Business leaders unveil economic vision

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has made public its 10-year vision ‘National Economic Transformation-2030’.

The federation unveiled the National Economic Transformation-2030 (NET2030) to expand Nepal’s economy to USD 100 billion within a decade. Prime Minister KP Sharma Oli launched the paper on the occasion of the 55th annual general assembly of the FNCCI Day-2021. Based on the three vision goals, the NET 2030 has identified 19 key focus areas and 100 initiatives.

Launching the vision paper, Prime Minister

Oli assured that the government was committed to working together with the FNCCI and the entire private sector of the country to implement the transformative vision and provide all necessary support.

The vision paper aims at achieving double-digit growth and create an additional 2.2 million jobs through sustainable high economic growth.

FNCCI president Shekhar Golchha said that the National Economic Transformation 2030 is an effort to drive forward the economic transformation in the country through active multi-stakeholder participation and cooperation and a highly engaged private sector.

“Based on the three vision goals, the NET 2030 has identified 19 key focus areas and 100 initiatives. Efforts have been made to define the roadmap to extend and integrate the past and present works of the FNCCI and the government,” he said. About 150 billion US dollar will be invested to implement the vision. Of this, 108 billion USD will come from the private sector. Currently, the country's economy is worth USD 34 billion. Golchha said that 40 out of 100 schemes prepared by the federation could be implemented within two years.

He urged the government to increase budget in the productive sector by cutting unproductive expenditure rather than increasing the size of the budget.

The vision paper also calls for reforms in 14 different laws.

Senior vice-president of FNCCI Chandra Prasad Dhakal said that increasing investment in the infrastructure sector would help in economic development and cut spending in unproductive sectors.

On the occasion, Prime Minister Oli called upon the private sector to engage in industrial development with confidence as a business-friendly environment has been created in the country. Addressing the 55th annual general assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) cum FNCCI Day2021, Prime Minister Oli expressed his commitment for a timely amendment to laws hindering the industrial development of the country.

He urged the entrepreneurs to create jobs and increase their productivity.

“Problems like strikes in the industrial sector have been resolved, and most importantly the politics of violence has now come to an end in Nepal.

He said that the private sector should continue their business with honesty and dedication to get respect from people and the state.