Minister Dr Mahat urges industrialists to work with confidence

Finance Minister Dr Prakash Sharan Mahat has urged industrialists and businesspersons not to get disappointed as the country’s economy is gradually improving.

Addressing the 56th annual general meeting of the Janakpurdham Chamber of Commerce and Industry here in Janakpurdham on Saturday, the minister urged them to spur investment with confidence as the Nepali economy battered by the 2015 earthquake, COVID-19 and international economic crisis is improving.

“Nepal also bore the brunt of the earthquake, COVID-19, and international economic crisis and conflict. There was mounting pressure on the economy. But lately, the economic situation is improving. Things are improving due to the government’s policy of increasing remittance inflow, tourism activities and budgetary discipline,” he said, adding, “So, I am confident to note that the country's economy is improving. The government’s monetary policy and budget discipline has helped increase economic activities. Although it takes time to get results from it, the government is effortful to turn people’s despair into hope. You, businesspersons, work with confidence.”

There were difficulties in having enough investments in infrastructure development due to a drop in the collection of revenues with little economic activity in the country, the minister admitted.

“While Nepal is undertaking other obligations such as social security commitments, employees’ salaries and current expenditures, there is inability to make enough investment in capital obligations and development. This problem has increased since revenues and incomes have not gone up. Now this situation can improve on the initiatives of all sides. For this, I want to draw the attention of all stakeholders.”

With the aim of achieving prosperity through development of agriculture, tourism and industry in Madhes Province, the government has put forward the work of the Sunkoshi Marine Kamala Diversion at a speedy pace and paid attention to the development of the east-west canal system, Minister Mahat further noted. The government has started developing the Jaleshwor border crossing as an international transit and upgrading other transits including Jatahi, he informed. He also expressed the government’s pledge to help develop Janakpur, the provincial capital of Madhesh province, as an industrial hub.

Similarly, maintaining that development in Madhes Province could not accelerate due to the neglect of the state, parliamentarian and CPN (UML) leader Juli Kumari Mahato stressed the need for the government to make concrete policies and plans to properly capitalize the province's potentials.

Nepali Congress leader and member of the Madhes Province Assembly Ramsaroj Yadav said the federal government should take initiatives to remove legal hurdles in accordance with the spirit of federalism for carrying out development activities.

Similarly, deputy leader of the UML Province Assembly Parliamentary Party, Dipendra Thakur said the government should invest in the east-west canal system, and manage the land of Guthi and irrigation for the development of Madhes.

Also, Janakpurdham sub metropolitan city mayor Manoj Kumar Sah, former mayor Bajarang Prasad Sah, former president of the Janakpur Chamber of Commerce and Industry Nirmal Kumar Chaudhary and present president Jitendra Kumar Mahaseth urged the government to focus on resolving problems facing industrialists for creating a climate conducive for investment for the infrastructure development of Janakpurdhan and Madhesh as a whole.