Saturday, April 12, 2025

Invest without hesitation, PM Oli tells entrepreneurs

Kathmandu, Apr. 9

Prime Minister KP Sharma Oli has urged business entrepreneurs to invest confidently in economic development as the country has political stability.

Addressing the opening session of the 74th Annual General Meeting of the Nepal Chamber of Commerce (NCC) on Wednesday, Prime Minister Oli encouraged industries and businesses to move forward competitively and innovatively, also by using science and technology.

He stressed the need to utilise even artificial intelligence to enhance production and productivity. "We should not use information and technology to insult, defame, or create confusion for others. Information and technology must be used to provide services to people easily. We need to promote external and joint investments further. You can convince people that there is potential in every sector," said Prime Minister Oli.

He expressed happiness over the progress of the NCC as an undisputed institution of unity and cooperation and said that it is of extraordinary importance for this institution to move forward with new ideas.

According to PM Oli, the government will not fall short in supporting the development of this sector. “In matters concerning the prosperity of industries and businesses in the country, we will always work together with a pure and close relationship. This close relationship is not for commissions but for building the nation."

Prime Minister Oli also reminded that institutions like the Chamber should offer support without obstruction, rather than opposing or criticising government-issued ordinances for economic development, and praised such approaches based on right and wrong principles.

"Today, we need good governance and development. There can be no compromise on governance, but there may be corruption that goes unnoticed. We need your help to control it," said Prime Minister Oli. "The major parties that contributed to the country's transformation have come together to form the government. This has brought stability, and it will remain so until the next elections and beyond. Therefore, invest with confidence. Contribute to the development of the country."

Speaking on the occasion, President of the NCC, Kamlesh Kumar Agrawal, emphasised the need to establish an international-level exhibition centre in Nepal. "If an international-level exhibition centre is established, it will allow for integrated promotion, marketing, and quality measurement of local products through a one-stop system," he said.

Agrawal also stressed the importance of investing remittances into the productive sectors of the economy. "Nearly 90 per cent of remittances are spent on consumption, so there is a need to create an environment that encourages investment in the productive sectors to contribute to the expansion of the economy," he said.

To make the country self-reliant, Agrawal stated that it is essential to increase production and productivity in every sector of the economy. He also underscored the need for internal production to manage imports and promote exports. He highlighted the importance of attracting both domestic and foreign investments in sectors such as agriculture, water resources, tourism, and information technology, where there are comparative advantages.

Agrawal further said, "A strategic plan should be created to generate employment opportunities within the country for our youth. When young people who went abroad for employment return home, their skills and knowledge should be documented during immigration and used in the productive sectors in Nepal."

Regarding the power sector, Agrawal pointed out that despite Nepal's transition into a brighter era, policy challenges remain in the electricity production sector. He explained that provisions in the Energy Bill, along with decisions from the courts and directives from the Ministry of Forests, have posed significant challenges to the construction of hydropower projects.

He highlighted that land classification issues have created significant obstacles in large industrial and business environments. "The scope of land should be expanded according to the nature of the business for agricultural and other commercial purposes," he suggested.

Published in The Rising Nepal daily on 10 April 2025.      

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