‘Government is committed to give impetus to economic transformation’

Prime Minister Pushpa Kamal Dahal said that the government was committed to accelerate the country’s economic transformation by boosting the morale of entrepreneurs and investors.

Addressing the 58th annual general assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today, PM Dahal reiterated that the government had prioritized healthy and strong regulation of the financial system and to create an enabling environment for the private sector to work with high morale.

Urging all organizations and representatives of private sectors to proceed with high morale, the PM underscored a strong unity among the government and private sector to address the concerns and demand of the entrepreneurs and investors.

Stating that the private sector had been playing a leading role in bolstering production, job creation and increasing investment, the Head of the State said that the three-tier government had been coordinating with the private sector in formulation of policies, programs and budget.

He observed that Nepal was focused at achieving Sustainable Development Goals (SDGs) by 2030, upgradation from the least developed country to developing country’s status by 2026 and achieving balanced development and prosperity. He called for expansion of investment from both the government and private sector to achieve these set goals.

Furthermore, PM Dahal informed that the government was moving ahead with concrete homework and preparations to make the upcoming Investment Summit effective and result-oriented.

“There are plenty of challenges and limitations in our policies, laws, thinking, structure and working style to create a favorable climate for investment and attract investment,” he admitted.

According to him, the government was prepared to consider an amendment in the laws by introducing ordinance if need be and to put in place simplified policies and procedures to attract investment.”

Noting that the internal and external indicators of the economy are on a positive trend, PM Dahal said it is a matter of happiness that the primary economic indicators are improving thanks to the harmony between the financial and monetary policies and the strong private sector collaboration.

He added that still the economy remains to achieve the expected level of progress in tandem with the national aspirations and needs.

“The government is committed to forge ahead with additional commitment to expedite the process for improving the economy,” he said.

Stating that the government has, from this year revised the policy, modality and the schedule related to the budget by bringing a bill with the realization that the country’s prosperity and transformation was not possible with the traditional form of policy, program and budget, Prime Minister Dahal hoped that this time intensive discussions and interaction will be held among the people’s representatives, industrialists and businesspersons, intellectuals and the general public on the government’s policies and programs.

“The government shall formulate scientific policy-programs and budget even in the midst of unlimited aspirations and limited means and resources. I consider this as an important base point of a new break from the past in the economic sector,” he reiterated.

The PM said that the upcoming policy-programs and budget should stress on production growth, employment generation and on promotion of agriculture-based industries. “We used to see from the instances of other countries that the achievements of other sectors of the economy would not be sustainable if domestic production and employment do not increase. Now we are ourselves experiencing the same. This problem would be addressed this time,” he further added.

Prime Minister Dahal said the government is doing homework to orient the unspent project budget that is accumulated at one place towards strengthening the economy and transferring it to the projects capable of spending it.