As of Falgun 2082, investments worth Rs. 492 billion have been approved by the Board of Industry and Investment. With this, the total approved investments as of Falgun 2082 have reached Rs. 5444.6 billion.
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Investment in the industry sector has increased in the current fiscal year. Till Falgun of the current fiscal year, industry registration has increased by 11.8 percent. This is seen to increase employment creation in the domestic labor market.
According to the economic survey made public by Finance Minister Swarnim Wagle on Wednesday, 1,117 industries have been registered till Falgun of the fiscal year 2082. Till the previous Falgun, there were 9,963. Of which, large industries account for 13.9 percent, medium industries account for 20 percent, and small industries account for 66.1 percent. It is estimated that 785,520 people will be directly employed through the operation of these industries.
The number of Nepalis going for foreign employment is increasing due to the lack of assurance of quality employment in the country. As of mid-Falgun last year, the number of new and old labor permits has reached 525,000. 745,435 unemployed people have been registered at the Employment Service Center. ‘There has been no investment based on Nepal’s young workforce yet. Which puts a lot of pressure on foreign employment,’ said employment expert Yubaraj Basnet, ‘Investment in the domestic market has not increased as expected.’
Till Falgun 2082, the Board of Industry and Investment has approved investments worth Rs 492 billion. With this, the total approved investment till Falgun 2082 has reached Rs 5444.6 billion. Out of the approved investments, large industries account for 82.2 percent, medium industries account for 9.4 percent and small industries account for 8.5 percent.
Among the registered ones, the largest share is in manufacturing industries at 33.3 percent, service industries at 23.9 percent, tourism industries at 23.5 percent and other industries at 19.3 percent. In terms of investment, the largest share is in energy-based industries at 55.1 percent. Among the industries registered in the current fiscal year, the largest share is in the information and communication technology-based industry, accounting for 45.1 percent.
Foreign investment is low as of mid-Falgun of the current fiscal year. Foreign investment of Rs 40.7 billion has been approved in 554 projects. In the same period, foreign investment worth Rs 44.66 billion has been approved in 427 projects in the last fiscal year.
So far, foreign investment of Rs 625 billion 580 million has been approved in 7,951 projects. It is estimated that 362,000 jobs will be created. Based on the total investment, China accounts for the highest share of 48 percent, India 17.9 percent, Hong Kong 5 percent, and South Korea 4.2 percent.
The government has amended the Industrial Business Act-2076, the Foreign Investment and Technology Transfer Act-2075, the Companies Act-2063, and the Special Economic Zones Act-2073 to improve the economic and business environment and facilitate/promote industry and investment.
Since then, private sector employers have not yet participated in the contribution-based social security introduced to create an industrial environment. So far, 23,210 employers have joined social security.
In the current fiscal year, only 471,833 additional people from the formal, informal, foreign employment and self-employment sectors have joined social security. A large portion of them are going for foreign employment. They have not been making regular contributions to the fund. An amount of Rs 104.22 billion has been collected from contributors to the social security fund. Of which, Rs 19.24 billion has been paid.
