Kathmandu. KATHMANDU: Senior Vice President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has pledged to lead the economic transformation by strengthening cooperation between the private sector and the government. Addressing the FNCCI’s annual general meeting, he said the protection of interest of the private sector, investment promotion and expansion of economy would be the top priorities in the next three years.

Describing the private sector as the ‘partner and partner of the government’, he said that the private sector contributes around 82 per cent of the economy and 86 per cent of the employment. He pledged to take initiatives to ensure the participation of the private sector in policy making, budget preparation, law making and international dialogue.

Referring to the current challenges seen in the economy, he said that political instability, lack of credit flow, revenue-expenditure imbalance and low morale of the private sector were the major problems. He also pointed to the risk that the Middle East crisis could affect inflation and remittances. He pointed out the need to restore the confidence of the private sector by converting the aspirations and demands of transparency of the youth into opportunities.

As part of its upcoming action plan, the FNCCI will prioritize private investment promotion, business security, improvement of dispute resolution system and organizational strengthening at the district and provincial levels. He also said that a detailed program based on ‘Six Pillars, Sixty Initiatives’ will be made public soon.

According to him, the FNCCI will now move forward as a solution partner rather than just a demand organization and Nepal’s economic transformation will be possible only through joint efforts of the government and private sector.