E-Kantipur

MAR 21 - Former Prime Minister Girija Prasad Koirala, who passed away on Saturday, is fondly remembered by the business community as the man who paved the way and opened the gates for Nepal's private sector to play a greater role in the economy.

He ushered in economic liberalisation through many acts and rules during his first term as primer minister after the restoration of democracy in 1990 including the Industrial Business Act, Foreign Investment and Technology Transfer Act.

The benefits of liberal economic policies were reaped by many new business ventures and sectors like the media, finance, aviation, education emerged strongly.

"Nepal adopted economic liberalisation during Koirala's term as Prime Minister after 1990," said Kush Kumar Joshi, president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). "That's why we consider him a key figure who contributed to promote private sector investment in the economy."

According to him, after the introduction of the Foreign Investment and Technology Transfer Act, Nepalese industry took huge industrial strides. "The country also achieved remarkable economic growth before the beginning of insurgency in 1996." 

Industrialist and Constituent Assembly (CA) member Diwakar Golchha said Koirala ended the license regime and provided new opportunities for the private sector to flourish.  "That was a time when there was the need to obtain license for every economic activity ranging from opening a factory to importing and exporting goods.  Koirala's government dumped such provisions," Glochha said.

He said that Nepal's economy went through a huge transformation during the period 1990 - 1993 and it paid huge dividends to the Nepali economy. "His government also changed the existing taxation system that used to give high-handedness to tax officials and began the system of integrated taxation," he added.

Similarly, industrialist and CA member Rajendra Khetan also credits Koirala as the man who gave Nepal's economy a foundation.

One of the sectors benefiting from the liberal policy adopted by then Koirala government was the banking and financial sector. Prithvi Bahadur Pandey, chairman and chief executive director of Nepal Investment Bank said the policies introduced by Koirala were crucial for expansion of the banking sector." Presently there are more than 250 banks and financial institutions in the country.

President of Nepal Chambers of Commerce Surendra Bir Malakar admired Koirala's decision making powers as Prime Minister. "He listened to what we had to say and directed ministers to act immediately on issues he thought justified.

Businessmen mourn leader's demise

BEDRAJ POUDEL

Biratnagar, MARCH 20

The business community in Biratnagar on Saturday expressed grief over the demise of former Prime Minister Girija Prasad Koirala.

Jagdish Prasad Rathi, industrialist and executive member of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said the country has lost the man who was an inspiration to every business.

Dinesh Golchha, president of Morang Industrial Organisation remembers Koirala for his contribution to the industrial and business sector. He said he was enthused by the principles of Koirala to encourage people and boost their morale during difficulties.

Similarly, Kishore Pradhan, executive member of the FNCCI pays reverences to Koirala by quoting him as having said, "The place that I love most in the world is Biratnagar, and I am committed to the industrial development of this area."

Ashok Murarka, director of Murarka organisation, describes the great leader as a person who responded and understood the difficulties of entrepreneurs. He complimented Koirala as the guardian angel of businessmen.

Posted on: 2010-03-21 12:00

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