Newly-appointed Minister for Industry, Commerce and Supplies Matrika Prasad Yadav has said that the new government would adopt zero-tolerance policy against corruption and called on all stakeholders, including the bureaucracy, private sector and citizens, to cooperate in this endeavour.

Addressing the 24th Annual General Assembly of the Federation of Nepal Cottage and Small Industries (FNCSI) and 21st National Women Entrepreneurs Conference organised on Monday Yadav said, “Tackling corruption and problems related to bad governance would help the government to usher in economic prosperity.” Minister Yadav also urged the private sector to play a constructive role by paying taxes and fulfilling social responsibilities while generating profit.

Corruption is believed to be one of the major hindrances in harnessing the economic potential of Nepal. According to Corruption Perceptions Index 2017 published by Transparency International, Nepal is ranked 122 out of 180 countries.

Newly appointed Finance Minister Yuba Raj Khatiwada said that the government was committed to providing easy access to credit and insurance products to farmers and entrepreneurs.

He also said the government was committed to improving infrastructure facilities and using economic diplomacy as a tool to market various agricultural and industrial products in the international market.

“The government will get feedback from various stakeholders, including FNCSI, and try to address economic concerns of citizens across the country through the upcoming budget.

However, the private sector and citizens should complement the government’s efforts by harnessing productive potential of the economy and by fostering entrepreneurship in various sectors of the economy,” said Khatiwada.

FNSCI President Shyam Prasad Giri said that small and cottage enterprises all over the country are optimistic about receiving support from the new government in promoting and marketing their products.

“The new government should harness the potential of agriculture, mining, energy and tourism sectors,” said Giri, adding, “We urge the government to solve prevailing problems facing small and cottage enterprises by raising access to modern technology and instruments, capital, credit and infrastructure.”

Vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Kishor Pradhan urged the government to speed up agricultural modernisation and introduce contract farming. “Allowing contract farming with the cooperation of the private sector would help generate employment and boost agricultural productivity. We urge the government to enact friendly policies and laws in this regard.”

Pradhan also urged the private sector not to participate in any form of cartel, corrupt activities and black-marketing.