I am very happy to participate in the ‘National Economic Debate 2.0’ organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). I would like to express my heartfelt gratitude to FNCCI and its President Chandra Prasad Dhakal.

Many years of my life have been spent in the debates of law and justice. That’s why the word debate is very dear to me. I firmly believe that this federation will lead the debate on this economic sector and provide a fresh and positive economic direction to the country. Here the ministers and other speakers have presented a lot of statistics. Collaborative ideas, in-depth analysis, debate and conclusions are the key pillars of a liberal society and sustainable development. The decision to pass through these stages will take the country to a new height in front of the world.

Our Foundation and Challenges

Our statistics have proved time and again how strong and remarkable the contribution of the private sector is to the development of the country. The contribution of the private sector has always been at the forefront, be it in GDP, exports, job creation or as taxpayers. Therefore, I consider the industrialists and businessmen as the huge cornerstones of economic prosperity on which the tower of prosperity of the entire country will be built. The path to building a prosperous, dignified and civilized nation is possible only through peace and cooperation.

Today, I want to talk to you directly and honestly about the economic situation of the country. You are both aware and aware of the fact that Nepal is constantly going through the labor pains of transformation and transition. Various studies have shown that despite the strong foundation of our economy (remittances, natural resources, tourism), we have not been able to get the results of our hard work due to structural weaknesses and capital flight.

The government acknowledges the fact that youths have to go abroad for lack of work, investment in industries has not increased and the problem of bank loans not being repaid has created a kind of gloom in the overall market. We have experienced many setbacks in recent decades—armed conflicts, earthquakes, epidemics, floods. We have overcome each of these difficulties together, but the challenge now is different; It is linked to self-confidence and good governance.

Genji Movement and Youth Mandate

The recent Zenji agitation in August has established an open Lakshman Rekha of what is tolerable and what is intolerable for the country. This is a clear message to the younger generation:

● Bribery, partisan levies and networks of commissions are not tolerated.

Looting in the name of democracy is not acceptable to us.

● Honest entrepreneurs should not be harassed and manipulated by policymakers.

Industrious businessmen not only pay taxes to the state, but they also bear the huge responsibility of the state by ensuring employment and social security to a large population. Therefore, there is no country without industry. The economy cannot recover until the morale of the industrialists is raised

Against the backdrop of this movement, we disapprove of the damage that some unruly groups have inflicted on industry and business by taking advantage of statelessness. I would like to reassure the private sector that will leave no stone unturned to protect the confidence of the private sector by providing immediate relief and support like the injured youth of the GenG movement.

The movements of September 23 and 24 have given a new mandate to Nepal that Nepal can no longer live in the status quo of a backward country. Now, we have no option but to take the country in the forward direction. This movement was for socio-economic progress.

Engine of Good Governance, Policy Reform and Collaboration

We have adopted a clear course of action to deal with these challenges. We do not have the freedom to spoil anything except for the sake of even-growth, i.e., the collective growth of all sectors. We will move forward by leaning on the past, but we will not go back to the past.

Good governance is a precondition for social justice and economic growth in any country. We are aware of the loot of state property under political cover and the suspicion and exploitation of the private sector. The government will leave no stone unturned to uphold the rule of law. The government is doing everything in its power to ensure security.

Your troubles are ours. Industrialists not only pay taxes to the state, they also bear a huge responsibility of the state by ensuring employment and social security to a large population. Therefore, there is no country without industry. The economy cannot recover until the morale of the industrialists is uplifted.

Any business, the dream of an entrepreneur, is watered by the investment of the financial sector, the efficiency of professionals and the sweat of workers, in which the role of society and government is centered on creating the right environment. I’d compare this collaboration to Engineer, Engine, and Fuel:

● Nepal’s construction engineers are Nepalese themselves,

● Society and government are its system engines, and

Entrepreneurs, businessmen, and workers are its fuel.

Our Finance Minister’s dedication, dedication and empathy for this sector is an example of our commitment to the sustainable development and expansion of the industry. We have been continuously collaborating to create an environment conducive to address the demands of the private sector.

We are now on a mission to increase our production by coming out of the situation of surviving only on remittances. As suggested by experts, we are intensifying capital expenditure, which will increase liquidity in the market and create jobs. Together with Nepal Rastra Bank, we have taken strong steps to stabilize the banks and financial sector and remove policy complexities to improve the business environment. We are formulating policies keeping in mind the huge opportunities in hydropower, tourism, and agriculture.

Faith, Unity, and a Powerful Future

Every disaster and hardship we have faced in the last few decades has made us stronger. We were able to reconstruct the structures destroyed by the earthquake. Even now, our hearts and hearts are shaking. We’ve lost a lot. Nevertheless, we are connected to a national spirit with the aspiration for reform.

We are preparing for the election of the House of Representatives on March 4. We are trying to create a conducive environment for the same, raising hope that the country would be taken ahead in a sustainable democratic process through the election. The private sector also has an important role to play in making elections successful and fair.

I would like to call upon all entrepreneurs, farmers and youth—not to be afraid, but to move forward with confidence! This is not the time for you to be apprehensive and afraid. It’s time to join hands. Various studies have indicated that our economic growth will increase and inflation will fall, which shows that our efforts are in the right direction. We will unite to build a better tomorrow than yesterday.

No one will come and build our country if we don’t build it. We are the ones who will take the lead. We have to create a situation where our children can be sure that this country is worth living in. I believe that this National Economic Debate 2.0 will present to us the blueprint of Nepal, Nepalis respected in the world, based on equality, inclusivity and prosperity that we have envisioned. This government has understood the value of your sweat. We will come together to build a better tomorrow than yesterday.

Prime Minister Sushila Karki delivers speech at ‘National Economic Debate 2.0’ organized by Federation of Nepalese Chambers of Commerce and Industry (FNCCI)