BIRGUNJ, Aug 8: Nepal Communist Party (NCP) leader Pushpa Kamal Dahal has stated that it was the responsibility of the government to create environment conducive to usher in economic prosperity in the country.

Speaking at a meeting of district and city-based units of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in Birgunj on Tuesday, Dahal said that the government was committed and capable of creating investment-friendly environment in the country. 

As the government has been formed after the promulgation and has two-thirds majority, it should be able to ensure good governance and usher in an era of economic prosperity. "For this to happen, the government needs support and cooperation of the private sector. In this age of globalization, development cannot take pace if the government cannot facilitate the private sector," the former Prime Minister added.

Stating that various problems are plaguing the country's economy, he said that it is the responsibility of the government to resolve all the issues that are affecting the country's economy. Dahal also said that the government should work toward attracting foreign investment only after creating environment conducive for trade and investments. "We have to attract foreign investment, only after we assure the Nepali private sector on protection of their investment," he added.

The NCP leader also said that apart from creating environment conducive for trade and investment, the government should also ease administrative formalities and also make profit repatriation rules easier if it wants to attract foreign investors.

In his 40-minute speech, Dahal mainly stressed the need to create investment-friendly environment, safe and ensure protection of investment of traders and businessmen. He added that the country most adopt the policy of import substitution if it wants to move on the path of economic prosperity. 

"We need to encourage private sector for industrial development as it not creates job but also contributes to the country's economy," Dahal added.

Also speaking at the program, Minister for Industry, Commerce and Supplies, Matrika Prasad Yadav, insisted that traders and industrialists practicing ethical business should not be scared to monitoring and market inspection campaigns started by the government. He also said that the government has realized the need to put in place a one-window system to regulate industrial sector and provide needful facilities for them. 

Minister Yadav also requested the umbrella organizations of traders and business people to take needful initiatives for controlling malpractices that is bleeding the country's economy dry.