Govt-private sector cooperation fosters economy: Finance Minister

Published On: April 29, 2022 08:50 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, April 29: Finance Minister Janardan Sharma has underscored the need for boosting government-private sector cooperation so that economic development could be realized. 

"A significant portion of the national economy is sustained by the private sector. The government is only a facilitator. Seventy percent of the entire economy hinges on the private sector," he reminded. 

According to him, the government was committed to creating an industry-friendly environment in the country. Minister Sharma expressed such views during a meeting with the representatives of Nepal Chamber of Commerce. The Chamber officer-bearers held talks with the Finance Minister on Thursday in connection with the homework for the upcoming budget.

On the occasion, Chamber Chair Rajendra Malla said import should be well managed for the balance of payment. The import of industrial raw materials and daily consumable items should be managed in a way that would wipe out the shortage of things.

The Chamber officials complained that export was not promoted because there was no facilitation in the export process. Malla said, "If laboratories of international standard are set up at major customs offices, it will help to create the atmosphere favorable for import of quality goods," he argued.

According to Chairperson Malla, maximum import of petroleum products was the reason behind the ballooning trade deficit. He also suggested that the realty business must be brought under the tax system.

The Chamber officials also suggested to the Finance Minister to legalize marijuana.


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