Infrastructure key force of national economy to build better future: Nepal PM

Prime Minister of Nepal K P Sharma Oli addresses Nepal Infrastructure Summit 2024 in Kathmandu emphasizing infrastructure as the key force of the national economy and the foundation to build a better future. The Nepal Infrastructure Summit is jointly organised by the Ministry of Physical Infrastructure and Transport, the Confederation of Nepalese Industries, and the Investment Board.

PM said that Infrastructure development is the most prioritized area of Nepal, which is vital for fostering economic growth and enhancing social development. He expressed his concern that roads, bridges, and public transit systems were neglected for long, which has resulted in increased traffic congestion, delayed goods and services, and a growing divide between those who have access to reliable infrastructure and those who do not. Moreover, the PM underlined the need to augment clean energy, IT and urban infrastructure to spur the growth process. He shared that the government had set high priority toward infrastructure development.

He reminded the gathering at the summit that infrastructure development is a catalyst for growth. Improved transportation systems enable the efficient movement of goods and services, thus lowering costs and boosting trade. Industrial infrastructure is critical for reversing the trend of deindustrialization and promoting exports.

Moreover, the PM said reliable energy attracts investments and fosters industrialization, while better communication networks connect people, facilitate education, and open doors to new opportunities.

The PM also stressed the guarantee of environmentally sustainable infrastructure building. The private sector’s role is essential to this end. All sides’ initiatives are required to realize the shared vision of Happy Nepali and Prosperous Nepal. DPM and FM Bishnu Paudel said that public finance would be mobilized by maintaining economic and fiscal discipline and financial accountability. The Finance Minister argued that as a landlocked country with a difficult geography, infrastructure building is a challenging job for Nepal.