Tuesday, June 7, 2016

'Economic growth, job creation global issues'

Economic growth, reducing poverty and generating employment are the global issues at present, according to Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice president Shekhar Golchha.
Addressing the 105th meeting of the International Labour Organsation (ILO) plenary in Geneva today, Golchha said though the promulgation of new constitution in Nepal is a historic achievement, its implementation is the key to economic growth.
Though the devastating earthquakes of 2015 and border blockade has pulled down economic growth, private sector is committed to boost economy and generate employment, he said, adding that inclusive economic growth and creation of better jobs are the common concern and challenges of all. "To address these concerns, growth and expansion of economy is a must. High growth rate and generation of more jobs is possible only through additional investment. It is evident that attracting investment requires suitable policy and environment. Efficiency and competitiveness of enterprises can help them to provide improved working conditions," he added.
A Nepali delegation led by labour minister Deepak Bohara is participating in the ILO meeting in Geneva. Along with Golchha, FNCCI president Pashupati Muraraka and representatives of trade unions are also taking part in the meeting.
"Majority of least developed and developing countries have been suffering from the vicious cycle of low growth, low investment and unemployment. They lack appropriate policies and resources to increase economic growth," Golchha, who chairs the Employers' Council under FNCCI, said. "People's expectations have increased manifolds and it is not for countries like Nepal to respond to their expectations."
Golchha also said achieving social transformation is a complex task. "Besides, it requires sustainable growth of economy and appropriate policy measures to extend the coverage of social protection," he added.
Briefing the meeting about the latest development in Nepal, he also said that Nepal, for some years, has been experiencing the problem of low investment, low growth and low job creation. "Many factors like political instability, poor infrastructures and lack of suitable policy environment are some of the major factors that have been hindering economic development in Nepal," Golchha said, adding that the government has adopted the strategy of employment-led growth. "But due to many reasons, it has not been possible to achieve the goal."
On the occasion, he also highlighted the plight of Nepali migrant workers. "However, the repatriated remittance money into the country has contributed to the growth of economy significantly," he added. "Mobilisation of remitted money in productive sector and re-employment of returnees, now, has become a matter of debate."
Pitching for investment friendly environment, Golchha said formulation of suitable policy and environment are keys to attracting more investment.

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