Kathmandu. Anjan Shrestha has been appointed as the new President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

He took office today. While assuming office, he said that the government should reduce the cost of the private sector, guarantee security and create an environment conducive for investment.

He said that the government had said that it would reduce the tax rate and now there are some positive signs of removing the Black Marketing Act.

He expressed the view that it was a good thing for the government to remove the provision of problems for the private sector. He said that small and medium enterprises are facing shortage of capital due to the problem of cooperatives.

According to him, although there is enough liquidity in the banks and financial institutions, the small and medium enterprises are transacted in cooperatives and the problems faced by the cooperatives have affected them.