Prior to the third investment conference held last May, eight laws were amended at the initiative of the federation, and the BIA framework was passed.
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Federation of Nepal Industry and Commerce has announced its achievements of the last year and a half. Through a press conference on Sunday, the Federation has claimed that the laws that hinder investment have been amended at the request of the private sector and many efforts have been made to create an investment-friendly environment.
"8 laws have been amended targeting the third investment conference held last May," said Federation President Chandra Prasad Dhakal Dhakal, the president of the federation, said that by holding a macro economic debate program, there should be a new stage of economic reform along with the reform of the current capital loan guidance, and for this, a high-level commission should be formed.
'In the third quarter review of last year's monetary policy, some demands were addressed, there were some revisions in the current capital loan guidance, even though it was a little relief, the entire businessmen could not feel relief,' he said, 'Some other issues in the monetary policy of the current financial year included. But these were not enough for the reforms.
The federation had been demanding the formation of a high-level commission including the private sector for a new phase of reforms. On June 30, the issue of forming a 'commission' came up in the ceremony of Finance Minister Bishnu Paudel of the government under the leadership of Prime Minister KP Sharma Oli.
According to the demand of the Prime Minister, the private sector, a commission has been formed under the chairmanship of former finance secretary Rameshwar Khanal. In addition to the president of the Federation Dhakal, the presidents of other organizations are also members of the commission. "Now the additional responsibility of reform has fallen on us, we are constantly striving for this," said Dhakal.
The government has approved the model format of Bilateral Investment Agreement (BIA) between Nepal and other countries. The government passed the framework of BIA on the occasion of the third investment conference held last May at the initiative of Federation of Nepal Industry and Commerce. After continuous involvement in the international investment conferences of the federation, the issue of bilateral investment agreements with potential investment countries was continuously demanded in the related bodies.
Dhakal, the president of the federation, said that the government has passed the draft of the bilateral investment agreement as per the demand of the federation. Dhakal also said that the discussion has progressed to make an agreement with some countries. The Federation has said that it is facilitating it.
It has been decided to establish an investment company at the initiative of the federation in one and a half years and channel small investments from all over the country to various sectors. Dhakal said that the company, which has a total capital of 10 billion rupees, will not be operated by the federation, but only to promote the private sector. According to the federation, there will be a separate board of directors for the operation of the company, so that members and non-members of all organizations will be investors.
It has been reported that the accounting administration has been made 'online' as part of the daily operations of the federation. Dhakal also said that as a result of effective reforms in accounting and other activities, tax exemption certificates, which had been suspended for eight years, have been received. "With the creation of an online system, it has become easy for the members of the federation to get the tax exemption certificate," he said, "software is also being developed for the management of the certificate of origin." . The federation said that it is necessary to connect all the district, city, industry and commerce associations that issue certificates to the mandatory online system, which will make the process of issuing certificates more transparent.
It has been claimed that the federation has started providing financial support at the rate of one lakh rupees to the district town industry associations that organize fairs and trade fairs. In order to promote Nepal abroad, the federation also claims to have organized the Nepal-China Business Summit in China twice, the Nepal India Summit in New Delhi, and the Nepal-Dubai Business Forum in Dubai.
The National Assembly passed a law to bring the private sector under the scope of abuse of authority investigation after the executive committee with the leadership of the Federation took office. The leadership of the federation also discussed with Nepali Congress Chairman Sher Bahadur Deuba, CPN UML Chairman and Prime Minister KP Sharma Oli, then Prime Minister and Maoist Chairman Pushpa Kamal Dahal saying that this would have a far-reaching impact on the private sector and could affect investment. Soon after the
, the Federation also informed that the discussion of the bill to bring the private sector under the scope of investigation of abuse of authority has started in the State Order Committee of the House of Representatives.
The Federation has registered a written letter to the State Law Committee on August 4, to remove the provisions of the Abuse of Authority Investigation Commission and the Corruption Prevention Act that the authority is looking at the private sector as well. Dhakal also said that now the political parties have agreed to stop the entry of authorities into the private sector.
