HEADLINE NEWS THE RISING NEPAL (DAILY)

'Country's economy still under control'

By A Staff Reporter

Kathmandu, Mar. 31: Prime Minister Sher Bahadur Deuba has urged all industrialists and businessmen to support the government to curb terrorism that has wrecked the country's economy in recent years.

The country's economy cannot flourish as long as there is a terrorist threat Prime Minister Deuba said in his inaugural address at the 49th Annual General Meeting of Nepal Chamber of Commerce (NCC) here today.

Prime Minister Deuba gave assurances that the government would extend full support to the private sector to enhance their competitive edge as the country opens up to liberalisation. "As we are bracing for membership of the World Trade Organisation (WTO), we should build up our competitive strength, otherwise we will be left far behind," he noted.

Prime Minister Deuba also called for concerted efforts for the all round development of the nation.

Minister for Finance Dr. Ram Sharan Mahat, presenting a general overview of the economy during the last decade, said, "The country's economy has not yet gone out of control. It is still under control." Apart from this, the level of foreign reserve is quite satisfactory, and the rate of inflation is not adverse, he said.

In comparison to the economy of the past, there has been tremendous increase in private sector participation in the national economy. It is on the rise, he said, adding, "There was an 18 per cent dollar-term export growth last fiscal year," he noted. "It was the highest in the region".

However, Minister Mahat agreed that the economy was now passing through a difficult phase owing to non-economic factors. "Some setbacks in the economy are visible due to the terrorist activities," he said.

Referring to the recently renewed Nepal India Trade Treaty, Minister Mahat strongly urged the private sector to enhance their capacity in the real sense. "We should go for self – introspection or soul searching to know where we stand. Limited value addition or a desire to make quick money does not help prop up the national economy, it just triggers negative impact," he said.

He also urged the private sector to make genuine efforts to gear up industrialization and commercial activities.

Minister Mahat also pointed out the need for regular dialogue between the government and the private sector in a spirit of frankness and objectivity.

Minister for Industry ,Commerce and Supplies Purna Bahadur Khadka, addressing the function, strongly urged the private sector to improve their competitive strength so as to reap the benefits from bilateral or multilateral trade.

He also pointed out the need to make joint efforts for the economic development of the country.

President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Ravi Bhakta Shrestha asserted that the private sector was ready to work hand in hand with the government for the country's economic development.

"The government should also play a proactive role to support the private sector," he said.

Rajesh Kazi Shrestha, president of Nepal Chamber of Commerce (NCC), said the government needed to understand the woes of the private sector. Referring to the renewed Nepal India Trade Treaty, he said the inspection of industries and industrial products as provisioned in the treaty would not bear positive results if Nepal fails to take proper measures in time. Shrestha said the government should formulate necessary regulations and strategies to make the best use of new protocols.

The NCC on the occasion of its 49th AGM awarded People's Campus and Dillibazar Kanya Multiple Campus for their outstanding results in the Certificate Level Management examinations.

The NCC also honoured various industrialists and businessmen for their remarkable performance in their respective areas.

The NCC, the pioneer business organisation, was established in 2009 BS. It was then registered as All Nepal Traders Association.

With more than 10,000 members, the NCC has been working to promote business activities across the country. It has already signed the Memorandum of Understanding (MoU) with more than 20 chambers of commerce and industries around the world.

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