FNCCI President Warns Against Discouraging Private Sector, Highlights Need for Policy Stability
KATHMANDU: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has cautioned that activities discouraging the private sector could negatively impact Nepal’s development and employment generation. Speaking at the inauguration of the FNCCI’s third convention, Dhakal emphasized the critical need for policy stability and an end to actions that demotivate private enterprises to foster national growth.
“The private sector takes significant risks to invest, creates jobs, and contributes taxes to the state. However, recent activities have spread a negative narrative among the public, discouraging the private sector. This needs to change,” Dhakal stated. He expressed confidence that recent policy reforms by the government have laid the groundwork for an investment-friendly environment but urged swift implementation through regulations and guidelines.
Dhakal underscored the private sector’s belief that such measures would enhance business activities in Nepal, encouraging both domestic and foreign investments. Highlighting untapped potential, he noted that the private sector has taken the initiative to establish the Nepal Development Public Investment Company to drive large-scale projects within the country.
Calling for collaboration between the government and the private sector to attract local and foreign investors, Dhakal reiterated that the FNCCI has prioritized improving the business climate and promoting investment. He affirmed the organization’s commitment to coordinating with the government and other stakeholders to achieve these goals.
Economic Development and Budget Recommendations
Stressing the importance of a positive environment for economic progress, Dhakal urged the government to prioritize industries that support import substitution and export promotion in the upcoming budget. He also raised concerns about recent challenges plaguing the industrial and business sectors, including rising cement and iron prices, as well as power cuts (loadshedding), which have hampered operations. He called for immediate government action to address these issues.
“The private sector is the backbone of employment and economic activity. Discouraging it harms the nation’s progress. We need a collaborative approach to resolve these challenges and unlock Nepal’s potential,” Dhakal concluded.
The FNCCI president’s remarks come at a time when Nepal seeks to bolster its economy through increased investment and industrial growth, with the private sector playing a pivotal role in driving this transformation.
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