Industrial development most crucial for economic growth: Regmi

KATHMANDU, Feb 7:

Chairman of Council of Ministers Khil Raj Regmi has said that industrial development plays a crucial role to overall development of a country.

Speaking at the inaugural ceremony of the 12th National Industrial Trade Fair and Cottage Industry Festival and Renewable Energy Week-2014, Regmi said the pace of economic development in any country depended on industrial development of the nation.

“As a huge percentage of the industrial sector of Nepal is made up of small-scale and cottage industries, we all should make efforts to bring in more investment, both domestic and foreign investors, toward it,” Regmi said, adding that stakeholders in the industry should assure investors of a favorable investment environment in the country.

He said though the country had made a significant leap on the political front, the economic sector is still lagging behind. “Political progress and economic development should go side-by-side. For this, the role of the private sector is inevitable,” Regmi added.

Addressing the function, Finance Minister Shankar Prasad Koirala said Nepali products lack effective promotion in the local as well as international markets and need massive promotional activities that should be jointly initiated by the government and the private sector.

“Despite having an immense potential, our products are not finding a proper market. Such national fairs have to be conducted frequently to brand and promote domestic products,” Koirala said.

In the meantime, Bhaskar Raj Rajkarnikar, the senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said the private sector should initiate the country´s economic development rather than join hands with the government. “The government should help us by bringing effective and investment-friendly policies,” he said.

The five-day event, jointly organized by the Federation of Nepal Cottage and Small Industries (FNCSI) and Alternative Energy Promotion Center (AEPC), showcases herbal products, ceramic products, stone craft, wooden craft, leather and footwear products, agriculture products, and products related to solar energy and bio gas, among others.

Organizers have targeted drawing in 500,000 visitors to the event and hope transactions to cross Rs 150 million.

Source: Republica