In the public-private dialogue between the government, the Confederation of Nepalese Industries, and the Investment Board, detailed discussions have been held on policy reforms, investment security measures, and investment opportunities in the infrastructure sector.
What you should know
Finance Minister Rameshwar Khanal has said that the government has given high priority to policy reforms and some of the reforms have been implemented in a way that the private sector can experience. Finance Minister Khanal urged domestic and foreign investors not to have doubts about investment and investor safety.
A public-private dialogue has been organized on the impact of the Genji movement that took place nationwide on Bhadra 23 and 24 and the loss of lives and property in the process on the private sector, the experiences of investors, and the initiatives that need to be taken to move forward from the current situation.
Finance Minister Rameshwor Prasad Khanal, Home Minister Om Prakash Aryal, Minister for Industry, Commerce and Supplies Anil Sinha, and Nepal Rastra Bank Governor Bishwanath Poudel participated in the dialogue organized by the Investment Board Office and the Confederation of Nepalese Industries on Friday at the Finance Ministry Assembly Hall.
In the discussion, Confederation President Birendra Raj Pandey said that the incidents of arson, vandalism, and looting of public and private property during the movement have made industrialists and businessmen extremely sad and worried.
He stressed the need to digitize public services at a rapid pace to make all services provided by public bodies 'faceless', 'paperless', and 'contactless' in order to prevent corruption, increase transparency, and improve good governance in the country.
Pandey said that the nature of the country's economy, the nature of the private sector and its ability to withstand crises are different from others, saying that previous crises have shown that the current challenge can also be taken as an opportunity. 'However, for this, the government needs to provide guardianship. Investors should not be discouraged on this or that pretext. Like previous crises, the private sector is determined to fully face the current crisis and move forward. It is the responsibility of the state to motivate the determined private sector to move forward,' he said.
Home Minister Aryal said that the Ministry of Home Affairs has taken the issue of security guarantees provided by the private sector seriously. Stating that it is indispensable to maintain good governance in the country, he said that reforms are necessary in the private sector along with the government regarding good governance. Minister for Industry, Commerce and Supplies Sinha said that he is working at a fast pace to complete the work that has been stalled in any body. Apart from the need to reform the law itself, procedural reforms have been given high priority, he said.
Nepal Rastra Bank Governor Prof. Dr. Bishwanath Poudel said that there is a good opportunity for investment as there is sufficient investable money in banks and financial institutions. He urged for investment, especially in the infrastructure sector.
Sushil Gyawali, Chief Executive Officer of the Investment Board, informed about the importance of the program and said that the Investment Board office is actively and judiciously working to create a comfortable business environment for project investors and developers and promised to continue this effort.
‘The Investment Board is now implementing a ‘single point service system’ for investors. Under which any private investor can register (apply) for a project directly with the Investment Board, and the approval process of the project will proceed in an integrated manner through the single point service,’ he said.
Recalling the legal amendments, institutional reforms and capacity development efforts, including the Public-Private Partnership and Investment Act, Regulations, etc. over the past year, he said that he would move forward with high commitment to achieve the ambitious goals set by the Policy, Program and Budget Statement of the current fiscal year, as well as the Investment Board’s next four-year strategy and business plan.
At the program, Joint Secretary Uttar Kumar Khatri, representing the Ministry of Finance, gave a presentation on the policy adopted for investors after the formation of the new government and the reforms the government is going to implement, and Senior Vice President Nirvan Chaudhary, representing the Confederation of Nepalese Industries, gave a presentation on the challenges and opportunities of the economy along with how the government can encourage the private sector.
