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‘Economic Transformation Key To Graduate Nepal To Developing Country’

‘Economic Transformation Key To Graduate Nepal To Developing Country’
‘Economic Transformation Key To Graduate Nepal To Developing Country’

Nawalparasi,20 March 2015: Minister for Finance Dr Ram Sharan Mahat has stressed that putting productivity-oriented economy and culture at centre stage is the foremost need to graduate Nepal to the status of developing country from Least Developed Countries (LDCs) in an effective and meaningful manner.

Speaking at a two-day national seminar on ‘Nepal graduation from LDC to developing country: Taking stock of prospects and challenges’ organized by Vijaya Development Resource Centre (VDRC-Nepal) at Gaindakot, Nawalparasi on Friday, Minister Mahat there should be national commitment to end obstruction to development works  in a bid to ensure Nepal’s socio-economic transformation.

“Economy first is the key to transform people’s lives paving the way for national development in aggregate”, he said, adding social justice led growth is the prime focus of the nation which will lead to Nepal’s leap forward to developing country by 2022.

Our national capacity to respond different socio-economic problems has increased following the first generation economic reforms initiated in 1991 AD, he further said.

“Our growing internal national capacity, decreasing foreign aid dependency and improving socio-economic indicators have opened up many avenues for economy to sustain”, Minister Dr Mahat claimed.

Presenting a status paper entitled ‘Pathway to LDC Graduation: The Case of Nepal’, National Planning Commission (NPC) member Dr Swarnim Wagle said sustained economic growth rate of more than 7 per cent is indispensable for Nepal to materialize its graduation to developing country.

“Technical graduation to LDC will not be a big cry for Nepal as the country has made substantial progress on non-economic criteria within coming seven years but the challenge is to sustain economy with increased gross national income”, he added.

Nepal has the chance to be a unique LDC country to get developing country status based on non-economic pillars, Dr Wagle said, adding we are in a position to meet two pillars – human assets and vulnerability – to the pathway to developing country.

His paper stated that Nepal should take optimum advantages of its geographical location between two economic giants China and India placing emphasis on trade able service, tourism formation of gross capital formation with integrated production approach to that end.

Likewise, NPC’s former Vice-Chairperson Dr Jagadish Chandra Pokharel underlined the need to redefine the existing relations between state, civil society and business sector to achieve the national goal. “This is the historic time for us to have so far the highest number of economically active youth hands. The state should focus on utilizing youths for national development”, he added.

Four working papers on the themes of agriculture development, tourism promotion, infrastructure development and water resource – the major economic priorities of the state for LDC graduation – would be presented in the event.

“The event is organized to provide inputs to the state to graduate to developing country drawing prospects and bottlenecks from stakeholders outside the Kathmandu Valley”, said VDRC Chairperson Basanta Raj Lamsal.

Some 60 participants including lawmakers, tourism entrepreneurs, hydropower experts, development professionals, agriculture scientists are taking part in the seminar.

By:Krishna Sapkota





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