Government Should Take Special Initiatives to Boost Private Sector Confidence: FNCCI President Dhakal

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to take special initiatives to boost the morale of the private sector. FNCCI President Chandra Prasad Dhakal made the appeal during the National Economic Dialogue 2.0 organized by the FNCCI in Kathmandu on Saturday.

Speaking on the occasion, Dhakal highlighted that the private sector contributes around 81 percent to the national economy. He urged the government to formally acknowledge this contribution by passing a proposal of national importance through the Cabinet to help the general public understand the private sector’s role in the country’s economic growth.

“Collective efforts from all sides are essential for sustainable peace, stability, and prosperity,” Dhakal said. “This requires coordination and dialogue among all political parties, the younger generation, and other stakeholders to ensure timely elections. The private sector also urges the government to create a conducive environment for timely elections, and we are ready to cooperate fully toward that end.”

Recalling Finance Minister Rameshore Khanal’s recent remark that the private sector is like a “fruit-bearing tree,” Dhakal said the government should nurture it properly to ensure greater productivity and national prosperity.

He noted that while the government has been working to curb corruption and promote good governance in response to the demands of the youth, the private sector is also showing signs of revival after recent hardships.

According to a preliminary FNCCI survey, the Gen Z movement on September 8 and 9 caused physical damage worth around Rs 48 billion, with total losses to the private sector amounting to approximately Rs 88 billion.

Dhakal said the private sector has often been targeted during protests, but the recent incidents inflicted more harm than previous movements.

“Entrepreneurs invest by borrowing or pooling limited resources, contribute to national revenue, and create jobs. Yet, during the recent protests, businesses were vandalized, homes were looted, and enterprises were set on fire. These incidents have forced us to reflect on where we, as a society, went wrong,” he said.

He called for strict punishment for those involved in arson, vandalism, and looting during protests, warning that failure to act would only promote impunity.

Dhakal also informed that FNCCI, in collaboration with the Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC), Non-Resident Nepali Association (NRNA), and other business leaders, has established Nepal Development Public Limited (NDP) to counter the growing pessimism that “nothing can be achieved in Nepal” or “investments in Nepal don’t yield results.”

“This company will mobilize domestic capital scattered across the country and invest in large infrastructure projects. This initiative will help build investor confidence and demonstrate that big projects can be successfully implemented through domestic capital mobilization,” Dhakal said. -- RSS