Deputy Prime Minister and Minister for Defense Ishwar Pokharel has said that the target of sustainable development of the nation could not be ensured through deposit of capital only.
While inaugurating a seminar organized by Savings and Credit Cooperatives here in the capital today, DPM Pokharel urged the cooperatives to invest the capital in productive sectors.
He added that a new era of economic development began with the completion of political revolution. He also said that the existing laws and hindrances could be amended and abolished if they were creating difficulties for investing in productive sectors.
There are 34,500 cooperatives in the country with a deposit of around 300 billion rupees.
Minister for Law and Parliamentary Affairs Sher Bahadur Tamang also said that if there were any legal difficulties for the investment, such laws could be amended.
National Cooperatives Federation chair Keshav Badal said that the cooperatives had an important role for strengthening the national economy.
About 620 cooperatives delegates from across the country are attending the seminar.