Encouraging private sector necessary to boost economy: Former FNCCI President Dhakal

LALITPUR: Former president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has stated that encouraging the private sector is necessary to boost business activities and keep the economy vibrant.

Speaking at the 'Nepal-Korea Business Interaction Programme' organised by the Nepal Korea Business Entrepreneurs' Association (NKBEA) in Lalitpur on Sunday, Dhakal mentioned that investment in any sector in Nepal carries potential, provided business activities receive encouragement to develop skills, technology, and enthusiasm.

"The reason Korea was able to build one of the world's powerful economies in a short period is its dedication to work, honesty, ethics, and punctuality. The more we encourage the private sector, the more employment and revenue collection will increase. Whether in production or innovation and entrepreneurship development, every aspect remains to be promoted; creating jobs here is essential to end the situation where people have to go abroad," Dhakal said.

Dhakal, who is also Chairman of Global IME Bank, noted that at a time when a negative narrative was prevalent in Nepal, efforts were made through the FNCCI to convey possibilities and positive messages. He added that the association would serve as a bridge to increase economic activities between Nepal and Korea.

Highlighting the importance of enterprise, FNCCI executive committee member and Employers Council Vice Chairpersson Babu Kaji Karki stated that the private sector contributes 86% to national employment and 81% to the economy. He expressed confidence that with a government holding near a two-thirds majority, Nepal will establish effective policy arrangements alongside stability, urging the government to create a reliable environment through necessary reforms.

South Korean Ambassador to Nepal, Park Tae-Young, expressed that such interaction plays an important role in promoting employment, developing entrepreneurship, and contributing to the national economy through Korean skills. Noting cordial bilateral relations, he stated that Korean companies are interested in investing in information technology to develop skilled human resources in Nepal.

NKBEA General Secretary Jitendra Baniya informed that the association aims to connect entrepreneurs and investors in both nations into a single network while directing the skills, experience, and capital of returnees into domestic production and employment. NKBEA Senior Vice President Biki Shrestha added that Nepal-Korea relations extend beyond labour to encompass shared experiences, business, and trade partnerships.

The programme, titled 'Nepal-Korea Business Opportunities, Challenges, and Role of Returnee Entrepreneurs', brought together representatives from government and non-governmental bodies, financial institutions, academics, and successful returnee entrepreneurs to strengthen bilateral economic relations.

(With inputs from RSS)