Kathmandu, March 2: Minister for Industry Omkar Prasad Shrestha talking to journalists at a press meet organised by the Ministry of Industry, Thursday.

Kathmandu, Mar 2:The government is to launch a plan to boost up the country’s industrial sector that has lately undergone serious setback due to the market domination of foreign goods.

The Industrial Perspective Plan that is still in the pipeline would incorporate the concepts of liberalisation and transparency in the areas of investment and export, Industry Minister Omkar Prasad Shrestha said at a press meet held at the Ministry this afternoon. This would also ease the difficulties prevalent in Nepal’s industrial scenario, he said. “We are working out for the preparation of the proposed plan which will complete within a couple of months’ time.”

Stating that frequent changes of legislation in the past had an adverse effect on the industrial development of Nepal, Minister Shrestha said that the government was determined to concretise the industrial policy through some amendment of the present Industrial Act and other related Acts. He expressed the hope that the proposed amendment would correct the past shortcomings. “The present amendment aims at improvising and liberalising the industrial sector of the country,” he said.

Shrestha said that the government was out to attract foreign investment that would reduce labour displacement and ensure technology transfer in the country. “We are studying about the prospects of attracting foreign investors in the country on the basis of Fast Track System.”

Responding to a query, he said that the state-owned industries that were functioning well would not be privatised. “Instead we will enhance their capacity with some more investment and technical reforms that will enable them to meet the target of their production.”

He, however, did not deny the prospects of privatising those industries that had poor performances. “We are studying and working out for the privatisation of those industries if need be.”