Kathmandu. Finance Minister Dr Swarnim Wagle has urged the multi-national taxpayers to increase investment in Nepal and expressed commitment to protect legitimate investment, property and profit.

Stating that the government has viewed the private sector as a partner in the economic development rather than with a suspicion, he said the government would create environment conducive for investment expansion.

He insisted on collaboration and trust between the government and private sector for economic transformation, urging the government to expand industries, enter new productions and bring in new technology.

He recalled that he had held discussions with industrialists and entrepreneurs, chief executive officers of commercial banks and the Nepal Rastra Bank (NRB) leadership in recent days.

He went on to say that economic transformation of Nepal was not possible only through the efforts of the government or any one ministry, policy and institution.

“Nepal’s economic transformation should not be led by a single ministry, a single policy or an institution, it should be led together by the government and the private sector,” he said.

KATHMANDU: The government has highlighted the role of the private sector as big taxpayers, employers and investors of Nepal and said that the role of the private sector is significant in nation building.

Stating that the government has already made clear its view towards the private sector through the budget for the current fiscal year, he said the government’s priority now is not only to increase tax collection but also to intensify the cycle of production, investment, profit and reinvestment.

According to him, when an industry makes a profit, its reinvestment will increase production, employment will be created when production increases, income from employment will increase and the market will expand as income increases.

He said that his main responsibility was to protect the legitimate investment, the wealth created and the profit earned in Nepal.

She was of the view that it would be difficult to attract big investment, expand industries and transform the economy if the trust was not maintained in the security of investment and policy stability.

Therefore, the government has urged the private sector to invest more in Nepal, expand the existing industries, enter into new productions, bring in new technology and create employment opportunities.

TAG_OPEN_strong_46 Here is Minister Wagle’s statement:

Respected industrialists and business leaders,

I warmly welcome all of you.

First of all, on behalf of the Government of Nepal, I would like to express my heartfelt respect to your contribution to the development of Nepal’s economy.

You are not only representatives of successful businessmen or companies, but also Nepal’s largest taxpayer, largest employer, largest investor and foremost partner in nation building.

Today’s meeting is not for a formal meeting. It is a new and deepening trust, collaboration and commitment between the government and the private sector playing a leading role in nation building.

In the past few days, I have had the opportunity to interact with industrialists and businessmen, CEOs of commercial banks and the leadership of Nepal Rastra Bank (NRB). All these discussions have come to a common conclusion: Nepal’s economic transformation should not be driven by a single ministry, a single policy or an institution, but should be led by the government and the private sector together.

That is why today I am here to listen to the experiences of the country’s entrepreneurs who have invested the most and have taken the most risks rather than listening to the government’s opinion.

We have given a clear message through this year’s budget. The government views the private sector not with suspicion, but with the view of a partner. We believe that success of the private sector is the key to Nepal’s economic success. Therefore, the government’s priority now is not just to increase tax collection; Accelerate the cycle of production, investment, profit and reinvestment.

Because when the industry makes a profit, that profit is reinvested. Reinvestment increases production. Production creates jobs. Employment increases income. Income expands the market. Ultimately, it will also increase the revenue of the state. Therefore, the relationship between the government and the private sector is not a zero-sum relationship; The success of both is linked to each other’s success.

I want to make a clear commitment today.

In Nepal, it is the prime responsibility of the government to protect the legitimate investments, wealth created and profits earned. Entrepreneurs must be able to trust that their assets are safe, that the regulations are stable, that the tax system is predictable, and that the state stands as their partner. Without building that trust, big investments will not come. Without building that trust, the industry cannot expand. Economic transformation is not possible without building that trust. Therefore, today I want to make a clear request to all of you.

Make a bigger investment in Nepal. Expand existing industries. Log in to a new product. Introduce new technology. Create new jobs.

The government will stand with you. In today’s discussion, I would especially like to hear your views on certain topics. How effective have the reforms initiated by the government begun to appear to be in practice? Where are the main obstacles to business expansion? What are the areas in which tax administration, regulation, land, energy, labour, infrastructure, finance, export, legal provisions or government processes need immediate improvement? What are the top five decisions that the government should take in the next six months?

I don’t want to just collect suggestions in today’s meeting. I want to create an agenda of solutions.

There will be time-bound coordination with the ministries concerned for the implementation of each of the issues raised here. The Ministry of Finance will continuously monitor this through the Response Desk. This dialogue is not a one-time program. This series will continue until the problem is resolved.

In the end, I would like to say one thing in particular.

The government respects taxpayers not only as a source of revenue, but also as partners in nation building. It is also the responsibility of the government to give high social respect to the culture of paying taxes honestly in Nepal. We are working on it.

We want to create an environment where when an entrepreneur succeeds, society is proud, investors feel secure, taxpayers are respected, and young entrepreneurs are inspired. With this belief, we have moved ahead in the campaign to make Nepal an investment-friendly, business-friendly and production-oriented economy. Let us further strengthen this partnership between the government and the private sector. Let us make the next decade a decade of big investment, big production, big employment and big confidence in Nepal.

Thank you.