Kathmandu. Finance Minister Rameshwor Prasad Khanal held a meeting with representatives of the private sector on contemporary economic issues.

The meeting was attended by President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal, President of Nepal Chamber of Commerce Kamlesh Kumar Agrawal, President of Confederation of Nepalese Industries (CNI) Birendra Raj Pandey and President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Khem Raj Bhandari.

On the occasion, Finance Minister Khanal expressed gratitude for the support and feedback received from the private sector during his tenure. Stating that the business environment deteriorated due to the agitation of September 7 and 24, 2002 and boosting the morale of the private sector were the initial challenges, he said the business environment has improved due to the common efforts.

According to Finance Ministry spokesperson Tanka Prasad Pandey, suggestions were exchanged on maintaining macroeconomic stability, creating investment-friendly environment, protecting the domestic industries and promoting export, making capital market transparent and maintaining financial good governance.

According to Khanal, some issues have been addressed as per the suggestions received from various sectors and the remaining works would be handed over to the next Finance Minister during his tenure due to policy-level complexities.

On the occasion, representatives of the private sector thanked the Finance Minister for his interest in addressing the issues of the private sector. Stating that political stability was inevitable for the country’s development and prosperity, they also expressed positive expectation from the result of the recently concluded election.

The private sector has also drawn the attention of the government to implement a multi-rate system in Value Added Tax (VAT), maintain at least two levels of difference between import tax on raw materials and finished goods, emphasize on export promotion, test the effectiveness of regulatory bodies and reduce high rate of excise duty.