Shankar Koirala

Minister for Finance, Industry, Commerce and Supplies

 

To achieve 5.5 per cent economic growth in coming 12 months and 7 per cent later is not an impossible task. We play blame game and that’s hampering the country. We need assistance from the private sectors to make Nepal a developed country by 2022. Investment is important for higher growth but private sectors are shying away due to lack of investment security. We have to implement new foreign policies to woo more investors in Nepal. Let me share that the cement industry is booming in Nepal and in coming years, Nepal will be self sufficient in cement. Mobilization of domestic products and its transportation should be assured so that it can reach every corner of the country.

 

Dr Yuba Raj Khatiwada

Governor, Nepal Rastra Bank

 

It’s our responsibility to bring political stability in Nepal for its development and to reduce poverty. Last year, service sector increased by six per cent and industry by three percent. It’s not that difficult to achieve the 7 per cent GDP growth in our country. Nepal is using only 50 per cent of its total industrial capacity. If we increase it to 80 percent, then achieving the targeted GDP growth of 7 per cent will not be a distant dream. Agriculture itself has a capacity to grow more than 5 percent. Our country needs development based on agriculture, hydropower and tourism. Similarly, employment should be created within the country.

 

Binod Chaudhary

President, Chaudhary Group

 

Contribution of Nepal’s industrial sector in GDP has decreased to 5.6 per cent which was 12 per cent a decade ago. We all have common opinion in terms of economic development but still we are far behind from the target. It’s time to learn from our past mistakes. To achieve the goal, we have to focus on agriculture, commercialising herbs, vegetables and fruits. Tourism is another sector through which we can generate more revenue but it required more facilities and development to bring more tourists.

 

Ashok Baid

President, Birgunj Chamber of Commerce

 

Nepal is utilizing only 30 per cent of its resources, which could be increased by taking collective initiative. There should be a growth in entrepreneurship, domestic productivity and employment creation in Nepal. Birgunj should be prioritised because it occupies a large economic and industrial space. The Bara-Parsa corridor development should be taken seriously. The government should play an active role in developing industrial relationship in Birgunj. We can develop Birgunj as an economic and industrial hub with public-private partnership model.

 

Dr Ratnakar Adhikari

Chief Executive Director, South Asia Watch on Trade, Economics and Environment (SAWTEE)

 

Business is an engine for the economic growth and development of the country. It (business) will bring prosperity and play an important role in generating employment. There should be more focus on banking and insurance sector to generate business. I am sure this will help in inviting foreign investments too. Technology development is equally important to increase the business. There should be a competitive policy for the industrial sector.

 

Joseph Silvanus

CEO, Standard Chartered Bank Nepal Ltd.

 

Financial sector can play an important role in achieving 7 per cent economic growth. There is an urgent need for structural change in the products for its diversification. This will also help in qualitative and quantitative development of the products too. We have to utilize the growing population of the country and encouraging modern technology in this developing global scenario.

 

 

 

Dr Pronab Sen

CEO, National Insurance Co. Ltd. (Nepal Operations)

 

Being a risk management tool, insurance is all about feeling secure even in loss. It helps in reducing capital loss and bringing investments and innovations. We have to have agro insurance policies in Nepal for better economic growth. This is very important because our economy is directly based on agriculture.

 

 

 

 

Hari Bhakta Sharma

Vice-president, Confederation of Nepalese Industries

 

Nature has a capacity to fulfill all our need but she cannot fulfill our greed. It is sad that the country where I live is 167th poorest in the world. Thanks to the government, there is no electricity and water. We only demand without caring about our responsibility. We should try to improve our technology to compete with India and China. Once we learn that, we will be able to compete with rest of the world. I would like to request the government to change their policies at the earliest and would like to request our skilled manpower not to migrate to other countries. We are sending labours to Qatar because we pay less to them in Nepal. We have to utilize these people to reverse that cycle. We have best resources in Nepal and it’s time to utilize them.

 

Rameshore Khanal

Former Finance Secretary

 

Political instability, labour strike, and corruption have created an obstruction in the economic development of the country. Non completion of Melamchi hydro project was a major setback. Industrialists and the common people are living in fear. Not the least, harassment while renewing and registering the new comers and it has hampered our development activities. The condition of other productive sectors in Nepal is not satisfactory and therefore the financial sector looks better. We have noticed a new trend among the youngsters who are pursuing vocational education. This subject is being taught in most of the colleges out of the valley. But, unfortunately, education on the hydropower and other specialised service sectors are not being given to them. Efforts should be made to attract students in these sectors.

