The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said it is making special efforts to promote youth, women, and small and medium entrepreneurs, with a particular focus on startups.

Speaking at a recent press briefing, FNCCI President Chandra Prasad Dhakal shared that the 'startup' policy drafted by the federation had been endorsed by the board meeting. He highlighted that FNCCI has been actively advocating for the Startup Nation program for the past three years and that an 'incubation' center will soon be established in Kailali in collaboration with the provincial government.

Dhakal also announced the federation’s plan to establish an 'SME Development Center' to support small and medium enterprises. He emphasized that preparations are underway to ensure the center operates effectively, providing crucial support to entrepreneurs.

In a further effort to aid businesses, FNCCI has developed a procedure to set up a conciliation center within the federation. This center will be aimed at resolving industry and business-related disputes, offering a platform for business owners to settle conflicts amicably.

Dhakal also mentioned the establishment of Nepal Development Public Limited, a company registered to mobilize domestic capital for development and construction projects. He noted that there are vast investment opportunities within Nepal, particularly in sectors such as hydropower, tourism, manufacturing, agriculture, and infrastructure. The new company aims to raise a minimum of Rs 40 billion, which will help finance projects like the construction of transmission lines.

"This is not a federation-owned company, but one open to both members and non-members for investment," Dhakal explained. "Even a modest contribution from this initiative could help boost confidence in the market."

While expressing optimism about the gradual improvement of Nepal's economy, Dhakal acknowledged that the private sector still faces challenges and is far from complacent. He noted that while some economic indicators are showing positive signs, more needs to be done.

Dhakal also stressed the need for clarity on the role of regulatory bodies in the private sector. "If authorities focus solely on regulation and creating panic, investors will be discouraged. We support promoting clean and responsible businesses and addressing any weaknesses that exist," he added. -- RSS