World Bank and IFC launched first Nepal CPSD on November 16. The Country Private Sector Diagnostic (CPSD), carried out by the IFC and the World Bank to assess opportunities and constraints holding back private sector growth, investigated the main cross-cutting constraints to private sector competitiveness and growth through data analysis, synthesis of existing research and stakeholder consultations. It identified sectors that could play a key role in enabling Nepal’s economic growth, by either enabling other sectors or capitalising on Nepal’s inherent comparative advantage to tap global markets. The CPSD also recommended policy reforms and investments in public goods (including public-private partnerships) that could enable growth of a competitive private sector.
Finance Minister and Chief Guest of the event Dr. Yuba Raj Khatiwada, claimed that the government of Nepal was seriously working for legal reforms to give a bigger working space to the private sectors.
The CPSD provided an in-depth analysis that offers recommendation for leveraging private sector solutions to achieve development objectives. According to study, there are five priorities sector, which are tourism, agribusiness, education, health and information to enable the private sector and remove constraints to competitiveness by focusing on technology.