 

Suraj Vaidya

President, Federation of Nepalese Chambers of Commerce and Industry

 

Private sector plays an important role for economic development. And same goes with Nepal also. It gives a direction to our economy. The government should provide 

some facilities to the private sector. It is the backbone of any prosperous society. We need some good 

political leaders who can drive Nepal towards development. The economy of the country mainly depends on local development. It can be achieved through local election. Thirty per cent of vegetables come from Dhading in Kathmandu. The figure could be increased with proper storage management. Dhading is also being promoted as organic district in order to access and expand the market of vegetables produced in the district.

 

Sukanti Ghosh

Managing Director, India APCO Worldwide

 

The rapid economic growth of Gujarat has only been possible because of the clear vision and regular effort. The state managed to evaluate competitive quality and weaknesses and created better industrial environment. The administration managed to attract private investment through its industry-friendly regulations. The investors are always in search of stable government and conducive environment where open market, rule of law and security are guaranteed. Similarly availability of skilled manpower and continuity of scientific research are also preferred by the investors. This is the only reason why Gujarat managed to secure Rs 50 billion investments in a three-day summit held in January, 2013. Nepal should also work in similar lines to invite foreign investments. It can take benefit from its neighbouring countries like India and China. There are several sectors for investment in Nepal including hydropower, infrastructure development, manufacturing, tourism, agriculture and mines.  Land available is relatively at cheaper prices. Availability of manpower and resources are some of the factors which can bring investment.

 

Amran Abdul Rahman

Director, (Nepal and India) Malaysia Tourism

A nation can be economically transformed through tourism but there is a need of cooperation between the government and the private sector. Malaysia ranked ninth in terms of attracting tourists. So far, 25 million tourists had visited Malaysia in 2012, which has generated revenue of 60 billion ringgit. We have aimed to bring 36 million tourists and to earn 168 billion ringgit by 2020. For this, strong commitment of government and cooperation of private sector is important. Nepal has immense potential in business tourism and also could be an appropriate MICE tourist (Meeting, Incentive, Convention & Exhibition) destination.  

 

Rajan Singh Bhandari

President, Nepal Bankers’ Association

Nepal is a small country and therefore the financial sector of this country is also limited. Though small, the role of financial sector is very important. It grows with the sound economic condition of the country. A free market economy of a country creates healthy environment in financial sector which is important for overall financial growth of the country. 

 

 

 

 

Wim Lancsweert

Development Economist, Belgium

Innovation and competition are the two important factors for growth. Multi dimensional entrepreneurship is essential for innovation and competition. Impressive personality,  organizational structure and regulations boosting can only encourage good entrepreneurship. There are two types of entrepreneurship: entrepreneurship by necessity and entrepreneurship by option. The nation need not expect anything from the entrepreneurs created by necessity. But the entrepreneurs created by the opportunities can develop the country. So it depends upon the regulations and the laws of the government which type of entrepreneurship gets encouraged. I personally believe that the training and education regarding entrepreneurship can create an 

appropriate foundation of economic growth. That should be followed by financial access and investment friendly environment.

  

Budhaditya Mukherjee

Director, Asian Paints Nepal Pvt. Ltd.

 Asian Paints New Business Award ceremony will help in enhancing the economic growth of the nation. Most of the private sectors have been performing their tasks silently. New Business Age has encouraged them with such awards. We are glad to work with such organization. The main reason behind behind this award is to create positive inspiration for other organizations to work even better.

 

 

 

 

Srikanth Sriniwasamadhavan

Managing Director, Unilever Nepal Limited

Nepal has an immense potential in the productive sectors from the economic point of view. High economic growth rate can be increased and achieved with the development of such industries. We have to keep focusing on the profit, consistency and responsibility along with the growth. Unilever covers most of the market in Nepal because of the same policy. Similarly, more storage facility is also essential to establish a brand in the market. For a sustainable economic development, we should focus on brand centered growth.

 

 

Salman Latif Rawn

Country Manager, Nepal Coca-Cola Sabco

I personally feel that unless an industry grows, country cannot grow. Till 2020 Africa marketed themselves and many investors are pouring money. Why can’t Nepal? It’s time to take action but the question is who will take the first step. There is an urgent need to train people in specialized fields.