At inauguration of NCC's 74th AGM, PM Oli urges investment, emphasising political stability

KATHMANDU: Nepal Chamber of Commerce (NCC) held its 74th annual general assembly (AGM) in Kathmandu on Wednesday.

Prime Minister KP Sharma Oli, addressing the inaugural function as the chief guest, urged businesspeople to invest confidently, citing political stability as a foundation for economic development. He encouraged industrialists to utilise science and technology for innovative schemes and stressed the importance of foreign investment. "We need to increase foreign investment and joint ventures. You should persuade foreigners to invest in potential areas," he said. He also emphasised the need to tackle corruption, stating, "Controlling corruption requires cooperation from all sides."

Oli highlighted that the government coalition formed by the two major parties was established for change and would persist beyond the next election. He commended NCC for assisting in policy formulation and released a book published by the NCC during the event.

Addressing the AGM, NCC President Kamlesh Kumar Agrawal proposed establishing an international-level exhibition centre in Nepal to promote local production, manage imports, and increase exports. He stressed the need for policy changes to channel remittances into productive sectors. He mentioned, "Considering that nearly 90% of remittances are spent on consumption, an investment environment in productive sectors must be created to expand the economy." Agrawal emphasised making the country self-reliant through increased production and productivity while highlighting sectors with comparative advantages such as agriculture, water resources, tourism, and information technology.

Agrawal talked about challenges in the hydropower sector, pointing out obstacles posed by legal provisions and government directives. "Recent obstruction in protected forest areas based on court decisions has put the construction of transmission lines and projects in uncertainty, risking millions of rupees invested," he said, calling for amendments to complex provisions in the Energy Bill.

He suggested broadening land ceiling scopes to support industrial and agricultural businesses and proposed creating employment opportunities for returning migrant workers by utilising their skills. He criticised inefficiencies in utilising government subsidies and loans in agriculture and stated, "It is unfortunate for the country that agricultural goods worth around Rs 300 billion are being imported while keeping our land barren." He called for initiatives to modernise and mechanise agriculture while ensuring transparent systems for subsidies to reach genuine farmers.

Industrialists, businesspeople, and NCC's sister organisations received awards from the Prime Minister at the programme.

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