At FNCCI's 59th AGM inauguration, PM Oli emphasises collaboration with private sector for rapid development

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) held its 59th annual general meeting (AGM) today, marking the Industry and Commerce Day 2081.

Chief guest at the inauguration function of the AGM, Prime Minister KP Sharma Oli, expressed satisfaction that a resolution of "we can do something and we must do it" had been demonstrated. He highlighted the private sector's confidence in driving development and assured that the government is prepared to support these efforts.

"The collaboration between the government and private sector is advancing as a model. We must all work together to build our country and develop at a rapid pace. We should take pride in increasing the use of domestic goods," the Prime Minister asserted. He suggested that private sector should inspire the government, stating that government is established for stability, permanence, good governance, and development.

Oli said the existing system has been created to provide services and facilities to people. He explained that the present government is leading efforts to strengthen this system and enhance large-scale production and productivity. He clarified that policies and laws are being formulated based on suggestions from private sector.

Addressing the function, Minister for Industry, Commerce and Supplies, Damodar Bhandari, highlighted the government's continued policy reforms aimed at creating a favourable investment environment. He pointed out efforts to update investment-related acts and laws, improve the single-window service, and attract foreign investment.

"We are encouraging private sector to invest and develop entrepreneurship. The government has prioritised the development of industrial infrastructure, including the establishment and upgrading of industrial areas, improvements in electricity supply, road and transportation development, and the expansion of information technology. These infrastructures will help reduce industry and business costs and increase production capacity," Bhandari said.

He asserted that policy reforms aim to increase the production, productivity, and export of goods and services in which the country has comparative advantages. Moreover, he acknowledged FNCCI's role in promoting and developing Nepali industries and businesses, describing its contributions to the national economy as invaluable.

The Industry Minister laided FNCCI's role in bilateral trade facilitation, referencing Nepal-India Commerce Secretary-level meeting held in January. He highlighted the contributions of Nepal-India Joint Business Forum (JBF) led by FNCCI and the Confederation of Indian Industry (CII). He informed attendees that FNCCI's request for an online system for issuing certificates of origin has been implemented, with a notice circulated for all institutions to operate fully online.

On the occasion, FNCCI President Chandra Prasad Dhakal suggested that private sector should lead the country's economic prosperity and development. He called for a common understanding among political parties on economy, development, and prosperity, stating that the economy should not be disrupted by ideology and should be prioritised above all else.

Dhakal further highlighted the need for investment in money, intellect, wisdom, and skills to create opportunities and dignified employment within the country. He noted that foreign investors have shown interest in Nepal, citing experiences from summits held in India, China, and the UAE. 

Dhakal informed attendees about the establishment of Nepal Development Company under FNCCI's initiative to mobilise internal capital and boost investor morale. He stressed the need for policy reforms to serve as a foundation for further improvements.

Dhakal emphasised the private sector's remarkable contributions, mentioning that it accounts for 86% of employment, contributes over 80% to revenue, and holds an 81% share in investment. He urged the government to address issues of security, respect, and precedence for private sector, stating, "We have raised the issue of security, respect, and order of precedence. The state requires no investment for this—only goodwill is needed."

During the programme, the highest tax-paying sectoral companies and the best provincial and district committees of FNCCI were honoured.

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