Private sector to lead economic development

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and TiE-Global signed a memorandum of understanding (MoU) today to enhance bilateral cooperation for strong private sector with better access to technology, networking to tap into ideas to create employment and access to capital.
Both the organisations will work together for the economic development of the country and the partnership will help Nepal create employment, said president of FNCCI Suraj Vaidya, who signed the MoU with the charter member of TiE-Global and managing director of APCA Nikesh Sinha.
"TiE-Global and the federation will conduct training, share experiences and create employment opportunities through entrepreneurship and is even thinking of venture capital," he added.
TiE-Global has a global network including more than 57 branch offices and 600 members, said Sinha, adding that it will help Nepal in entrepreneurship, experience sharing, networking, investment, preservation of intellectual property, creation of employment opportunity and others.
He also urged to develop a culture that celebrates entrepreneurship. Similarly, US State Department special representative for commercial and business affairs Lorraine Hariton said that the country needs to create entrepreneurs to generate employment.
"The time is perfect as the peace process is coming to its logical conclusion," she said, adding that the private sector now has to lead for the economic development of the nation.
Hariton is leading a team from the US State Department on a five-day long visit with an aim to hold discussions with the government and private sector for the development of entrepreneurship and business.
She said that promotion of entrepreneurship will ensure sustainable development in the country. "It is very essential for sustainable development," said Hariton, adding that identification of real entrepreneurs, appropriate policy and laws, and access of entrepreneurs to the market are a must for the overall development of entrepreneurship.”
They also discussed on the role of the private sector, possibility of cooperation and the successful models of development.
"The positive investment climate has been created due to the current political development," said Vaidya, adding that the private sector is confident that the country will move towards the direction of economic growth and prosperity.
He also emphasised the need to cooperate with international partners to bring additional investment and new technology to promote the country’s economic sector.
The umbrella organisation of the private sector has been carrying different projects to create more employment opportunities in the country in collaboration with the government and donor agencies. It has played a vital role in promoting entrepreneurship by utilising its established network.