Kathmandu: Finance Minister Rameshore Khanal has said that the government is continuously working to strengthen the morale of the private sector.
He made this statement during a meeting with Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI); Birendra Raj Pandey, President of the Confederation of Nepalese Industries (CNI); and Kamlesh Kumar Agrawal, President of the Nepal Chamber of Commerce (NCC).
The government, according to the finance minister, has introduced programmes for reconstruction that include tax exemptions, banking facilities, and insurance support. After the removal of the reference value system and the implementation of an online customs database, transparent transactions in the market are expected to increase.
The presidents of the three leading business organisations praised the government’s recent move. They also urged their members and entrepreneurs to make proper use of the newly integrated database system developed according to private sector demands. The system, inaugurated by Finance Minister Khanal on September 25, is expected to address the long-standing complaints of entrepreneurs regarding the biannual revision of reference price lists.
Under this system, details of the valuation of all cleared goods will be recorded. According to the government, it is a digital resource that allows analysis and comparison of goods cleared through customs and helps determine accurate transaction values.
During the meeting, private sector representatives said that the recent infiltration during youth-led protests had caused attacks on the private sector—which contributes 81 percent to the economy and 86 percent to employment—and this had discouraged entrepreneurs and businesses.
They told the finance minister that if those involved in looting, arson, and vandalism are not punished, the private sector will be further demoralised. They urged the government to take immediate legal action against the individuals responsible for such acts.
Stating that the private sector will continue to maintain zero tolerance against corruption, they also expressed the view that the government must ensure an environment where entrepreneurs and businesses can operate freely and without obstruction.
The private sector leaders appealed to businesspeople and entrepreneurs to conduct their operations honestly and in accordance with the code of business ethics, noting that the government has been addressing private sector demands as much as possible and as quickly as circumstances allow.
Although the main goal of the current government is to conduct elections, the leaders said that this period also presents an opportunity to lay the foundation for economic reform. They stressed that to attract investment and other resources, the government should organise a multilateral financial conference to reassure all stakeholders.
They also stated that the private sector is ready to cooperate and assist in ensuring that elections are held on time, since elections strengthen the open market system and democratic governance.
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