Finance Minister Khanal said that in the early days of his tenure, the major challenge was to improve the business environment that had deteriorated due to the Gen-G movement and to boost the morale of the private sector. However, through the joint efforts of everyone, those problems were resolved and the business environment has now improved.
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Finance Minister Rameshwor Khanal has held a meeting with the officials of the private sector umbrella organization. The discussion focused on the problems of the industry and commerce sector in Nepal, investment environment and other issues. On Thursday, Finance Minister Khanal and the private sector representatives, including Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce, Kamlesh Kumar Agrawal, President of the Confederation of Nepalese Industries, Birendra Raj Pandey, and President of the Federation of Nepalese Chambers of Commerce, Khem Raj Bhandari, discussed contemporary economic issues at the Finance Ministry.
In the early days of his tenure, the main challenge was to raise the morale of the private sector and the deteriorating business environment due to the Gen-G movement, but with the joint efforts of all, those problems were resolved and the business environment has improved.
‘To maintain macroeconomic stability, create a suitable environment for investment, promote exports while protecting domestic industries, make the capital market transparent and investment-friendly, and maintain good economic governance, some issues have been addressed as per the suggestions received from various sectors,’ Finance Minister Khanal said, ‘Due to the current situation and policy complexities, the Ministry of Finance has yet to complete the work during my tenure. I will hand over those tasks to the next Finance Minister.’
The private sector was of the opinion that political stability is indispensable for the overall development and prosperity of the country and that the private sector is optimistic about the results of the recently held elections for this purpose. They said that the investment environment in the country will improve as the current government has created a fearless environment for the elections and conducted them fairly.
On that occasion, it was suggested that the value-added tax levied by the private sector should be multi-rate, the tax on the import of raw materials and the tax on the import of finished goods should be reduced by at least two levels, emphasis should be placed on promoting production and exports, The Finance Minister was drawn to the attention of issues that remain to be addressed, such as the need to examine the effectiveness of regulatory bodies and reduce high excise duties.
