Kathmandu. KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has said that the deadline for Nepal’s upgradation from least developed country status should be extended for November 2026.

In a meeting with the newly appointed UN Resident Coordinator Lila Peter Yahiya in Kathmandu on Friday, he said that the FNCCI had made a formal demand to delay the upgrade by three years to November 2029 based on extensive consultations with the business community as the country was still not yet structurally ready for the transition.

FNCCI President Dhakal said that the FNCCI is ready to work together with the United Nations to ensure that Nepal’s upgradation is not only symbolic but also sustainable and beneficial for the people.

He clarified that the private sector has been demanding this as Nepal did not meet the per capita income criteria in the beginning and only a few crossed it this year and economic sensitivity is still high. “Our goal is not to stall progress, but to ensure that the upgrade is sustainable and economically transformative. ” said Dhakal. “Even though there is liquidity in the banks, the will power of private investment is weak. In such a situation, a hasty upgrade can cause disruption. ”

He said that the demand of Nepal’s private sector is also relevant in the context of LDC Bangladesh also demanding additional 3 years along with Nepal. Dhakal highlighted the challenges faced by small and medium enterprises (SMEs) and said that about 3 lakh agro-based industries could be affected by rising input costs and subsidies in the European market.