amend old laws and policies to support the industrial sector gain pace.
Speaking at a program organised in Kathmandu on Wednesday, Puskar Bajracharya, former member of the National Planning Commission, said that the contribution of manufacturing sector to country’s gross domestic product (GDP) is slowly declining, so the government should take necessary steps to solve this issue.
The program entitled ‘Industrial Development and Trade Policy' was jointly organized by Society of Economic Journalists-Nepal (SEJON) and Economic Policy Incubator (EPI).
Likewise, Hari Bhakta Sharma, president of the Confederation of Nepalese Industries (CNI), said that the new government should make economic growth its main priority.
He also informed that entrepreneurs are opting for trade rather than manufacturing business. “The cost of importing raw materials for manufacturing has become more costly in Nepal,” he said, adding that this has propelled entrepreneurs to opt for trading.
Meanwhile, Yam Kumari Khatiwada, secretary at the Ministry of Industry (MoI), informed that the government has been working to make investment-friendly policies. She also added that the MoI will work with the private sector to make appropriate policies for the industrial sector to grow.
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