Private sector urges accelerated economic growth through wealth creation and legal reform

Kathmandu: Birendra Raj Pandey, President of the Confederation of Nepalese Industries (CNI), said that the private sector is encouraged by the current stability seen in the country’s economic system. He stressed that since such stability is a rare opportunity, it should be used to build capital and increase production.

According to him, there is a need in society to understand and evaluate “wealth creation” differently from “income generation.” Noting that the private sector’s total fixed capital formation in Nepal is on a declining trend, he said a social environment that encourages and respects wealth creation must be developed.

President Pandey also said that the existing “crisis of trust” between the public and private sectors must be resolved and an environment for cooperation strengthened. Stating that Nepal should also adopt the industrial development strategies followed by developed countries, he urged the removal of outdated legal obstacles.

Express

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