Government Committed to Boosting Private Sector Confidence: FM

Finance Minister Rameshore Khanal has affirmed that the government is continuously working to strengthen the morale of the private sector. 

He expressed this during a meeting with Chandraprasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI); Birendra Raj Pandey, President of the Confideration of Nepalese Industries (CNI); and Kamlesh Kumar Agrawal, President of the Nepal Chamber of Commerce.

The minister highlighted that the government has announced various initiatives to support reconstruction, including tax exemptions, banking facilities, and insurance facilitation. Furthermore, with the elimination of certain tariffs and the introduction of an online customs database system, transactions in the market are expected to become more transparent, fostering a healthier business environment.

Representatives of the private sector praised these measures, and the presidents of the organisations urged their members and entrepreneurs to adopt the newly integrated database system. Inaugurated by Minister Khanal on September 25, the system will be updated every six months, addressing complaints from businesses regarding reference book entries. The system will store price details of all goods cleared through customs, providing a valuable digital resource for analysing and comparing goods prices, thereby helping identify transaction values.

During the meeting, private sector leaders said that the infiltration during youth-led movements last month led to attacks on the private sector, discouraging entrepreneurs. They stressed that unless legal action is taken against those involved in looting, arson, and illegal encroachments, private sector confidence will further erode. They urged the government to ensure immediate legal action.

The private sector leaders also reaffirmed their commitment to zero tolerance for corruption and stressed that the government should ensure an environment where entrepreneurs can operate freely. They acknowledged that the government is addressing private sector demands wherever possible and urged entrepreneurs to conduct business with integrity, in line with the professional code of conduct.

While acknowledging that the current government’s main goal is holding elections, the leaders noted it is also an opportunity to lay the foundation for reforms. They urged the government to convene a multilateral finance conference with private sector leadership to attract investments and other resources, assuring all stakeholders. They emphasised that timely elections will strengthen an open market and democratic governance and expressed the private sector’s readiness to support and cooperate in ensuring smooth electoral processes.