Govt committed to boosting private sector confidence: FM Khanal

By A Staff Reporter,Kathmandu, Oct. 7: Finance Minister Rameshore Prasad Khanal has reiterated the government's commitment to continuously support and uplift the morale of the private sector.

Speaking at a meeting with the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal; President of the Confederation of Nepalese Industries (CNI), Birendra Raj Pandey; and President of the Nepal Chamber of Commerce (NCC), Kamlesh Kumar Agrawal, Minister Khanal highlighted the government’s ongoing initiatives to promote a business-friendly environment.

According to a joint press statement issued by the three umbrella organisations—FNCCI, CNI, and NCC—they commended the government’s recent steps to support private enterprises, including tax exemptions and insurance facilitation for reconstruction. 

The government has made public programmes for tax exemption, banking concessions and insurance facilitation for reconstruction. 

Similarly, transparent transactions in the market will be promoted after the online database system is implemented at customs by abolishing reference prices. All three organisations have urged their members and entrepreneurs to use the new database process created as per the demand of the private sector.

The system, which was inaugurated by Finance Minister Khanal on September 25, is expected to address the complaints of entrepreneurs regarding the reference book, which is revised every 6 months. This method will collect the price details of all goods that pass customs inspection. 

According to the government, this is a digital resource that can be used to analyse and compare goods that pass customs inspection, which helps in identifying transaction values.

During the meeting, the presidents said that the infiltration during the youth movement for positive change has attacked the private sector, which accounts for 81 per cent of the economy and 86 per cent of employment, and this has discouraged entrepreneurs. 

Stating that if action is not taken against those involved in such infiltration, looting and arson, the private sector will be further discouraged, they drew the government's attention to the need for immediate legal action.

Stating that the private sector will continue to be active in maintaining zero tolerance against corruption, they said that the government should also create an environment where entrepreneurs can work freely. As the government is addressing the demands of the private sector as soon as possible, the chairpersons have urged the private sector to conduct business honestly and in accordance with the code of conduct.

Stating that although the main goal of the present government is the election, it is also an opportunity to lay the foundation for reforms, they stressed the need to convince all stakeholders by organising a multilateral finance conference led or involved by the private sector to attract investment and other resources. 

The private sector has also expressed its readiness to support the timely conduct of the elections, noting that a successful democratic process is essential for strengthening Nepal’s open market economy.