FNCCI acted to revive economy in post-COVID situation: Dhakal

By A Staff Reporter

Kathmandu, Apr. 10: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has said that significant progress had been made during his tenure in stabilising and revitalising Nepal’s economy. 

Speaking at a programme to thank journalists and media professionals on Wednesday evening, he emphasised the importance of collaboration between the private sector and media in shaping economic discourse.

Dhakal recalled assuming leadership at a time when Nepal’s economy faced severe challenges, including the lingering effects of the COVID-19 pandemic, global geopolitical tensions, high interest rates, liquidity shortages, declining investor confidence, and frequent government changes.

“In such a complex environment, our immediate priority was to restore confidence in the private sector, revive economic activities, and create an investment-friendly climate,” Dhakal said.

At the start of his tenure, Dhakal had set five strategic priorities: addressing the economic crisis, promoting domestic and foreign investment, strengthening public-private partnerships, generating skilled employment, and ensuring the dignity and security of businesses. 

He said that over the past three years, significant progress has been achieved across these areas, contributing to improved confidence in the private sector and supporting the broader goal of economic recovery and growth in Nepal.

FNCCI moved beyond its traditional role of advocacy to actively participating in policy formulation. The organisation facilitated national economic dialogues, bringing together government officials, political leaders, regulators, and private sector stakeholders. 

This led to the formation of a high-level economic reform commission, which recommended amendments to over 30 laws aimed at improving the investment climate, he said.

One of the key achievements highlighted was the government’s endorsement of a private sector promotion and protection strategy, ensuring greater security and recognition for businesses, he said. 

Efforts were also made to advance bilateral investment agreements through diplomatic channels to attract foreign investment.

Dhakal noted a significant shift in the relationship between the government and the private sector—from confrontation to collaboration. 

FNCCI played a mediating role in resolving long-standing disputes, including issues related to dedicated and trunk line electricity tariffs, he said.

On the investment front, the private sector consolidated domestic capital to establish a Rs. 10 billion “Nepal Development Public Limited,” aimed at investing in infrastructure, productive industries, and startups, he said. 

International outreach programmes and investment dialogues were also conducted in countries such as India, China, the UAE, Qatar, and the UK to position Nepal as an attractive investment destination, said Dhakal.