AUG 30, KATHMANDU.The government has started different policy-related reforms to attract private, domestic and foreign investment in the industrial sector.

The Ministry of Industry has prepared the drafts of Private Sector Development Policy-2070 BS, Foreign Investment Policy-2070 BS and National Intellectual Property Policy-2070 BS.

The industrial sector contributes 6.2 per cent in the country’s Gross Domestic Product (GDP). The number of large scale industries has reached 5,274.

The new policies would help further promote production and productivity, create employment opportunity, use of local skills with focus on the utilization of natural resources, import substitution and promotion of export, Ministry’s Joint Spokesperson Uddav Prasad Rijal said.

Similarly, preparation of the draft of Industrial Entrepreneurship Act and Foreign Investment and Technology Handover Act has reached the final phase. Likewise, a bill on Nepal Accreditation Board has been developed for the recognition of quality of Nepali products in the international market.

Besides, the Ministry is learnt to have prepared directives for the establishment of Technology Development Fund. Budget of Rs. 10 million has been allocated for the establishment of the fund.

Likewise, the Ministry has a target to expand the network of Micro Entrepreneurship Development Programme aimed at alleviating poverty to 50 districts and Rs. 440 million has been managed for the same purpose.

The Ministry has also decided to establish the SAARC Handicrafts and Design Center on the premises of Department of Cottage and Small Industries and land has been arranged and Rs. 5 million provided for the same. RSS