Nepal is an
attractive destination for investment, according to the minister without
portfolio Dr Ram Sharan Mahat.
The country
offers huge potential for agriculture, tourism and hydropower development, with
second tier economic reforms on cards to make economy vibrant, dynamic and
stronger, he said, inaugurating the three-day Nepal Economic Summit 2014 here today.
Though, the
country has lost a decade due to armed-conflict and again six years due to
political transition, it is high time the country prioritise economy and bring
it in the forefront.
The economic
reform agenda of 1990s was introduced in the stewardship of Nepali Congress, he
said, reminding that the economic growth rate has also escalated due to
reforms. But the country lost track of reform and economic agenda both pulling
the economic growth rate to around three to four per cent.
Private
sector plays key role in economic reform, said the former finance minister.
The country
has planned to graduate from the current status of Least Developed Countries
(LDCs) to developing countries by 2022. "It needs six per cent economic
growth every year," he said, adding that some $60 billion is needed every
year to fuel growth. "It is not possible from the domestic investment
alone and foreign investment is key."
Reminding
that Nepali Congress commitment of not calling bandh – strikes – that would help
create investment-friendly environment, the Nepali Congress stalwart said that
other parties have also followed his party and promised not to call for band.
Addressing the
summit jointly organised by Federation of Nepalese Chambers of Commerce and
Industry (FNCCI) and the government, FNCCI president Suraj Vaidya hoped that
the new government would bring back the economy agenda back on track.
Asking for
appointing right ministers in the finance, industry, energy, commerce and
supplies, and agriculture ministries, he also called to bring the pending
22 laws that could boost the private
sector's confidence and create business-friendly environment in the country.
“Because of
the depressing condition in the country, around 1,300 people are going abroad
for employment purpose every day," he said, urging the government to focus
on development agendas and employment creation. "Only more investment
could ensure more employment in the country," he added.
Likewise,
delivering key-not speech, president-designate of Confederation of Indian
Industry (CII) Ajay S Shriram shared Indian experience of economic reforms.
The three-day conference will
witness discussions on reforms for investment-friendly environment, what
attracts investors, turning agriculture from subsistence to commercial venture,
energy, and making Nepal one of the best tourist destinations.Finance secretary Shanta Raj Subedi, welcoming the delegates reiterated government's commitment in creating investment-friendly environment that is key to bring more investment in the country.
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