Cooperative sector plans to contribute 15 percent to GDP in 25 years

KATHMANDU: The country’s cooperative sector has set an aim to contribute 15 percent of the total gross domestic product (GDP) of the country in the next 25 years.

A 25-year strategic plan prepared by the National Cooperative Development Board (NCDB) has mentioned the aims and strategies for the development of the sector along with its target to contribute to the GDP.

According to the board, the strategic plan has been prepared with an aim to achieve the cooperative sector’s economic projection, increase its contribution to the GDP and learn best practices through international experiences.

Likewise, it also focuses on developing entrepreneurship, creating job opportunities and strengthening partnerships and networking among cooperatives. It also aims to link the private sector and the community. The board also plans to raise awareness among cooperatives and help them adopt good cooperative practices and good governance.

As per NCDB’s Co-Chairman, Dakshya Poudel, the strategy has been prepared by incorporating the experiences gathered over the years since the time the cooperative sector was established in the country. The strategy has been drafted also by taking into account the existing situation of cooperatives in Nepal. “We have tried to encompass the strengths and possibilities of cooperatives while formulating the strategy,” Poudel added.

The NCDB submitted the plan to the Ministry of Land Management, Cooperatives and Poverty Alleviation on Wednesday.

Appreciating the board’s vision to prepare such a long-term strategic plan for the systematic development, expansion and consolidation of the sector, Cooperatives Minister, Padma Kumari Aryal, stated that the plan would go a long way in not only developing the cooperative sector but in the overall economic development of the country.
She also lauded the board’s target of contributing 15 percent to the national GDP within the next 25 years. Minister Aryal said that such strategic plans were necessary to implement the ‘three-pillar economy’ as incorporated in the constitution.