Kathmandu, April 11: Finance Minister Dr Prakash Sharan Mahat has said country’s private sector should invest in production sector and industry, focusing its attention in business.
At the 57th annual general meeting of the Federation of the Nepalese Chambers of Commerce and Industry (FNCCI), Minister Mahat opined that there would be no improvement in country’s economy if the investment is not focused on production sector.
“Government would take all types of initiatives to create environment conducive for investment. Let’s we all focus our attention on increasing production,” he shared, adding all sides are responsible for current economic condition of the country.
The Finance Minister mentioned, “There are problems in all sectors. There are weaknesses in all private, political and administrative sectors. There should not be any hesitation to accept it.”
He claimed that the government has taken the stress and difficulty seen in the economy seriously and clarified that the situation was not so worrisome looking at the economic indicators.
The Finance Minister further said the foreign reserve is satisfactory due to youth’s contribution and remittance sent by them, who are in overseas employment, and expressed the confidence that the country can achieve average economic growth.
The projection of the World Bank and Asian Development Bank, as well as other organisations, to achieve 4.1 per cent economic growth rate this year was positive, he added.
Finance Minister Mahat claimed that the government has been taking efforts to improve the economy by making short-term, medium-term and long-term plans. He said the government was involving to drastically reduce unnecessary expenditure.
The role of private sector would be crucial to make the economy dynamic and the government would play the role of facilitator in it, he viewed.
“The economy will be revived with the contribution of the private sector, general people and industrialists. The government will play the role of facilitator, create legal environment, ensure competitive environment and foster environment for foreign investment,” the Finance Minister shared.
He further said the government would take initiatives to resolve problems like dillydallying in bureaucracy and procedural hassles.
