SOCIALISM HAS LOST ITS SHAPE: FINMIN

KATHMANDU, Sept 8:

Finance Minister Ram Sharan Mahat said Monday that the word socialism has lost its shape as everyone is wearing a socialist hat these days.

Addressing the 21st annual general meeting of the Nepal-India Chamber of Commerce and Industry (NICCI) in Kathmandu on Monday, he said that Nepali Congress claims to be a socialist party but it is the same party that brought liberal market policies post-1990.

"Likewise, communists also love talking up socialism," Mahat told entrepreneurs asking them not to be afraid of word the 'socialism' in the constitution.

The draft constitution is in the last leg of finalization, he said, adding that the constitution will be investment-friendly. "Do not be worried by the socialism rhetoric."

Though, everyone loves to be called a socialist nowadays, no one can backtrack from liberal market policies as the open market policy was irreversible, Mahat, a libertarian, said. "Let there be no excuse about pessimism," he added.

Asking entrepreneurs to play a role in strengthening economic ties between Nepal and India, he urged for setting of a target of doubling exports to India. He also urged Indian investors to come and invest in Nepal by eyeing the India market that can help close Nepal's ballooning trade deficit with India.

"The government is encouraging Indian investors to establish plants in the Bhairahawa SEZ eyeing the Indian market," he said, asking the private sector to work on Track 2 diplomacy to increase business-to-business relations.

Mahat also requested the private sector to revive the euphoria of 1990s. Nepal-India trade has seen geometric progression after the 1996 Nepal-India Trade Treaty, as the government opened the market for foreign investors.

Indian ambassador to Nepal Ranjeet Rae, on the occasion, also asked entrepreneurs to set a target of doubling of trade between the two countries. "There should be closer interaction between the private sector of both the countries and the governments," he said, asking the private sector of both the countries to play proactive roles. "'The private sector should meet prior to government-to-government talks and facilitate the governments to expedite trade and economic activities. "The synergy of the private sector of both the country can policy-feed the governments," Rae said.

Suggesting balancing of the trade deficit through tourism and hydropower development, the Indian envoy asked the Nepali government to create an environment for more Indian companies to come to Nepal.

On the occasion, the bilateral chamber also elected a new team led by Sourya Rana for a two-year term.

Outgoing NICCI president Shashi Raj Pandey and presidents of various business organizations also showed serious concern about the ballooning trade deficit with India and asked the government to bring measures to bridge the gap.

Source: republica