Lack of skilled workforce key challenges for industrial sector: Central Bank

Kathmandu: The lack of a skilled workforce for the industrial sector, the insufficiency of raw materials, and market issues for the goods produced have been highlighted as major concerns for industrial development in Nepal.

According to a study conducted by the Nepal Rastra Bank (NRB), capital insufficiency, high production costs, technological backwardness, lack of full efficiency, brain drain, and problems in the management and operation of environment-friendly industries have been identified as other challenges for industrial development.

The document highlights the urgency to accelerate the development of industrial infrastructure, increase industrial production and productivity, ensure proper management and supply of raw materials, enhance the competitiveness of domestic products and diversify export-oriented goods. These have been cited in a report issued by the Central Bank.

According to the report, industries based in the Karnali Province face various problems, including capital insufficiency and challenges for marketisation for their sustainability.

A large number of youths involved in foreign employment have been cited as one of the key factors behind industries facing the shortage of required skilled and technical workforce.

According to the study, since Madhesh Province is a hub for the production of rice, wheat, maize, sugarcane, oilseeds, vegetables, fruits, dairy products, there is significant potential for the expansion of agro-based industries, food processing industries, sugar industries, dairy industries, edible oil industries, rice mills and animal feed industries.

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