The Government of Nepal has implemented a strategy to protect the private sector and promote investment, instilling new hope in business morale and economic stability.
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The cabinet meeting held on Chaitra 13 has decided to immediately implement the Private Sector Protection and Promotion Strategy (PSPP).
The Federation of Nepal Chambers of Commerce and Industry (FNCCI) had organized the Economic Debate: 2.0 program on Kartik 2082 and drew the government's attention for the first time, saying that the strategy was necessary in the changing situation. Immediately after further discussions in the Cooperation for Peace, Stability and Prosperity program, the federation submitted the PSPP concept paper to the government.
'This has shown the government's commitment to ensure the protection and necessary promotion of private sector businesses, individuals and investments. We expect it to help promote investment by boosting the morale of the private sector,' said FNCCI President Chandra Dhakal.
The PSPP is included in the 60th point of the 100-point program of the Government of Nepal on governance reform. The Council of Ministers has decided to approve and immediately implement the Private Sector Protection and Promotion Strategy (PSPP) with the aim of strengthening the country's economic stability, strengthening the investment environment and restoring confidence in the private sector.
Taking into account the suggestions of the Federation, the government has also decided to immediately implement the strategies related to physical security and property protection, economic revival and regulatory simplification, investment promotion and youth entrepreneurship through the strategy.
The Federation had submitted the proposal to provide integrated relief and business simplification to the private sector affected by the vandalism and arson of private sector businesses, residences and establishments after the Gen-G protests on 23 and 24 Bhadra. The decision of the Council of Ministers has also decided to provide necessary concessions.
The government has also decided to accept and implement the suggestions submitted by the High-Level Economic Reform Suggestion Commission formed for the second phase of economic reform as requested by the Federation for policy reforms. Accordingly, the newly appointed Finance Minister Dr. Swarnim Wagl has decided to take 15 laws to the repeal process.
The third executive committee meeting of the federation held in Dhorpatan decided to organize an economic debate program and request the government to form a high-level economic reform suggestion commission to prepare a roadmap for the second phase of economic reform and lobbied for this.
'The federation had requested for the amendment, modification and repeal of these and other laws through the National Economic Transformation 2030,' Dhakal said, 'The PSPP will work as a mechanism to implement the recommendations of the commission. We will collaborate with the government in strategy formulation and implementation.'
At the request of the federation, the decision to create an integrated structure of similar bodies such as the Investment Board and the Department of Industries to facilitate foreign investment will help in providing easy and simple services to the service recipients.
The government is committed to providing most of the services that the general public needs through digital means and to maintaining good governance. The government has mentioned that it will prepare a one-door business platform within 45 days to provide all business services. It is possible that this service can be provided through the Nagarik app and the federation will submit its study report to the government soon.
The issue of encouraging energy production and export is also positive. The federation urges that if energy can be taken as raw material and provided to the manufacturing industry at a subsidized rate, it will have a double benefit.
