Kathmandu: President Ramchandra Paudel has emphasised that the role of the private sector is crucial for the country’s economic development and stressed collaboration between the government and the private sector.
Inaugurating the 75th Annual General Meeting of the Nepal Chamber of Commerce (NCC) here today, he stated that the fundamental basis of economic prosperity is trade and business, and that there should be a government-private sector partnership in promoting industries.
The President called on all concerned to forge ahead unitedly for the development and prosperity desired by the people, as it will be easier to strengthen the federal democratic republic through economic progress.
President Paudel said, “Through the successful House of Representatives election, which was able to give a way out to the country from a complex situation, the way has been paved for the parliament and the government to advance on the path of economic prosperity through good governance.”
The incumbent government, which has the profound responsibility of nation-building, is expected by the public to advance economic development in partnership with the private sector through streamlined service delivery and the implementation of economic development plans to improve people’s living standards, the President added.
Stating that political stability is the foundation of economic prosperity, he said that only clear policies and sustainable strategies will lead to industrial development, investment expansion, and job creation, and that providing domestic employment opportunities is the need of the hour.
President Paudel said, “Today’s youth are the future of the country, and if employment opportunities can be created for them within the country, it becomes easier to lead the nation on the path of prosperity.”
He also emphasised the need for coordination among the federal, provincial and local levels.
The President mentioned, “We need innovative, creative and bold decisions going beyond traditional thinking in today’s competitive era. Digital economy, green development, entrepreneurship based on technology and development of startup culture are today’s needs.”
He opined that the private sector should be treated as a partner in nation-building, not just as a tax-paying entity.
The President lauded the role played by the NCC in the country’s economic development, promotion of industries, building an investment-friendly environment and development of entrepreneurship.
Sharing that the country did not achieve the expected development of the economy due to a lack of coordination between the private sector and government, NCC President Kamalesh Kumar Agrawal, underlined that there are many areas for improvement.
He viewed that the NCC has been continuously supporting and coordinating the government to make the country’s economy vibrant, adding that the NCC has been playing the role of bridging the government and the private sector.
Similarly, Senior Vice-President Dipak Kumar Malhotra emphasized that the government should inspire the youth for innovation, encouraging technology-based business.
Stating that it was necessary to build an environment conducive to attracting foreign investment, Malhotra expressed the belief that there would be industrial development, as political stability has now been established in the country.
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