KATHMANDU: A delegation of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) met with Minister for Industry, Commerce and Supplies Damodar Bhandari and discussed the issues related to the promotion of industry and business.
In the meeting held at the ministry on Monday, FNCCI President Shekhar Golchha said the small businesspersons were suffering due to unstable interest rates. He mentioned the fact that the price of fuel could not be adjusted which increased the cost and put pressure on inflation. President Golchha said the production has been affected due to unannounced load-shedding in the industries. On the other hand, the credit crisis in the market is getting worse and added the government should formulate laws regarding credit as soon as possible.
President Golchha also opined that due to the lack of investment in the aftermath of Covid 19, there will be problems in the economy for a few years.
The FNCCI delegation reminded Minister Bhandari about the agreement reached between the federation and the government to implement the National Economic Transformation 2030, and urged him for cooperation.
Regarding the startup policy prepared at the initiative of the federation, Minister Bhandari informed that the startup policy has reached its final stage and will be passed soon.
During the Prime Minister’s upcoming visit to India, the FNCCI will organise a Nepal India Investment Summit in New Delhi where the Confederation of Indian Industry (CII), a partner organisation of the Federation based in India, will be a co-organiser of the event. FNCCI representatives asked the Finance Ministry to coordinate the programme.
In the meeting, the private sector’s organisation also suggested the government take initiative to solve the problems being faced by domestic flour mills since India banned the export of wheat. In response, Minister Bhandari informed that discussions have been held with India and the ban on the export of wheat will be lifted immediately.
Since India does not recognise the online process of certificate of origin issued while exporting from Nepal to India, FNCCI suggested the government assist to solve this problem.
FNCCI further demanded the government cooperate with the federation as a partner to establish incubation centres in all seven provinces and cooperate in the help centre and foreign investment support centre established by FNCCI for SMEs.
On this occasion, Minister Bhandari assured that he would take forward the suggestions made by the federation and take measures to prevent production due to strikes and load shedding. He informed that a special plan will be announced to increase the government’s expenditure through the mid-term review of the budget. He also expressed confidence that the Ministry will continue to cooperate with the businesspersons to increase their morale.