President Paudel stresses role of private sector in driving economic prosperity

Kathmandu: President Ram Chandra Paudel has underscored that the expansion of trade, industry, and broader economic activity forms the foundation of Nepal’s economic prosperity, calling for collective efforts to advance toward greater economic growth.

Addressing the 75th Annual General Meeting and Diamond Jubilee ceremony of the Nepal Chamber of Commerce on Friday, the President said strengthening the federal democratic republic requires sustained focus on economic development aligned with public aspirations.

He noted that the successful completion of the recent parliamentary elections has entrusted the elected government and legislature with the responsibility of ensuring good governance, improving service delivery, and raising living standards. “The private sector has an equally important role in fulfilling this responsibility, and the government must move forward in partnership with it,” he said.

Emphasizing that political stability is key to economic progress, President Paudel stated that a stable government, clear policies, and long-term strategies are essential to accelerate industrial growth, expand investment, and generate employment.

Highlighting the importance of youth, he said creating opportunities within the country is crucial to addressing brain drain. He stressed the need to engage young people in economic activities through entrepreneurship, technology, and innovation.

The President also called for building a stable, transparent, and accountable governance system, while strengthening coordination among federal, provincial, and local levels to speed up overall development.

In the context of a competitive global economy, he urged a shift from traditional approaches toward innovation, digital economy, green development, and technology-driven entrepreneurship, including the promotion of startup culture.

Describing the private sector as a key partner in nation-building, President Paudel said it should not be viewed merely as a tax-paying entity but as the “engine of the economy.”

He also appreciated the long-standing contribution of the Nepal Chamber of Commerce in promoting industry, investment-friendly policies, and entrepreneurship.

Referring to the impact of the COVID-19 pandemic, supply chain disruptions, and subsequent economic challenges, the President stressed the need for stronger collaboration between the government and the private sector to support economic recovery.