Kathmandu, September 6

Finance Minister Yubaraj Khatiwada today said that the private sector should play a responsible role in achieving the Sustainable Development Goals (SDGs).

As the private sector is the primary partner of the government for realising the globally accepted SDGs within the stipulated time, Khatiwada urged the private sector to raise investments in coordination with the government.

“Nepal needs huge investment in every sector ranging from health, education to infrastructure to achieve the SDGs. Investment from the private sector is crucial to bridge the large financing gap that the country has in materialising these goals,” the minister said during the third Responsible Business Summit, which concluded in the Capital today.

The two-day summit was organised by National Business Initiative under the theme of ‘responsible business for sustainable development.’

As per Khatiwada, of the total investment that the country needs to achieve the SDGs, two-thirds or at least 50 per cent of the required fund has to come from the private sector.

“Not just the government and the private sector, but all quarters have to be responsible towards ensuring the country achieves the development goals. In the policy front, the government is always open to discussing and formulating new policies to support business growth and development,” he added.

Meanwhile, the finance minister also said that different policies formulated recently and those that are in the offing have focused on making all stakeholders, including the government and the private sector, responsible for development and growth. He also stated that achieving SDGs is not just the responsibility of the federal government but also of the local and provincial governments and also the general people, as SDGs are common development agendas of the world and goal of the country.

However, Khatiwada urged all stakeholders to maintain accountability and transparency in the journey of growth and development.

Participants at the event also urged the federal government to effectively and evenly mobilise resources in a bid to achieve uniformity in development.

“The provincial government is not in a position to generate even 10 per cent of required resources for development. In such a context, the federal government should support the provincial governments in generating resources and also ensure its wise distribution,” said Subodh Pyakurel, vice-chairman of the Planning Commission of Province 1, at the plenary session on federal economy.

Similarly, Provincial Policy Commission Vice-chairman of Province 2, Haribansha Jha said the government should simplify the tax administration and provide incentives to investors and entrepreneurs for growth and development in each province.

On the occasion, Swarnim Wagle, former vice-chairman of the National Planning Commission, said that though the government has tried to ease and promote doing business and development on paper, implementation of those policies has been very tepid.

Citing that the cost and ease of doing business and trade along with problems regarding tax system still remain the same, Wagle said that the government should effectively exercise its provisions highlighted in papers or policies. In such a context, the two-third majority government should be able to take a few bold and courageous but implementable decisions in a bid to drive the country’s economic growth and development, he added.