Kathmandu. An interaction program on the theme “Guidelines of Economy in the Context of Changed People’s Order: Role and Expectations of Private Sector” was held on the occasion.

The program was organized by Shiva Prasad Ghimire, executive member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Land Transport and Transit Committee.

On the occasion, discussions were held on the future direction, challenges and prospects of the country’s economy in the backdrop of the changed mandate received from the elections.

On the occasion, the stakeholders deliberated on the role of the private sector, collaboration with the government and necessary steps for economic reforms. Various private sector entrepreneurs participated in the program where in-depth discussions were held on the new government, the new government and the collaboration between the private sector. Extensive discussions were held between the stakeholders on the role of the private sector, cooperation with the government and policy steps required for economic reforms.

Speaking on the occasion, Shiva Ghimire expressed his views on new opportunities and possibilities in the context of changed people’s mandate as well as economic challenges arising out of the war in the Middle East.

The private sector has played a leading role in job creation, production growth and revenue collection, he said, noting that the private sector has played a leading role in the economic development of Nepal. However, policy instability, procedural complexities, lack of investment-friendly environment and difficulties in access to finance were hindering the private sector from moving ahead as expected. He insisted on the need of a clear and stable economic policy for a long-term solution to such problems.

Saying the private sector has high expectations from the new government, Ghimire said that priority should be given to investment security, reform in tax system, facilitation in operation of industry and business and infrastructure development. He was of the view that economic revival was possible only if an environment of trust was created between the government and private sector and cooperation could be institutionalized.

He also stressed the need to focus on promoting production-oriented sector, import substitution and export enhancement in view of the risks posed by the international situation. He also stressed that the government should move ahead to make the overall economy dynamic by adopting policies encouraging the private sector.

Economist Dr. On the occasion, Biswas Gauchan presented a working paper on the theme “Middle East War and Suggestions to Government with Two-thirds Majority”. Highlighting the impact of the risk arising from the international situation on Nepal’s economy, he pointed out the need for policy preparations accordingly.

He also proposed a clear roadmap for strengthening the private sector, creating investment-friendly environment, promotion of productive sector and economic revival. He also stressed on making the government-private sector collaboration more effective by establishing the private sector as the main driver of the economy.

On the occasion, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Dhakal said political stability was the major issue that the private sector has been raising for a long time. Emphasizing the need of ensuring investment security in Nepal, he said the private sector has been continuously raising voice in favour of this.

Stating that the government has prioritized the private sector, he said all have accepted the private sector as a backbone for economy. He also said that the party, which is preparing to form the government, has given priority to the private sector in its commitments, adding that this has raised more hope in the days ahead.

Dhakal expressed the belief that positive results would be seen in economy if the private sector could move ahead in a restrained, responsible and united manner. Stating that the party forming the government has also committed to implement the suggestions presented by the FNCCI through policy-level reforms, he said it would be easier to resolve the existing problems if all private sectors stood united. He also thanked Shiva Prasad Ghimire for organizing the program, stressing the need to give the message that the private sector has only one voice.

On the occasion, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and future president Anjan Shrestha expressed his support to all the suggestions presented in the program. He informed that the suggestions received from the participants have been collected and these suggestions would become an important basis for policy making and dialogue with the government. He pointed out the need to move towards production-oriented economy, pointing out the reality that one has to go abroad for employment and depend on imports for consumption in the present situation.

Stating that good governance, transparency and economic reforms have high expectations from the new government, he stressed the need of creating investment-friendly environment, reducing tax burden and facilitating business operations. He also stressed the need of making government service delivery effective by implementing the concept of ‘online, not line’ in practice.

Shrestha also expressed hope on the government to be formed with majority and said that the private sector was ready to provide full support if encouraged. Stressing on the need to move ahead unitedly as more responsibility comes on the private sector in the coming days, he expressed the view that the open market economy should be strengthened and moved ahead in a responsible way by correcting its weaknesses.