Kathmandu. KATHMANDU: The Confederation of Nepalese Industries (CNI) held a meeting with Finance Minister Dr Swarnim Wagle on matters concerning the country’s economy. A team led by CNI President Birendra Raj Pandey held discussions on the existing problems of economy and the ways to resolve them.

Pandey suggested that the government should pay special attention in the short, mid-term and long term to achieve the expectation of good governance and high economic growth as desired by the general public. Minister Wagle, while assuming the office of the Finance Minister, welcomed the second phase of economic reforms and the commitment to scrap irrelevant and archaic acts and expressed the belief that the government would carry out reforms keeping the overall economy at the centre from the upcoming budget.

He suggested that the government should adopt policies to encourage manufacturing industries to create employment, achieve high economic growth and replace imports. He said that there is a need to dispel the narrative that making money is a crime. He said that the government should play a positive role in creating a narrative that it is not a crime to acquire property and earn money legally. He also stressed on the need to adopt a policy to increase overall demand in the present situation where market demand is not increasing.

He said the CNI was studying how to make a $100 billion economy from the current $45 billion economy to $100 billion in the next 10 years and would submit a report to the government soon.

Finance Minister Wagle said that he has come in the responsibility of the Ministry of Finance to turn the economy in the right direction. He said that the government would look differently at the manufacturing industries that replace imports as foreign investment would come only after the private sector of Nepal was enthused. He said that the government would pay special attention to ensure that people do not have to stand in queues and pay bribes.

He said that the political stability sought by the private sector has been achieved and this government would move ahead to achieve economic prosperity by maintaining policy stability. He said that he would encourage liberal economy and create private sector-friendly economic environment. Minister Wagle also urged the CNI to play a role in bringing in multinational big companies or their investment.

Finance Secretary Dr Ghanashyam Upadhyay urged the investors to furnish suggestions regarding the Acts that have created difficulties for the investment.