Prez urges private sector to build self-reliant economy

Kathmandu, Dec. 27

President Bidya Devi Bhandari has suggested that the private sector contribute to employment generation and creation of self-reliant economy through the development of businesses and industries.

“Nepal is lagging behind despite having great potential. We are rich in natural resources and there is no problem of market as well but the country has been unable to attract enough investment,” she said in a meeting with the newly elected office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) at Shital Niwas on Sunday.

According to her, the state should give priority to the promotion of domestic investment because increased mobilisation of the domestic investment attracts more foreign investors to the country.

She said that the government should collaborate with the private sector for the development of key economic sectors like agriculture, energy and tourism as they could help in building self-reliant economy. 

She urged the businesspeople to think and work about the ways to end the situation to leave the country for employment abroad.

President Bhandari also expressed concerns over the increasing trade deficit and stated that the entire country must be serious about producing the essential goods in the country.

She rested her hope on the newly elected young leadership of the largest business organization in the country.

President of the FNCCI Shekhar Golchha said on the occasion that his organisation was working on a vision paper for the reputable private sector and prosperous country.

He said that major support was needed to bring the small and medium enterprises (SMEs) out from the impact of COVID-19. “A special COVID-19 recovery package is needed to support the private sector businesspeople, especially for the SMEs. If they run well, large industries will also run well,” he said.

Golchha also said that the private sector wanted effective implementation of the relief programmes announced by the central bank.

According to him, the vision paper will set a target to creating 400,000 employment annually and achieving the double digit economic growth. He said that the public-private cooperation was a must to stop the economy from further deterioration.

The FNCCI delegation also said that the areas of comparative advantage should be promoted, national pride projects completed at the earliest and employment generation given priority.

Published in The Rising Nepal daily on 28 December 2020.