The country has entered into a miraculous journey of development, according to the private sector and government.
"The country has entered into a miraculous journey of economic development," said Federation of Nepalese Chambers of commerce and Industry (FNCCI) president Suraj Vaidya during the inauguration of two-day Nepal Business Conclave 2014, here today.
Both the government and private sector – launching the 53 projects that could be a turning point for the country's economic development – also committed not to back track the development initiatives.
Prime minister Sushil Koirala, on the occasion, also reiterated the government’s commitment towards improving the political and economic environment of the country. "We have recognised the private sector as an engine for economic growth," he said, adding that they are key to attaining higher economic growth and job creation, apart from being a source of government revenue and the supplier of goods and services to consumers.
Highlighting strings of reforms – including simplifying company registration –carried out by the government to encourage investment he urged the international community to recognise the potential of Nepal. "Nepal offers huge opportunity for the foreign investors," he added.
The country is, though, passing through political transition, the political parties are committed to promulgate Constitution in a year, Koirala said, adding that the focus will then shift to economic development that is possible only through more investment.
Nepal Business Conclave 2014 – organised by the government and FNCCI jointly in order to inform foreign investors about investment potentials and projects in Nepal – is expected to witness some business deals tomorrow.
Inviting foreign investors to exploit huge potential offered by Nepal finance minister Dr Ram Sharan Mahat said that the country has opened foreign investment in almost all the sectors. "After the successful second CA election, the FDI has also increased," he added.
Likewise, governor of Yunnan Province of China Li Jiheng, on the occasion, stressed the need for mutual cooperation in economic development.
Earlier one month ago too, the government and FNCCI jointly organised Nepal Economic Summit 2014 to float policy issues and send message that the country is ready to invite foreign investment due to favourable business environment.
Addressing the inauguration of the two-day conclave as a key note speaker, former Malaysian prime minister Dr Mahathir bin Mohamad advised to focus on agricultural reform and labour intensive industries to become a prosperous country.
Nepal should create a favourable business environment with tax incentives and stable policies, he advised, adding the importance of sharing in multiracial and multicultural countries like Malaysia and Nepal is also key for development as it would ensure political stability.
Likewise, Mahathir also revealed secret of the Malaysian economy, proper execution of government plans. "We have plans spanning from three years, five years to 30 years as well," he said, we actually executive our plans. "There are enough funds, political will and administrative capacity to implement the plans.
Suggested to focus on labor-intensive industries to stop exodus of youths for greener pastures, Mahathir also explained how Malaysia became a prosperous country providing employment to more than three million foreigners. “Out of three million foreign workers in Malaysia, around one million are Nepalis,” he added.
"We also had to depend on foreign investors for capital, knowledge, management skill and technology in the beginning,” added Mahathir, who ruled Malaysia for 22 years, between 1981 and 2003.