Kathmandu. Finance Minister Dr Swarnim Wagle has urged industrialists and businesspersons to invest confidently for the expansion of investment.
Minister Wagle made this request during a meeting with more than three dozen industrialists participating in the first of a series of discussion series on budget implementation initiated by the Ministry of Finance. Pledging that the government would facilitate the expansion of the private sector, he urged the government to expand investment, create employment opportunities and create an environment conducive for the expansion of investment in the country.
Wagle also urged industrialists and entrepreneurs to remain confident that the government would ensure the security of investment. “Expand investment, create employment and tell us without any hesitation what the state needs to do,” he said, adding, “The government is with you in all legal and practical difficulties.” It is the responsibility of the government to protect your investment. ’
According to Wagle, the government’s budget of Rs 21.24 trillion should make the economy of Rs 66 trillion dynamic and the private sector is in the driving seat. Stating that efforts have been made in the budget for reforms to move ahead by openly investing the private sector, he urged the industrialists and entrepreneurs to clearly say that if some more policy hurdles need to be eased. “This is the first year of a clear five-year economic roadmap. Now we have only started reform. There are still big works to be done in the coming year,” he said, urging the private sector to move ahead hand in hand. ’
Finance Minister Wagle listened to the problems of industrialists and businessmen for 5 hours on Tuesday. He also assured the private sector that the complaints related to excise duty, customs duty, export subsidy and banking sector would be resolved through mechanism.
Stating that the implementation of the policies mentioned in the budget has already gained momentum, he clarified that the government wanted collaboration with the private sector for import substitution, security of investment from the private sector and making profits. He was of the view that the government and private sector should move ahead hand in hand for investment and development of productive economy.
Finance Secretary Dr Ghanashyam Upadhyay pledged to address the genuine issues raised by the private sector. He said that the implementation of the budget has already started and we will move ahead by resolving the problems where there are problems. He also urged the private sector to put forth their views without any hesitation.
On the occasion, Secretary at the Ministry of Industry, Commerce and Supplies Narayan Dawadi pledged to address the problems faced by industrialists and entrepreneurs through integrated coordination in a phased manner. According to him, the government would move ahead by creating investment-friendly environment, making industry-friendly administration, increasing production by reducing the input cost, resolving the labour problem and making useful structures like industrial zone and SEZ competitive.
After listening to the complaints of the private sector, Deputy Governor of Nepal Rastra Bank Kiran Pandit clarified that the NRB was always ready to solve the genuine problems to make the economy dynamic. He said that the NRB would facilitate by looking at the strong and weak aspects of the issue of current capital loan, review of the uncertain liability of PG and allowing Nepali industrialists to spend on advertisement abroad.
On the occasion, the industrialists and entrepreneurs said that this was the first practice of the Finance Ministry calling the problems of the industrialists one by one. According to them, this is the first time that the Ministry of Finance and Industry has called the industrialists and businessmen to come to the Ministry to voice their problems.
Industrialists Bharat Raj Acharya and Saurabh Jyoti thanked the Ministry of Finance for coming to the meeting called by the government for the first time.
Another industrialist Chandra Prasad Dhakal underscored the need of effective implementation of the policy to consume domestic products. He complained that the tourism industry has not been facilitated in electricity consumption. Industrialist Bharat Raj Acharya drew the attention of the government to make the domestic production consumption policy effective.
Industrialist Rabi KC said that there is a risk of increasing the cost of raw materials imported by his industries due to increase in customs duty. Entrepreneur Ambika Prasad Poudel said that the government should pay attention to the lack of competitiveness of Nepali industries due to SAFTA facility. Industrialist Bishnu Prasad Neupane demanded continuity of subsidy on export.
