Kathmandu, Oct. 8: President Ramchandra Paudel has stressed the need for coordinated efforts among the government, private sector and wider society to achieve the goal of a prosperous Nepal.

Addressing officials of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) at a meeting in Kathmandu on Wednesday, President Paudel said economic prosperity could not be achieved through government efforts alone or by any single sector.

He urged the private sector to play a more responsible, innovative and leading role in translating the national vision of prosperity into reality.

The President appreciated the private sector’s contribution to Nepal’s economic development, saying stronger cooperation between the government and businesses was essential to make the economy more dynamic, productive and competitive.

He noted that the growth of FNCCI’s organizational network and the progress of more than 1.4 million businesspeople affiliated with it would contribute directly to the country’s overall economic progress. According to him, the private sector has a crucial role in economic growth, employment generation and improving people’s living standards.

President Paudel said the government must focus on ensuring policy stability, protecting investments, developing infrastructure, improving administrative services and creating a business-friendly environment.

At the same time, he called on the private sector to increase investment, production and entrepreneurship while promoting innovation and creating more employment opportunities.

“Trust and cooperation between the government and private sector can lay a strong foundation for economic prosperity,” he said.

The President identified increasing domestic production, promoting exports, attracting domestic and foreign investment, generating employment and strengthening the competitiveness of the Nepali economy as key priorities.

He also emphasized the need to make effective use of Nepal’s potential in hydropower, tourism, agriculture and agro-based industries, information technology and manufacturing.

According to President Paudel, creating greater opportunities for young people and encouraging them to pursue entrepreneurship within the country should be a shared responsibility of the state and private sector.

He further said that amid rapid digital transformation and growing global competition, FNCCI should play a stronger role in linking Nepal’s business network with the international economic system.

Such efforts, he said, would help take Nepali products, services and enterprises to international markets and expand Nepal’s economic opportunities globally.