Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: In a bid to foster a more conducive business environment, Minister of Industry, Commerce and Supplies, Damodar Bhandari, has committed to creating a framework where the private sector can operate without having to approach Singhadurbar with grievances.
This assurance was given during a meeting with a delegation from the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Wednesday.
Minister Bhandari acknowledged the challenges faced by business people and industrialists, expressing his dedication to resolving issues that have been detrimental to the economy.
He emphasized his commitment to enhancing manufacturing activities, stating that the ministry is developing short-term, medium-term, and long-term plans to support this goal. The minister highlighted his intention to introduce industry-friendly policies that will facilitate the growth of industries.
“I am committed to implementing institutional reforms within the ministry to build confidence among the private sector for making investments,” said Minister Bhandari.
During the meeting, Chandra Prasad Dhakal, President of FNCCI, urged Minister Bhandari to enact policies that would boost the confidence of the private sector. Dhakal stressed the importance of increasing domestic investments, noting that foreign investors closely monitor the flow of local investments before committing their resources.
“The only way we can increase foreign investment in the country is by increasing domestic investment,” Dhakal stated. He emphasized the necessity of investor-friendly policies to spur economic growth and informed Minister Bhandari about the high rents being charged in Special Economic Zones and Industrial Areas, requesting a review of this issue.
Minister Bhandari assured the delegation that he would address these concerns and work towards creating a more favorable business environment in Nepal.
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