Kathmandu. President of the Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal has said that although the government’s efforts to improve the economy are positive, they are not enough to fulfill the aspirations of the youth. He said this while addressing a program organized on the occasion of the 59th annual general meeting and Industry and Commerce Day of the federation on Thursday.
He said that he is an entrepreneur who finds comfort in adversity and is working to instill hope in the country. He said that despair cannot be turned into hope unless decent and high-wage employment opportunities are created within the country.
He said that the government has limitations in providing employment and mentioned that the government has currently provided employment to about five lakh people. He argued that although the private sector provides employment to 86 percent, Nepal’s private sector does not have the capacity to provide employment to the approximately five hundred thousand youth who enter the labor market every year.
President Dhakal said, ‘Personally speaking, I am an entrepreneur who seeks to find favor in adversity. I do not want to sow despair but hope. The situation is improving. But the current improvement is not enough to fulfill the aspirations of our youth. Unless we can create decent and high-wage employment opportunities within the country, despair cannot be turned into hope. The current despair is a result of that. We know that the government has limitations in providing employment. Currently, the government has provided employment to approximately five hundred thousand people.’
‘The private sector has provided employment to 86 percent. But Nepal’s private sector does not have the capacity to provide employment to the approximately 500,000 youth who enter the labor market every year. That is why young people go to find work in the same economy that can provide employment. These economies that provide employment to Nepalis and the situation in Nepal were similar some time ago. In the 1960s, Nepal’s per capita income was 50 and South Korea’s was about 100 dollars. Now, Korea’s per capita income is around 40,000 dollars, while Nepal’s is 1,400 dollars. During this period, Korea’s income seems to have increased 400 times. Nepal’s also increased 28 times. But the purchasing power of 40,000 and 1,400 are not comparable. We have made progress, but not as much as we should have,’ he mentioned.
Chairman Dhakal, mentioning that the private sector should be allowed to work unhindered to improve the economy, said that the main agenda of the current government is a prosperous Nepal, happy Nepalis, and that prosperity in the country means everyone has opportunities.
He mentioned that investment in money, intelligence, wisdom, and skills would be necessary for that, and said, ‘We have moved forward based on the other two indicators. If we are not to go back, we should allow the private sector to work unhindered. Now, I would like to talk to you point by point, what can we do here? How is that possible? And what kind of support is needed from stakeholders including the government. The main agenda of the Honorable Prime Minister and the current government is a prosperous Nepal, happy Nepalis.’
‘Prosperity in the country means that everyone has the opportunity. For that, money, intelligence, discretion and skills have to be invested. More than that, there needs to be an investment of money first. Which will later demand labor and skills during production. There are two main bodies that invest money, one is the government and the second is the private sector. The government mainly brings money for investment from revenue. Revenue is raised from entrepreneurs, businessmen and the general public. The main source of income for the general public is also the private sector because most of the jobs are created by the private sector,’ he said.
President Dhakal said that the situation is currently uncomfortable but that improvement is not impossible. Stating that political parties should be able to form a common view on the economy, development and prosperity, he claimed that political leadership should not be responsible for actions that adversely affect private sector enterprises and the livelihood of the common people. He said that now the private sector should lead economic prosperity and development.
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