NEPAL ECONOMIC SUMMIT: The Reforms Agenda

With his commitment to initiate reforms, newly appointed finance minister Dr. Ram Sharan Mahat has announced he would launch the "second generation economic reforms"

March 7, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 07 No. -17 Mar. 07- 2014 (Falgun 23, 2070)

After nearly half a decade of molding the Nepalese economy towards the so-called three pillars, newly appointed finance minister Dr. Ram Sharan Mahat has announced that he will implement new set of economic reforms giving hope to investors that the government is giving more role to private sectors.

"The new government will introduce the second tier of economic reforms," declared finance minister Dr. Mahat. "The government will start the economic reforms to make the country´s economy more vibrant, dynamic and stronger. It is high time the country prioritized its reforms agenda."

Stating that the economic reform agenda of 1990s was introduced in the stewardship of his party (Nepali Congress), Mahat, however, said economic agenda lost momentum thereafter.

Participated in by a wide range of people from government and private sector, Nepal Economic Summit, however, failed to bring concrete results. Gathering a large number of people, it ended without giving any direction for the country’s economy.

Jointly organized by the government of Nepal and the Federation of Nepalese Chamber of Commerce and Industry, the summit was well attended by experts in economy, investment and banking, among others.

“I am hopeful that the new government will bring the country´s economy back into the right track,” said Suraj Vaidya, president of FNCCI. "The government will need to table several key laws, including the Industrial Enterprise Act and Electricity Act.”

The conference focused on reforms for investment-friendly environment, what attracts investors, turning agriculture from subsistence to commercialisation, energy, and making Nepal one of the best tourist destinations, among others.

Although officials claim that they organized the summit to make Nepal a lucrative destination for investment, it is unlikely to make any drastic change in the way we promote international investment in the country.

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