Industry based on swadeshi raw materials should be established: President Bhandari

President Bidya Devi Bhandari has said that the trade deficit can be brought into balance by producing the raw materials required for the domestic industry.

While inaugurating the seventh edition of the 'Birat Expo' organized by industry association Morang in Biratnagar on Thursday, President Bidya Devi Bhandari said that capital and labor migration can be stopped by promoting domestic production.

Since Biratnagar, which was an industrial and economic center until a few years ago, is struggling to maintain its past identity, the President asked to build a symbolic structure to maintain its historical pride. Biratnagar has been struggling to maintain its identity in recent years. I urge you to build a symbolic structure to preserve the identity while maintaining the pride of history," President Bidya Devi Bhandari said.

He said that the exhibition organized to promote trade and production from the private sector will help the economy. President Bidya Devi Bhandari said, 'I request the private sector to identify the problem in the industrial sector and draw the attention of the government to solve the problem.'

Stating that trade and industrial exhibitions are important because they develop relationships between producers and consumers, he expressed his belief that exchange of experience and learning will help the economic sector. He said that the trade fair will also contribute to the promotion of tourism destinations, agriculture and handicrafts.

While inaugurating the expo, Chief Minister Rajendra Rai said that despite the abundance of natural and cultural areas in Province 1, it is number one in terms of development potential, but in reality it is losing its position. Chief Minister Rai said that one should not think that only the state will do all the work and the private sector should contribute on its part.

He said that the unitary and centralized governance system is an obstacle for the development of the province, but even though it is called federalism, it has not been implemented theoretically and practically. Chief Minister Rai said, "Due to federalism, the development has been commercialized and gradually it will bring results.

Shekhar Golchha, President of the Confederation of Nepal Industry and Commerce, said that Nepal's economy is currently facing internal challenges. Golchha commented that due to the policies taken by Nepal Rastra Bank, the economy is shrinking, because the country's economy is not running but it is shrinking due to paying attention only to the balance of payments.

Nepal Rastra Bank urged to postpone the working capital arrangement taken through the monetary policy and commented that the economy cannot run unless it is done. President Golchha said that every sector of the economy has been shrinking recently and the government should take initiatives to make it sustainable.

He said that the construction sector has shrunk by 70 percent, daily consumer goods production industries by 10 percent, import and consumption of electrical equipment by 55 percent, insurance business by 70 percent, hotel business by 40 percent, and real estate business by 45 percent. He said that the consumption of diesel has decreased by 25 percent in a period of four months and that the decrease in diesel consumption indicates that the economy is not running.

The chairman of the organizing organization Udyog Sangathan Morang, Suyas Pyakurel, said that the expo will make an important contribution to agricultural production and market promotion and innovation. Saying that the country needs an industry that replaces imports and increases exports, Nepal emphasized that instead of focusing on electricity trade, an environment should be created to provide electricity to industries at a cheap price.

Exhibition rooms for agriculture and food, tourism, industrial products, education and health etc. have been placed in the expo. There are 361 stalls in the expo, which will be operated until January 6.

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