The Confederation of Nepalese Industries (CNI) has advised the government to introduce new industrial policy.

At an interaction on “Formulating an Effective Industrial Policy” jointly organised by CNI and Enhancing Nepal’s Trade Related Capacity (ENTReC), the CNI representative Jagadish Agrawal presented a paper calling for inclusive and dynamic industrial policy that is able to lure at least Rs 50 billion investment within next five years; increase industrial sector’s contribution to GDP to 10 percent and absorb 15 percent of workforce.

The paper said the new policy should address long-standing issues like lack of adequate capital investment, high cost of doing business, rigid labour system and so on.

The CNI has suggested the government to introduce incentives to bring down the cost of doing business at par with the neighboring countries.

CNI president Binod Chaudhary said it was time to begin the process of industrialisation. He said there should not be complicated laws where one ministry’s rights are overtaken by another ministry’s rights.

At the programme, Minister for Industry, Commerce and Supplies Rajendra Mahato assured to implement CNI’s suggestions.