Infrastructure is lifeblood of national economy: PM Oli

Kathmandu: Prime Minister KP Sharma Oli has said infrastructure is the lifeblood of the national economy and the foundation of the future.

During his address to the Nepal Infrastructure Summit 2024 in the federal capital on Thursday, PM Oli said, “Infrastructure is not merely the physical framework upon which our cities and communities stand, it is the very lifeblood of our economy and the foundation upon which we build our future.”

He viewed it is also clean energy and industry infrastructure which promotes sustainable development.

“Infrastructure development is the most prioritized area of Nepal, which is vital for fostering economic growth and enhancing social development,” he said, expressing worry 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.

According to him, the government had the notion that investing in infrastructure is investing in people. “It’s about creating jobs. Infrastructure also strengthens our communities, enabling businesses to thrive, and ensuring that every Nepali can access opportunities, no matter where they live.”

He reminded us 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, Oli viewed.

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.”Infrastructure development also enhances the quality of life. Access to clean water and sanitation reduces health risks. We know that we need good roads, strong power transmission infrastructures, well-organized and sustainable cities, and better aviation infrastructure. These are my government’s priority,” the PM reminded.

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. “The government is always ready to collaborate with the private sector for infrastructure growth. We can together build better transmission lines, better roads, better and livable cities,” he stated.

In his address, PM Oli said with the federalization in place, the infrastructure needs have increased, and the collaboration among all tiers of government. The infrastructure needs of the local, provincial and federal governments can be streamlined for the shared goal of economic prosperity.

“We have encountered several difficult circumstances in the past, which have deeply wounded our economy. For instance, COVID-19 had a serious impact on our economy, and it was further compounded by slowed economy globally. But I feel proud to state that we have come across the difficult situation, and have proved our resilience strongly. Nepal has shown resilience and is gradually recovering. We need private investment to improve our economy. Our policies and practices are perfectly aligned to welcoming private investments in Nepal,” he explained.

The PM shared the government’s readiness to provide handholding services to investors, whether they are national or international. Other initiatives and schemes of government were shared by him at the summit.