Saturday, 28 March, 2020

Short-term plan in offing to boost industry, commerce

Photo: file photo

By A Staff Reporter, Kathmandu, Jan.12: Ministry of Industry, Commerce and Supplies on Sunday unveiled its short-term action plan to promote the industrial sector and strengthen the commerce and supplies sectors.

Minister for Industry, Commerce and Supplies Lekhraj Bhatta made his short-term working plans public by according priority to the reforms in the existing policies and regulations to attract both domestic and foreign investments in the country and promote trade and commerce.

He expressed commitment to tabling the regulations related to anti-dumping and countervailing in the Cabinet for its approval within the next three months.

Similarly, the ministry will present the draft of regulations related to foreign investment and technology transfer in the Cabinet for its approval within one month, he said.

The ministry would present bills prepared for amending the Company Act in the parliament for approval, he said.

Within three months, the ministry will conduct a study of the potential products, except for NTIS goods, which can be produced in large quantity in the country and initiate to promote them in the international market, he said.

“We will prepare the fact-based procedure of the cash and non-cash incentives by reviewing the existing cash incentives being provided on export,” he said.

Minister Bhatta said that they would formulate national petroleum policy to ensure smooth supply of petroleum products across the country

“The construction of petroleum storage tanks with the capacity of 140,000 KL in Lothar of Chitwan and Chaarali of Jhapa will begin in the first phase. The construction of pipeline from Amlekhgunj to Lothar will start from the next fiscal year by completing the feasibility study of the project within three months,” Minister Bhatta said.

He said that the ministry would carry out the market monitoring activities in a new style and new mechanism to make it more effective and ensure the rights of people to consume quality goods at a reasonable price.

“We will inspect big hotels and tourist destinations to ensure that they are providing quality services to the people at a reasonable price. For this, we will prepare separate procedures,” he said.

He said that the fourth round of Nepal-India joint-secretary level talks would be completed at the earliest to review existing Nepal-India Trade and Commerce Treaty and secretary level commerce meeting with Bangladesh would be held by mid-March.

Minister Bhatta said that the his ministry would form a task force in the participation of experts within six months for the management of sick, closed industries under this Ministry.

He said that they would release budget of Rs. 3.2 million within 15 days for the establishment of each industrial grams in 32 places.

The feasibility study process for the Aatriya-Dhangadhi and Itahari-Biratnagar Industrial corridor would begin within three months, he said.

The ministry would call a tender for the operation and promotion of 91 mines in 14 districts in the participation of private sector, he said.

Minister Bhatta said that establishment of infrastructure would complete within the next six months to bring all works of the Department of Industries into automation.

Presenting the recent and past achievements, Commerce and Supplies Secretary Baikuntha Aryal said that the export trade of the country had, of late, been diversified as around 40 per cent of total products was being exported to different countries from the nation.

He said that the connectivity for the trade with India and China had been improving with help for the promotion of trade.

Talking about the recent issues of palm oil, he said that the ministry had started preparation to talk with Indian counterpart to resume the export of palm oil to India from Nepal.

Industry Secretary Yam Kumari Khatiwada said that recent improvement in policies and procedures contributed to make investment climate in the country.

The foreign direct investment commitment has increased by 132 per cent and domestic investment by 39 per cent within the first five months of the current fiscal year compared to same period last year, she said.

The inflow of commitment of foreign investment in the mega projects had been increasing which showed that foreign investors are willing to invest in Nepal, she said.

How do you feel after reading this news?