Govt, central bank should discuss problems with private sector: FNCCI President Golchha

KATHMANDU: "We invest, make the process easier. We produce, do not interrupt. We provide employment, do not go on strike. We export, do encourage. We will bring tourists, do welcome. We pay the revenue, do not insult us,' said Shekhar Golchha, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). FNCCI President said this while delivering welcome speech at the 56th annual general meeting (AGM) of FNCCI held on the occasion of Industry and Commerce Day today. "The economy, which was in crisis due to the coronavirus pandemic, is gradually returning to normalcy. Although the government has gradually created an investment environment, the expected results have not been achieved yet," said the FNCCI president. The private sector is one of the three pillars of the economy. However, it has been a long time since the country has not been able to increase the expected amount of investment. Amid complaints that an investment-friendly environment has not been created, Golchha cited a medium- and long-term crisis, which he said was due to opacity and short-term policy. The example of Sri Lanka, which is in financial crisis, has been compared with Nepal. FNCCI President Golchha said that the industrialists and businesspersons here have also been closely watching whether the crisis in Nepal is similar to Sri Lanka. "The situation in Nepal is not like in Sri Lanka, however, if we do not take care of the situation now, there will be a bad situation in a few years," he said. Golchha stressed the need to strengthen the money transfer mechanism and create investment opportunities in the country to prevent the crisis. "Production demands employment. If we can produce competitively, the export will increase. If this can be facilitated, the market will grow. The increase in demand in the world market creates more opportunities that increase the prosperity of the country. If prosperity increases, the open economy including social justice, is strengthened,” said the FNCCI President. Golchha lamented that the private sector, which has 77% share in the economy and 75% of employment, is not aware of the discussions and decisions made in Singha Durbar and Nepal Rastra Bank. He stressed the need to find a solution by discussing the problems in the economy. He said, "We are also citizens of this country, our investment in the economy is 77%. We have created about 75% employment here. At the same rate, revenue is collected through us. We also want to contribute to the economic crisis, we also love the country. ” Stating that there is no need to panic based on the details of the seven months of the current fiscal year, he said that the country has been facing crisis since last October. Chairman Golchha complained that the private sector was considered a source of revenue but not a partner in development. Stressing that they are ready for meaningful cooperation with the stakeholders, he said, "We know that we are in crisis, but we are not in crisis. I believe the current crisis will be over in a few months. " READ ALSO:

• FNCCI's 56th AGM underway on Industry and Commerce Day
• FNCCI, IBN agree to promote investment in country
• FNCCI welcomes endorsement of MCC by Parliament