Investment falls short of opportunities‚ say experts
KATHMANDU:
The experts said that despite the issues haunting Nepali economy, Nepal can well-utilise foreign direct investment (FDI) in viable sectors.
“There are unparalleled opportunities for investment in Nepal that can revolutionise Nepali economy especially in hydro and tourism sectors provided we can exploit it,” said former finance minister Dr Ram Sharan Mahat in NRN conference in Kathmandu today. Addressing a session on ‘Challenges and Prospects of Economic Prosperity of Nepal’, he pointed out impunity and lack of work ethics as major hurdles that have been haunting Nepali industries.
“The culture of impunity has found its way into industrial sectors as well,” he said, adding that the labourers will never stop putting up strikes, if they get paid for the days they have not been working. He also approved the ‘No Work No Pay’ system that, according to him could bring discipline in the workers.
“Every labourer is entitled to decent wage so that he can maintain fair living standard but in return his productivity also needs to be at par with the revised wage,” he added.
In recent years, productivity of labour has not improved compared to salary and wages increment due to various reasons. According to him, industries have become costly as the productivity is not increasing while the cost of production has sky-rocketed in recent years making the final good expensive. “Nepal has lost its competitive niche so that we are not only loosing export market but domestic market as well.”
Another former finance minister Surendra Pandey urged NRNs to bring investment into Nepal. “It is the right time to invest in Nepal as during the turbulent times investment will be cheap but after peace settles in investment will be costly affair,” he said, supporting that labourers need fair salary and conducting strike is their fundamental right but cautioned the political parties to refrain from using labourers as tools for their political ambition.
Similarly, former finance secretary and economic advisor to the prime minister Rameshwor Khanal pointed out that the problems in Nepal are not unique. “All the developed countries have faced these problems and achieved progress in spite of these drawbacks, he said, adding that Nepal should also strive to move ahead in spite of the issues of power shortage, difficult labour relation and bad governance.
The relation between labour unions and owners are becoming mature and realising mutual importance lately. “Nepali economy needs a huge dose of investment in right sectors to prosper,” pointed out economist Professor Dr Bishwambher Pyakurel. “At present, total export earnings of Nepal falls short of Rs 32 billion to meet the expenses for only one commodity petroleum import which is just one of the examples that demonstrate the pathetic condition of our contracting productivity.”
Vice Chair of NPC Dipendra Bahadur Kshetri, however, stressed that Nepal needs more investment from NRNs instead of charity.
Source: THT
The experts said that despite the issues haunting Nepali economy, Nepal can well-utilise foreign direct investment (FDI) in viable sectors.
“There are unparalleled opportunities for investment in Nepal that can revolutionise Nepali economy especially in hydro and tourism sectors provided we can exploit it,” said former finance minister Dr Ram Sharan Mahat in NRN conference in Kathmandu today. Addressing a session on ‘Challenges and Prospects of Economic Prosperity of Nepal’, he pointed out impunity and lack of work ethics as major hurdles that have been haunting Nepali industries.
“The culture of impunity has found its way into industrial sectors as well,” he said, adding that the labourers will never stop putting up strikes, if they get paid for the days they have not been working. He also approved the ‘No Work No Pay’ system that, according to him could bring discipline in the workers.
“Every labourer is entitled to decent wage so that he can maintain fair living standard but in return his productivity also needs to be at par with the revised wage,” he added.
In recent years, productivity of labour has not improved compared to salary and wages increment due to various reasons. According to him, industries have become costly as the productivity is not increasing while the cost of production has sky-rocketed in recent years making the final good expensive. “Nepal has lost its competitive niche so that we are not only loosing export market but domestic market as well.”
Another former finance minister Surendra Pandey urged NRNs to bring investment into Nepal. “It is the right time to invest in Nepal as during the turbulent times investment will be cheap but after peace settles in investment will be costly affair,” he said, supporting that labourers need fair salary and conducting strike is their fundamental right but cautioned the political parties to refrain from using labourers as tools for their political ambition.
Similarly, former finance secretary and economic advisor to the prime minister Rameshwor Khanal pointed out that the problems in Nepal are not unique. “All the developed countries have faced these problems and achieved progress in spite of these drawbacks, he said, adding that Nepal should also strive to move ahead in spite of the issues of power shortage, difficult labour relation and bad governance.
The relation between labour unions and owners are becoming mature and realising mutual importance lately. “Nepali economy needs a huge dose of investment in right sectors to prosper,” pointed out economist Professor Dr Bishwambher Pyakurel. “At present, total export earnings of Nepal falls short of Rs 32 billion to meet the expenses for only one commodity petroleum import which is just one of the examples that demonstrate the pathetic condition of our contracting productivity.”
Vice Chair of NPC Dipendra Bahadur Kshetri, however, stressed that Nepal needs more investment from NRNs instead of charity.
Source: THT
