President Poudel emphasizes government-private sector partnership in economic revitalization

KATHMANDU: In a recent meeting, President Ramchandra Poudel highlighted the vital role of the private sector in bringing about economic reforms. He expressed the view that meaningful participation of the private sector in the economy is essential for the country’s economic progress.

President Poudel met with the President and Executive Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), where he stressed the need for collaboration between the government and the private sector to address the current economic challenges.

President Poudel asserted, “I believe that fostering mutual existence and equality between the government and the private sector through acknowledging this reality is crucial.”

He pointed out that more than 80% of Nepal’s economy is linked to the private sector, and he acknowledged the present economic slowdown caused by prevailing issues in the economic system.

He further stated that the current situation demands joint efforts between the government and the private sector to create jobs, improve economic conditions, and enhance both domestic and foreign investments.

He highlighted the importance of reducing dependency on imports, promoting exports, implementing policy reforms, and ensuring stability to attract both local and foreign investments.

President Poudel’s emphasis on collaboration and his call for a collective approach to economic reforms were well-received by the FNCCI leadership. Chandraprasad Dhakal, the President of FNCCI, appreciated the President’s stance and expressed the need for a unified effort to bolster Nepal’s economy.

Dhakal underscored the importance of reducing the burden of taxes, promoting exports, attracting foreign investment, and focusing on tourism development to revive economic growth.

President Poudel’s meeting with the FNCCI representatives also shed light on the challenges posed by the ongoing health crisis.

He acknowledged the setbacks caused by the pandemic and stressed the necessity of prompt action to navigate these challenging times. The President’s call for increased cooperation between the government, the central bank, and the private sector to stimulate economic growth amid these circumstances was well-received by business leaders.