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January 30: The government should amend the existing industrial policy, which only promotes and encourages the import of products from foreign countries, said Hari Bhakta Sharma, president of Confederation of Nepalese Industries (CNI).
“The current industrial policy is not investment friendly. As a result, there has been very minimal investment in the industrial sector, prompting maximum import of goods from overseas,” he said while addressing a program in the capital on Tuesday, January 30.
Addressing the 27th anniversary of Deurali-Janta Pharmaceutical Pvt Ltd, he further added that the policy which encourages and supports industrial sector and promotes export will help the government to alleviate poverty of the country in a very short period of time. Sharma is also the executive director of Deurali-Janta Pharmaceutical.
“The investment and industrial-friendly policy will encourage more entrepreneurs to establish industries in the country, which will help reduce the number of youths travelling overseas for foreign employment,” he said, urging the government to amend and form industrial policy as per the need of the country.
Similarly, addressing the event, Vice President Nanda Bahadur Pun requested the current and the upcoming government to form industrial policy which promotes and encourages the private sector of the country.
“Nepal has immense possibility to be self-reliant on pharmaceutical products. The country is blessed with enough raw materials to produce different kinds of drugs. The export of pharmaceutical products alone can also decrease the ballooning trade deficit of the country,” he said, adding that the country in the last fiscal year imported 56 percent of the total drugs in demand from overseas.
There are a total of 120 pharmaceutical industries in the country, and the pharmaceutical market is of Rs 40 billion. Pun further added that Nepal had exported pharmaceutical products worth Rs 708.5 million in the last fiscal year, which shows that the country has immense possibility to export drugs to the foreign medical market.
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<p>“Nepal has immense possibility to be self-reliant on pharmaceutical products. The country is blessed with enough raw materials to produce different kinds of drugs. The export of pharmaceutical products alone can also decrease the ballooning trade deficit of the country,” he said, adding that the country in the last fiscal year imported 56 percent of the total drugs in demand from overseas.</p>
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