10th April 2024, Kathmandu
In a recent address at the 58th Annual General Assembly of the Federation of Nepal Chamber of Commerce and Industry (FNCCI), President Chandra Prasad Dhakal highlighted a critical issue plaguing the nation’s economy.
Drawing attention to the government’s apparent neglect in addressing economic challenges, Dhakal emphasized the stark contrast between the private sector’s proactive approach to identifying and prescribing remedies for economic ailments and the government’s lack of response.
Dhakal’s remarks underscore a pressing concern: while the private sector is quick to diagnose economic issues and recommend solutions, the government often fails to heed these prescriptions, exacerbating the problems at hand. This disconnect between diagnosis and treatment has contributed to the worsening state of Nepal’s economy, particularly evident in its prolonged slowdown over the past two years.
One of the key points raised by Dhakal is the urgency of recognizing and diagnosing the economic malaise gripping the nation. Without a proper understanding of the underlying issues, efforts to address them will likely be ineffective, if not counterproductive. By acknowledging the gravity of the situation, Dhakal highlights the need for swift and decisive action to reverse the downward trajectory of Nepal’s economy.
An encouraging development mentioned by Dhakal is the passage of the draft of the Bilateral Investment Agreement (BIA) by the Council of Ministers, a significant step towards fostering a more conducive environment for investment in Nepal. Dhakal extends gratitude to the Honorable Prime Minister for this milestone achievement, signaling optimism for future reforms aimed at revitalizing the economy.
Looking ahead, Dhakal calls for expedited approval of the 12 laws and regulations prepared for reform, emphasizing the importance of proactive measures in addressing systemic issues. By streamlining regulatory frameworks and promoting investor-friendly policies, Nepal can attract much-needed investment and stimulate economic growth.
In conclusion, President Dhakal’s insights shed light on the challenges facing Nepal’s economy and the imperative for collaboration between the private sector and the government in charting a path towards recovery. By heeding the recommendations of industry leaders like Dhakal and implementing reforms promptly, Nepal can overcome its economic woes and unlock its full potential for prosperity.