Nepal | July 05, 2020

Crucial role of pvt sector highlighted

Himalayan News Service
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Kathmandu, December 13

The private sector has a very critical role in implementing the Sustainable Development Goals (SDGs) that need to be achieved by 2030 as pledged by the member countries of the United Nations at the UN General Assembly last year. SDGs are the global development agenda for 2016-30, which supersedes the Millennium Development Goals (MDGs) and has 17 broader goals and 169 targets.

Presenting a thematic paper in an interaction programme on ‘Role of Private Sector in the Era of Sustainable Development’, Yubaraj Khatiwada, former vice chairman of National Planning Commission and also former governor of the central bank, said that private sector engagement was key to the success of each goal.

“The private sector invests in businesses, infrastructure, renewable energy, urban development, financing and insuring social and economic services, and creates employment,” he said.

According to Khatiwada, employment generation alone can contribute in achieving many of the SDGs like poverty alleviation, getting better education and health services, ending hunger and women empowerment.

“The private sector can contribute to SDGs by investing in innovation, research and development for enhancing productivity and conserving factors of production. Similarly, it can make industrial and business activities environment friendly and internalise environmental cost associated with private sector activities,” he stated.

Nepal was the first country to come up with a status paper on SDGs, when Khatiwada was vice chairman of National Planning Commission.

However, Khatiwada pointed out to the need of having a 15-year strategic plan and executing it through periodic plans to achieve those goals.

Hyungkyoo Kim, country director of the Korean International Cooperation Agency (KOICA), urged the government to encourage private sector especially the business companies to be engaged in SDGs implementation process not just by requesting philanthropic contribution but by introducing smart investment.

“Companies that introduce sustainability into their business models are profitable and successful, with positive returns on capital in terms of reduced risk, diversification of markets and portfolios, increased revenue, reduced costs and improved products,” he asserted.

Sophie Kemkhadze, deputy country director of the United Nations Development Programme, urged stakeholders to find ways to engage the private sector in the SDGs. She stressed that foreign direct investment should be linked to the global initiative of SDGs to help the developing world in generating more employment.

During the interaction, private sector representatives stated that the private sector is committed towards the global development agenda and laid emphasis that a strong collaboration between the government and private sector can be instrumental in implementing the SDGs.

 


A version of this article appears in print on December 14, 2016 of The Himalayan Times.


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