A policy to encourage private sector will be adopted: PM Oli

By A Staff Reporter, Kathmandu, July 18: Newly appointed Prime Minister KP Sharma Oli has said that the government would adopt a policy to increase the morale of the private sector and encourage investment. 

In a meeting with the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Tuesday, Prime Minister Oli said that development was not possible without the expansion of the private sector and noted that a policy would be taken to facilitate the entrepreneurs.

He said that the government would take special initiatives to empower the private sector. 

Stating that the economy could not improve without the private sector, Prime Minister Oli expressed his commitment that the government would provide all possible support to entrepreneurs and industrialists. 

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel was also present in the meeting, according to a press statement of the FNCCI.

During the meeting, FNCCI President Chandra Prasad Dhakal said that it was necessary to boost the morale of the private sector for the improvement of the country's economy. 

He said that the improvement in the economy would be possible only through the development of the private sector, which accounts for 81 per cent of the country's economy and 86 per cent of employment.

Dhakal said that it was necessary to improve the services delivered to the public and the private sector, to ensure an environment in which entrepreneurs could do business in a dignified manner, and to increase investment through policy and behavioural reforms. 

He said that the government could give non-monetary incentives to the private sector, including recognition on the merit basis. 

He said that it was necessary for the regulatory bodies related to business enterprise to coordinate with each other and encourage investment.

Reminding that common people, entrepreneurs and the government were all in trouble in the present situation, President Dhakal said that due to the balance of the external sector, reform was possible immediately.

He emphasised that investment in infrastructure by the government and private sector should not be discouraged in any way. 

He said that as the new government was formed at the beginning of the fiscal year, special initiatives were needed to increase capital expenditure.

President Dhakal said that it was necessary to immediately resolve the disputes related to the payment of contractors and dedicated feeder and truck lines and create an environment where entrepreneurs could work safely and easily.