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Federation of Nepal Chamber of Commerce and Industry has suggested that an extensive investment campaign should be carried out at home and abroad to attract investment into the country. In making suggestions for policies and programs for the financial year 2082/83, the federation has suggested to conduct a program called Investment in Nepal Campaign in Nepal and abroad to gather investment sources. Federation President Chandra Prasad Dhakal has submitted a suggestion to Industry, Commerce and Supply Minister Damodar Bhandari on Wednesday.
"Foreign investment has been limited to 0.2 percent of the GDP during the last 2 years, so a program called 'Investment Campaign' should be widely conducted in Nepal and abroad to gather investment resources," the Federation said. For the full implementation of the one-door policy, arrangements should be made so that the investor does not have to go to another place after submitting the file.
Every year, the revenue related laws are suddenly changed by introducing the economic law, so instead, the federation said that it is necessary to create a unified legal code and pass it by the House. "Arbitrariness will be reduced and political stability will be maintained through the Salbasali budget. Investments will be encouraged as the commercial facilities provided by various laws will be guaranteed,'' the statement said, 'More than six trillion rupees of investable funds have been accumulated in the banking system of Nepal since 6 months. In three months, the interest rate has decreased by three percentage points. However, there is no demand for investment.
The current capital loan guidance introduced by the central bank two years ago is the first policy to discourage loans. It was necessary and it is. It needs to be modified when there is disappointment in the market. Therefore, the federation has suggested that the guidance should be postponed for at least two years or its decision should be made easier so that the banks and borrowers can make their own decisions.
Due to the problems in cooperatives and microfinance, facilities such as re-loans should be provided for easy flow of funds to small and medium entrepreneurs. Remittance is the lifeline of Nepali economy. It is equally important to increase the number of tourists and exports in order to meet the reduced demand in the Nepali market.
