--By TC Correspondent

 

Nepal Economic Summit 2014 which started in the capital on Monday (Feb 24) with the aim of attracting foreign investment to Nepal concluded on Wednesday (Feb 26), issuing a 19-point declaration. According to the declaration, the government and private sector will work together to formulate separate development strategies for energy, tourism and agriculture within the next six months. The move is aimed at achieving inclusive and broad-based economic growth.

 

“We will work on adopting the Energy Development Strategy, Tourism Development Strategy and Agriculture Development Strategy within the next six months with appropriate action plans for respective stakeholder agencies,” said Madhu Kumar Marasini, joint secretary at the finance ministry, while reading out the declaration named “A Commitment to Economic Reform”.

 

The summit also committed to implement the second generation of economic reforms. 

 

Similarly, the summit vowed to move Nepal 10 notches up on the Doing Business Index by 2016. According to the declaration, the government and the private sector will identify and work with local and global investors to execute at least four different large-scale projects in tourism, hydropower and agriculture sectors to create at least 50,000 jobs by 2015.

 

According to the declaration, both the private sector and the government will work to increase private sector investment in commercial agriculture by developing and implementing incentive mechanism for high value products where Nepal can have a competitive advantage. Similarly, to encourage innovation in energy supply and increase in private sector participation, the government has announced setting up an independent power trading company. The company will provide a platform for trading energy between individual consumers and suppliers, thereby reducing the fiscal burden of Nepal Electricity Authority.