28th November 2024, Kathmandu
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, emphasized the need to amend certain laws to create a better investment environment in Nepal.
Dhakal Advocates Legal Changes Investment
Need for Law Reforms
Speaking at the inauguration of ‘Plast Nepal 2024’ in Kathmandu on Thursday, Dhakal pointed out that although laws were amended through ordinances during the investment summit in May, the implementation of these changes had been delayed. This was due to the lack of rules and procedures to support the newly amended laws.
Challenges in the Private Sector
Dhakal highlighted several challenges faced by the private sector, including issues related to internal taxes, wasted products, and pricing. He stressed the importance of taking practical decisions and addressing these concerns in a timely manner.
Urgent Need for Action
He noted that while the government and private sector had worked together to hold the investment summit and amend the laws, the lack of rules and procedures meant these changes were not fully effective. He stated that further legal amendments were necessary to attract both domestic and foreign investment.
Private Sector’s Role in Economic Growth
Dhakal welcomed the government’s efforts to prioritize the private sector and involve business communities in discussions. He also expressed appreciation for the formation of a high-level economic reform commission, as proposed by the FNCCI.
Call for Suggestions from the Business Community
Dhakal encouraged entrepreneurs to share their views on laws that impact investment. He believes that resolving these issues will lead to significant economic reforms in the near future.
Conclusion
Dhakal’s comments reflect a strong push for legal reforms to improve Nepal’s investment climate. He remains optimistic that with the right changes, the country can see rapid economic progress.
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