Monday May 27, 2024
Monday May 27, 2024

Nepal-Swadeshi Summit 2024: 35-point declaration issued

2024 May 08, 5:33,

 The Make in Nepal-Swadheshi Summit-2024' has concluded here on Tuesday with a 35-point declaration.

The summit was organized by the Confederation of Nepalese Industries (CNI) with the goals of empowering local industries and increasing domestic production and encouraging consumption.

The declaration was handed over to Minister for Finance Barshaman Pun during the closure of the conference. Minister Pun pledged to make utmost efforts to incorporate the important recommendations collected from the panel discussions in the conference in the upcoming budget.

The government would adopt the policy of increasing domestic production and promoting indigenous products and the procuring domestic products for public offices, he assured.

Stating that the Prime Minister had instructed him to move ahead by adopting flexible policy for the private sector, Pun reaffirmed to introduce upcoming budget that would encourage private sector.

The declaration includes issues ranging from taking initiatives for reforming existing laws and devising industry-friendly laws to address the policy, legal, procedural and practical difficulties seen in creating favorable industrial environment to holding dialogues to create enabling environment for investment.

Furthermore, efforts will be made towards making domestic products and services the first choice of Nepali consumer.

Likewise, the declaration stated that an easy and smooth supply of raw materials should be ensured and the customs rates of the finished goods and raw materials should be differentiated to promote domestic industries.

Furthermore, the declaration calls for establishment for a specialized financial institution to invest in industrial sector, putting a provision that the government and government agencies should use locally made products while gifting and establishing a 'Domestic Product Identification Portal' to identify domestic products among others.

Moreover, the declaration draws attention of the government towards implementing separate Terms of Reference to effectively operate One Stop Service Centre, implementing Integrated Industrial Development Strategy for development and promotion of industrial areas and taking forward the construction of industrial infrastructures in public and private partnership.

The declaration also presses for positive intervention by the government while importing the goods or products in which Nepal has gained self-sufficiency. The declaration sees need to encourage production and import of domestic products by identifying comparative advantage and competitive areas.

Similarly, the declaration suggested that fine should be imposed on the erring or accused industrialists rather than lodging criminal charges against them as detention and misbehaving the alleged industrialists in financial offence cases would tarnish their reputation.

Provision has been demanded that until the accused industrialists are proven guilty, they should not be detained. A separate Act should is sought to regulate the industrial sector as , the declaration mentioned, the industrial and investment environment tend to deteriorate while taking action as per the criminal law against the erring industrialists.

The declaration also calls for timely review of the bilateral and multilateral agreements and treaties Nepal inked in regard to trade and investment. Attention has been drawn towards forging a common viewpoint among the major political parties on the agenda of economic prosperity and industrial development for stability at policy level to effectively implement budget

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