Nepal has made significant progress in expanding the formal economy and improving the investment climate, according to Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
Addressing the 113th session of the International Labour Conference in Geneva, Switzerland on Monday, Dhakal, representing Nepal as a labour-sending country, highlighted the country’s recent legal reforms and emerging business opportunities, according to a statement issued by his Secretariat.
Speaking to delegates from governments, workers' organizations, and employer groups, Dhakal praised the International Labour Organization’s (ILO) tripartite model for fostering collaboration among key labour market stakeholders.
“We all have different roles, but we share a common goal: to create an environment where businesses can grow and decent work is ensured. That is why the ILO’s model is so important, and we at FNCCI are proud to be a part of it,” the state-owned national news agency RSS quoted Dhakal as saying.
According to RSS, Dhakal noted that FNCCI has worked closely with the government to propose amendments to 30 investment-related laws, which have now been enacted. Additionally, a new Bilateral Investment Agreement Framework has been approved, he reportedly said.
He emphasized that these reforms not only strengthen existing formal businesses but also incentivize informal enterprises to register and integrate into the formal economy, RSS added.
“Nepal offers investors access not only to its domestic market but also to the large neighbouring markets of China and India,” he said. “Even after Nepal graduates from LDC status in 2026, duty-free access to these markets will remain, along with trade preferences with Europe and the United States.”
As Nepal prepares for its transition from Least Developed Country (LDC) status, Dhakal reiterated the country’s commitment to creating decent employment opportunities through higher economic growth.
“We are determined to work with all stakeholders to build a better, more inclusive future for Nepal and the global community,” he added.
