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Govt., private sector collaboration needed to better economy


Nepalnews
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2023 Aug 25, 6:47, Kathmandu

President Ramchandra Paudel has stated that country's economic development was possible only if encouraging participation of private sector was ensured.

At a meeting with a delegation of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on Thursday, President Paudel stressed the need of collaboration between the government and private sector to bring about reforms in the economy.

Issuing a press statement, FNCCI said that the President opined that economic activities at present are slow due to problems in the country's economy and added that he was aware about the realities facing the industrialists and business community amid this tough time.

"Lack of employment creation, heavy reliance on remittance inflow, reducing exports, lack of domestic and foreign investment and disruption in service delivery have been reported. This has resulted in high inflation and challenges to the small and medium-scale industries. Against this backdrop, I consider partnership of private and public sectors," the FNCCI stated by issuing a press statement.

The President also said attention of all should be focused to uplift the country's economy and create employment.

The President also stated that issue of economic advancement was raised during an all-party meeting summoned by the President some days ago.

During the meeting, FNCCI President Chandra Prasad Dhakal said that stakeholders should pay attention to make the economy vibrant through robust confidence of the entrepreneurs and citizens.

Dhakal pointed out that cost of capital investment is required to be limited in the time that the government's capital expenditure was low and loan investment from the bank and financial institutions has shrunk. He viewed that export promotion, FDI and tourism promotion should be prioritized to boost up economy.

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President Ramchandra Paudel Economic development private sector Federation of Nepalese Chamber of Commerce and Industry (FNCCI) Industrialists tourism promotion
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