NCC urges govt to utilise remittance in manufacturing industries

Nepal Chamber of Commerce President Rajendra Malla submits 12-point suggestion to Minister for Industry, Commerce and Supplies Damodar Bhandari at the latter’s office in Singha Durbar, Kathmandu, on Tuesday, January 23, 2023.

KATHMANDU: Nepal Chamber of Commerce (NCC) has urged the newly appointed Minister for Industry, Commerce and Supplies Damodar Bhandari to make a policy to encourage investing the remittance money in the manufacturing industry.

The NCC has requested to encourage the investment of youths with an effective policy in the productive sector citing that most of the remittances are spent only on consumption.

A delegation led by NCC President Rajendra Malla met with Industry Minister Bhandari at the latter’s office in Singha Durbar, Kathmandu, and handed over 12-point suggestions to increase industrial production and promote exports and advance various economic bills.

During the meeting with Industry Minister, NCC President Malla said, “A large part of remittance has been spent on consumption.”If an environment is created to invest remittance in the industry by making clear policies and laws, it will promote exports. Malla lamented that although the country receives remittances worth more than Rs 1 trillion annually, the amount could not be utilised in industrial production.

NCC officials also requested Minister Bhandari to bring the concept of export houses in all seven provinces for industrial promotion. Malla said some provisions of the Black-marketing and Some Other Social Offenses and Punishment Act, 2032 (1975) were irrelevant in the current situation and emphasized the need for timely reform.

NCC President Malla said that Minister Bhandari has also been asked to create an environment to pass economic and other bills related to the private sector which are under consideration in Parliament in time. The private sector’s organisation has also called for the encouragement of agriculture, herbs, and forest industry, including minerals, gems and stones based on local resources. The chamber has drawn the attention of the newly appointed Minister to hold an international investment summit soon to create an investment environment in the country.

During the meeting, Minister Bhandari said the government has prioritised to improve the industrial policy. He informed that the government has a plan to expand the capacity of the industry and employ 5 million youths.

Minister Bhandari said, “In the first meeting of the Parliament, the issue of employment has been given priority.” He said that the policy of promoting exports by expanding industrial capacity is also mentioned in the common minimum programme of the government and added preparations are ongoing to change the trading strategy.

The delegation of NCC included Immediate Past President Rajesh Kazi Shrestha, Senior Vice President Kamalesh Kumar Agrawal and vice presidents — Deepak Kumar Malhotra, Deepak Shrestha, Urmila Shrestha.


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