KATHMANDU: The Federation of Nepalese Industries and Commerce (FNCCI) Chairman, Chandra Prasad Dhakal, has urged that the opportunity created by the growth in the economy and the movement of the market, be fully utilized. Chairman Dhakal stated that there are obvious indicators of economic improvement in the hope that the government will bring stability during a session for interaction hosted by the Federation of Nepalese National Industry & Enterprises today in Kathmandu. In addition, he has called for increased collaboration between the public and private sectors in order to draw in both local and foreign investors by highlighting the advancements in the market.
Chairman Dhakal stated that although the nation's stock market is experiencing excitement, the real estate industry is also gradually growing and credit demand is strengthening, therefore it is vital to make it more sustainable. With tourist arrivals on the rise, remittances at an all-time high, sufficient foreign exchange reserves, and a comfortable balance of payments, Chairman Dhakal further said that the current climate is perfect for working with investors.
Chairman Dhakal welcomed the move to open the international airports in Pokhara and Bhairahawa in an effort to attract more tourists. He also noted that the time has come to take action to remove the differences in fees that exist between domestic and foreign travelers and to simplify and lower the cost of air travel.
In addition, Chairman Dhakal stated that the federation is making every effort to support the efforts to attract foreign investment by planning the Nepal Thailand Business Forum in conjunction with the Prime Minister's upcoming visit to Thailand.
The federation has previously arranged four investment promotion programs in China and Dubai, as well as two in India. Forthermore, Chairman Dhakal stated that investors are receiving support from the federation's foreign investment assistance department based on their requests.
Speaking about how the action plan addressed the creation of an economic reform committee, Chairman Dhakal also thanked the Minister of Finance. According to Chairman Dhakal, the federation has been putting out proposals for an economic reform commission because they think that this body will take the lead in resolving issues and coordinating the various private sector government entities.
Additionally, Chairman Dhakal asked that the concession made for the manufacturing sector be kept in place for at least ten years. Additionally, Chairman Dhakal stated that industries should be able to purchase power directly from the source at a reasonable cost, with wheeling expenses included.
Chairman Dhakal announced that the Federation had initiated the establishment of the Nepal Development Company to accommodate small investors who had made small investments but had not found a home. He added that we intend to invest in hydroelectricity, start-ups, and other infrastructure projects as well as the expansion of public institutions' capacities.
Chairman Dhakal also emphasized that since the private sector is already overseen by around fifteen regulatory agencies, regulations discouraging the private sector from operating should not be created because there is no need to bring them under the Authority's authority.
Finally, Chairman Dhakal voiced his conviction that the political and stakeholder classes would take notice of the legal framework that is favorable to the private sector and the private sector's involvement in the formulation of public policy.
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