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Spotlight: Nepal takes step to revive closed private sector industries

Xinhua, December 13, 2016 Adjust font size:

Nepalese government has taken initiative to revive the private sector industries which were closed over the last several years, by offering policy and infrastructure related support.

Industry Minstry said on Monday that it was going to issue a 21-day notice requesting the owners of closed factories to provide details about their factories including the reason behind the closure.

Neither the Nepalese government nor the private sector bodies have exact information about the number of industries closed in the recent years.

But, a large number of industries, particularly the manufacturing ones, were closed due to unfavorable business environment created by decade long civil war, prolonged political instability, labor unrest and most recently, the last year's deadly earthquake and border blockade in the southern border points.

Nepalese Industry Minister Nabindra Raj Joshi said that the government would form a panel to study on the closed industries if the government could provide certain support for their revival after their details are received.

"The government will provide physical, infrastructure and policy related support for the industries which could be revived," he said at an event organized by the ministry.

The Nepalese government has planned to collect details about such industries from both local and central levels.

The Industry Minister, who has also already taken move to revive state-run industries such as Nepal Drugs Limited, a pharmaceutical company and Hetauda Textile Factory, established with Chinese support in 1976, took another step to revive the closed private sector industries too. The government's move has delighted the Nepalese private sector.

Pashupati Murarka, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex private sector body of Nepal, said the government's move was positive but the question is whether it would be serious to implement its plan.

"Hundreds of the industries, particularly small and medium scale ones, perished due to earthquake in the worst hit 14 districts of the country, but they have been hardly getting any support for revival from the state so far," said Murarka.

Although the Nepalese government formed Rehabilitation Fund worth 1 billion U.S. dollars to revive quake-hit industries, hardly any amount has been spent from the fund, according to Nepal Rastra Bank, central bank of Nepal, under which the fund has been established. Endit