These are the government’s priorities in industrial sector

KATHMANDU: The government has stated that it would update legal provisions related to the industrial sector to improve the overall industrial environment in the country. It has also said that private sector participation will be encouraged in the construction and operation of industrial zones, special economic zones, and industrial villages.

Presenting the government’s policies and programs for the upcoming fiscal year, President Ram Chandra Poudel said agriculture, industries, and other related sectors will be promoted in an integrated manner. The government has unveiled programs such as promoting the ‘Make in Nepal’ and ‘Made in Nepal’ campaigns, and encouraging both domestic and foreign investors in the mining sector. It has also announced reforms in the existing legal framework to ensure the availability of necessary construction materials through proper utilization of forests and mines.

Likewise, the government has stated that it will prepare detailed project reports for the extraction of potential minerals such as magnesite, phosphorus and iron, and proceed with environmental impact assessment studies. Similarly, it has set a target to complete the ongoing exploration of the petroleum mine in Dailekh during the upcoming fiscal year.

The government has stated that it will work in coordination with sub-national governments to promote innovation and startup businesses and coordinate with expert institutions to implement industrial policies and improve the industrial environment. It intends to start business incubation centers in all seven provinces in coordination with the private sector.

The government has also announced that it will provide concessional loans to at least 1,000 youths to promote entrepreneurship. Likewise, it has announced plans to encourage youths returning from foreign employment to establish and operate small and medium-scale industries. At least 1,000 youths will be provided with concessional loans to become small, domestic, and small-scale entrepreneurs in the coming year, the policies and programs document reads.

Likewise, the government intends to encourage diplomatic missions and international organizations to increase the use of Nepali products. The government plans to facilitate quality testing laboratories and amend laws related to intellectual property.

Similarly, the government has said that it will expedite the construction of the Dodhara Chandani Dry Port and take needful initiatives to reduce trade costs in coordination with India.

The government also aims to obtain geographical indication marks for exportable crops and other products.