FNCCI envisions increasing size of Nepali economy three-folds to $100 billion in next decade

Published On: April 10, 2021 04:00 PM NPT By: Republica | @RepublicaNepal

The umbrella organization of the business community launches its ‘vision paper’

KATHMANDU, April 10: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), an umbrella organization of the country’s private sector, has sought to increase the size of Nepal’s economy to US $ 100 billion by 2030, more than three-folds of the current size.

Unveiling the FNCCI vision paper entitled ‘National Economic Transformation 2030’ on Saturday, the umbrella organization has aimed to achieve the ambitious target in the next one decade. In 2019/20, the size of the Nepali economy stood at $ 31.59 billion, according to the records of the Central Bureau of Statistics.

Speaking at the 55th annual general meeting of the FNCCI, FNCCI President Shekhar Golchha said they have forwarded the vision paper as the country’s roadmap for next 10 years. The vision paper that incorporates 100 various strategic plans to boost the economy includes achieving a double-digit economic growth rate and generating new employment opportunities to 2.2 million individuals via achieving a high and sustainable economic growth. Of these, 40 plans can be materialized within the next two years, according to the FNCCI.

To meet the ambitious target, the FNCCI has sought the investment of an additional $ 108 billion in the next decade. The vision paper also talks about reducing the deepening gap between imports and exports to half of the current figure. At present Nepal is facing a trade deficit worth around 28 percent of the country’s GDP.