'Capable private sector needed for economic development'

Kathmandu, Aug 3: Prime Minister Sher Bahadur Deuba has said that without a capable private sector, the country couldn’t achieve economic development.

Addressing the second edition of Responsible Business Summit 2017 that kicked off in the capital on Thursday, he said, “A capable private sector can play a pivotal role in sustainable development of any country. Therefore, the government is working to remove the hurdles that come in the way of doing business.”

The two-day conference is being organised by National Business Initiative (NBI) with the aim of promoting multi-stakeholder discussion among businessmen, government, development agencies, civil society, mass media and academia on corporate social responsibility (CSR).

Saying that responsible business could contribute in the creation of a social and business environment in the country, he urged the business community to be responsible and unite for national development.

NBI chair Padma Jyoti said that without earning credibility and building an image of a business, the private sector could not contribute to social development.

He said that business and society were integral parts.

“The nation is unlikely to gain lasting peace unless the country starts to address the underlying causes of socio-economic imbalances. Successful business is not possible in an unsuccessful society, and a successful society is not possible without successful business,” he said.

According to him, modern economies are built with private entrepreneurship and innovative enterprises. Such an important player as the private sector must be made to stand on sound foundations – not shifty props.

“We can talk about responsibility for what we do. We can try to develop an inner discipline which guides us what to do and what not to do. Good businesses, including family business, can and do work with values of their own choosing, even if they are unwritten,” he said.

Vice-chairman of the NBI Kush Kumar Joshi said that business without responsibility to the society would not sustain for long.

Vice-chancellor of the Kathmandu University Prof. Dr. Ram Kantha Makaju said that social engagement was necessary for the health of a business, which was for sure equally important as the wealth of a business.

The summit aims at introducing subjects like ethical business practices, CSR and responsible business in the curriculum of universities.

The conference is attended by 500 guest and participants, and various sessions are being chaired by 10 international speakers and 50 national speakers from diverse sectors.

The summit is deliberation on various topics pertaining to four categories – internal business practices, stakeholder engagement, fostering partnership and academia and regulations.