Lalitpur,
Nov. 9
Former
finance ministers Wednesday said that well founded economic progress can only
institutionalise the political changes.
Speaking
at the national seminar on foreign direct investment (FDI) in Nepal organised
by the Society of Economic Journalists Nepal (SEJON), former Finance Minister
Barsha Man Pun said, "Having good policies for the industrial development
and economic progress is not enough, effective implementation of such policies
is the key to the economic growth."
Another
former Finance Minister Surendra Pandey said that changes were needed in both
the political parties and bureaucracy in order to create the business environment
in the country.
"In
order to improve the political sector, politician should be involved in the
businesses. When they run their own business, they will understand the hardship
of the private sector and thus may refrain from asking donations from the
business community," he said.
He
blamed the bureaucracy for resisting the industrial and business development.
"They always wanted the service seekers coming to them time and
again."
Former
Minister for Irrigation N. P. Saud said that the political leaders lacked the
sensitivity required to push the economic agenda forward.
According
to him, the trade unions were motivated by the interest of their parent
political parties and were concerned to the short-term inters of the labourers
instead of the sustainability of the businesses.
Minister
for Industry Nabindra Raj Joshi said that the bill of Company Act would be sent
to the cabinet within a couple of weeks.
He
said that the government was working to improve the policy regime in order to
create investment environment to attract more domestic and foreign investment.
The
Ministry of Industry (MoI) has prepared the draft bill of Foreign Investment
(Amendment and Integration) Act to replace the Foreign Investment and
Technology Transfer Act, 1992 and having consultation with the stakeholders on
the draft.
Country
director of Berger Jenson and Nicholson (Nepal) Saibal Ghosh said that there
wre some policy and operational difficulties in the manufacturing sector.
He
cited low production efficiency of workers, small market, freight problem in
goods export, slow government process while establishing business and
repatriation problems as the obstacles to the FDI in the country.
He
asked the government to ease the process of business registration and its
liquidation.
Senior
vice-president of the Federation of Nepalese Chambers of Commerce and Industry
(FNCCI) Bhawani Rana said that the foreign investment would help to develop the
business or industry in the country through technology transfer.
"A
large FDI will also attract ancillary industries which will create a large
number of employment. Therefore, the government should facilitate the foreign
investors in establishing their businesses with better policies and one window
services," she said.
President
of Confederation of Nepalese Industries (CNI) Hari Bhakta Sharma urged the
government to allow the Nepalese investors to invest in the foreign countries.
He
appreciated the draft bill of Foreign Investment (Amendment and Integration)
Act and said that if implemented, it would improve the business environment in
the country.
Senior
economist Dr. Shankar Sharma said that that the reinvestment of the foreign
investors should be welcomed.
Joint
secretary of the MoI Yam Kumari Khatiwada claimed that the government wanted to
ease the entry and exit process and simplify the process of business.
"But,
there will not be any provision which causes injustice to the domestic
investors," she said.
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