Chairman of Global IME Bank and Executive Chairman of IME Group Dhakal addressed the mid-term review of Istanbul Program of Action (IPoA) discussion on “Multiple crises and other emerging challenges, mobilizing financial resources for development and capacity-building” in Antalya, Turkey on 29th May, 2016. Representing the private sector, one of the major implementation stakeholders from the Least Developed Countries (LDCs),Dhakal briefed the role of private sector in general and situation of Nepal in particular. The event has been organized to provide input to the comprehensive high level midterm review of the IPoA. Dhakal had earlier participated in a one day event on “Private Sector Forum on Investment Opportunities in LDCs” on 26th May, which preceded the Review program of 3 days.
During the interactive panel discussion, Dhakal underscored the challenges faced by LDCs due to a number of factors which affect the overall economic activities, and how financial mobilization towards resources allocation and employment generation can reduce poverty and initiate economic development. He also highlighted how LDC like Nepal can pursue economic development through Hydro power and remittance investments as one third of the GDP is covered by inward remittances and private sector play an important role in creating jobs, advancing innovation and generating public revenue for economic, social and environmental welfare. For achieving an ambitious target of economic growth for advancing from LDC, optimum utilization of these resources are necessary.
Chairman Dhakal added the need of remittances investment and other measures to bridge the investment gap. He insisted on the need for conducive environment for investment through Foreign Direct Investment (FDI) in the country as Nepal is looking forward to graduating from LDC in 2022 and this target requires a steady double digit growth for the remaining period.
The Deputy Prime Minister and Minister for Home Affairs of Solomon Islands Manasseh Maelanga, and Minister of State of Belgium Ms. Annemie NEYTS-UYTTEBROECK had co-chaired the session of round table discussion. The event was addressed by ambassadors of the Member States of the UN, non-government organization, private sector, academic institutions and civil society.