20th May 2024, Kathmandu
The Nepal Chamber of Commerce has announced a strategic three-year action plan focused on stimulating economic growth and job creation at an impressive annual rate of 20%.
NCC Three-Year Action Plan
This initiative, unveiled during a press conference on Sunday, aims to tackle economic stagnation, ensure policy stability, and protect private sector interests.
Key Objectives of the Strategic Action Plan
1. Job Creation and Economic Growth:
Chairman Kamlesh Kumar Agarwal emphasized that with 500,000 youths entering the labor market, it is imperative to create jobs at a 20% annual rate. The Chamber’s plan outlines efforts to enhance the industrial environment, thereby fostering job creation and contributing to an average annual economic growth rate of 7%.
2. Policy and Legal Reforms:
The action plan calls for repealing outdated and impractical laws under the Black Market Act 2032 and creating new regulations that align with the current economic environment. This is crucial for maintaining policy stability and supporting sustainable economic development.
3. Economic Projections:
According to Chairman Agarwal, the country’s GDP is projected to increase from 56.5 billion to 75 billion dollars over the next three years. Achieving this goal will require concerted efforts from both the public and private sectors. The Chamber also aims to raise the per capita income from the estimated 1,456 US dollars in the financial year 2080-081 to at least 2,000 dollars within the same period.
4. Strengthening the Private Sector:
The private sector currently accounts for 81% of capital formation and job creation. The Chamber plans to implement institutional measures to enhance this contribution further. Additionally, the contribution of wholesale and retail trade, which currently stands at 14% of the total domestic product, is expected to increase significantly.
5. Infrastructure and Foreign Investment:
To attract foreign investment, the Chamber will develop infrastructure plans as pilot projects. These initiatives aim to solve cooperative problems and encourage remittances into the manufacturing sector.
Strategic Focus Areas
Policy Stability:
Agarwal stressed the importance of a stable government and consistent policies for sustainable economic development. The Chamber’s action plan is designed to create a conducive environment for businesses to thrive.
Private Sector Engagement:
As the most established and influential entity in the private sector, the Chamber is committed to safeguarding private sector interests. This includes advocating for favorable policies and creating opportunities for investment and growth.
Economic Diversification:
The action plan also emphasizes the need for economic diversification. By enhancing the contributions of various sectors, the Chamber aims to build a resilient economy capable of withstanding global economic fluctuations.
The Nepal Chamber of Commerce’s three-year strategic action plan is a comprehensive roadmap for driving economic growth and job creation in the country. With a focus on policy stability, legal reforms, and private sector engagement, the plan aims to transform Nepal’s economic landscape. By achieving these ambitious targets, the Chamber hopes to pave the way for a prosperous future for all Nepalese citizens.
For more information: NCC Three-Year Action Plan
