Govt for strong partnership with private sector for development

Kathmandu, June 23

Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has said that sustainable development could not happen without a strong partnership between the government and the private sector.

Addressing the 20^th Annual General Meeting of Confederation of Nepalese Industries held on Friday in the Capital, the Prime Minister said that he had begun policy facilitation, technology promotion and other necessary steps to support the private sector since he assumed the post.
This cooperation would be further strengthened, he said while adding that such partnership is crucial for employment generation and import substitution.

Stating that the industries that have a high reliance on imported raw materials would not contribute much to the economy, PM Prachanda said that the government, through the policy and programmes and budget of the coming fiscal year, has given priority to the industries that consume domestic raw materials.
He said that the demand of the private sector to run industrial zones in the public-private partnership model would be duly addressed.

Minister for Finance Dr. Prakash Sharan Mahat said that the implementation of policy and programmes including the budget was the greatest hurdle to the development and prosperity in Nepal.
He said that initiatives have been taken for the better implementation of the budget of the coming Fiscal Year 2023/24.
He said that the trade-based economy should be changed to a production-based economy.
"We have started the implementation of budget restructuring, manufacturing promotion and protection of domestic industries," he said.
Dr. Mahat maintained that he has not increased the taxes but VAT discounts and refunding have been scrapped.
He expressed his confidence that the economy would catch momentum in the near future.
Mentioning the retrospective policy on the tax on the bonuses of the banks and financial institutions, he said that the government has just implemented the recommendations of the Office of the Auditor General.
However, we are committed to spreading the beneficial policies across business sectors, said the Finance Minister.

Minister for Labour, Employment and Social Security Sarat Singh Bhandari said that the failure in creating employment generation was a matter of serious concern.
He said that the government has emphasised ethical recruitment practices in foreign employment.
Cheating in foreign employment is rampant which is proved by 20,000 compliant registered at the Department of Foreign Employment, he said.
According to Minister Bhandari, the government is creating job centres at the local bodies as well.

Speaking on the occasion, businesspeople said that the private sector should be facilitated with better investment opportunities and financing options and government must work to realise this.
Without facilitating the private sector which has 82 per cent contribution to the economy and employment, achieving high economic growth and development targets wouldn't be achieved, they said.

Speaking at the meeting, the outgoing President of CNI, Vishnu Kumar Agrawal, said that there was a need for protecting the domestic industries to create a self-reliant economy.
"Nepali industries have long been suffering from unauthorised trade. So, trade of contraband and illegal goods should be checked," he suggested.
He also suggested removing ceiling on land ownership and creating an environment to run industrial zones in the public-private-partnership model. 

Published in The Rising Nepal daily on 24 June 2023.