Kathmandu. Minister for Industry, Commerce and Supplies Damodar Bhandari has said that pressure has been created on the economy due to COVID-19 and geopolitics.
Speaking at a function organized in the capital on the occasion of the 57th Annual General Meeting of the Federation of Nepal Chambers of Commerce and Industry and Industry Day, he said that the government is determined to face these challenges, bring the economy back to normal and chart a roadmap for sustainable economic development.
He said that the development of the industrial sector is a top priority of the government and that the government’s policy is to encourage domestic production, replace imports and promote exports. He said that the government has amended the laws to create an investment-friendly environment.
Industry Minister Bhandari said, “The development of the industrial sector is a top priority of the government. We have started various efforts to encourage domestic production, import substitution, export promotion and more. During the investment conference, 8 different laws were amended and procedures and regulations were also made through the efforts of the federation. Some time ago, 29 laws were amended to create a comfortable environment for attracting investment.”
Minister Bhandari said that the Federation of Nepalese Chambers of Commerce and Industry has been raising the issue of a bilateral investment agreement, and the draft of such an agreement has been approved by the Council of Ministers.
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