KATHMANDU: Minister for Industry, Commerce, and Supplies Damodar Bhandari said the government was committed to promoting startups as a flagship initiative to empower young entrepreneurs and innovators.
Speaking at an event organized by the Ministry on the 10th National Industry Day, held under the theme “Entrepreneurial Culture: Nation’s Prosperity,” Minister Bhandari stressed the crucial role of the private sector, banks, and financial institutions in supporting the growth of startups.
The Industry Minister urged financial institutions to mobilize stagnant capital by investing in startups, fostering economic activity.
He underlined the importance of government-private sector cooperation to revive the struggling industrial sector and assured that the government is prepared to address legal barriers hindering collaboration.
Prominent figures, including Ministry Secretary Krishna Bahadur Raut, Commerce Secretary Govinda Bahadur Karki, former FNCCI President Kush Kumar Joshi, Federation Vice President Shurkrishna Baidya, and Investment Board CEO Sushil Gyawali, called for stronger partnerships between the government and private sectors to support startup growth.
The speakers expressed concerns over the limited consumption of Nepali-made products, which are often confined to fairs and exhibitions.
They stressed the need for government-led initiatives to boost the market for domestic goods and warned that the industrial sector’s growth is constrained by high customs tariffs on raw materials compared to finished imports.
Advocating for import substitution, they highlighted the need to strengthen Nepali industries by reducing tariffs on essential raw materials, enabling local products to compete in the market and contribute to national prosperity.
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