FNCCI urges govt to prioritise import substitution, export promotion in upcoming budget

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to prioritise import substitution and export promotion in the upcoming budget.

Speaking at the fifth annual general meeting (AGM) and third convention of the Federation of Export Entrepreneurs Nepal (FEEN), FNCCI President Dhakal stated that import substitution and export promotion are crucial for building a self-reliant economy.

He highlighted the significant potential of Nepali products such as handicrafts, pashmina, carpets, herbal products, and agricultural goods in the international market. He stressed that the budget for upcoming fiscal year should include provisions to support the export promotion of these items.

Further, Dhakal proposed opening up the export of mineral-based goods in a manner that does not negatively impact the environment. "We have long advocated for the export of mineral-based goods. The issue was even included in the budget once or twice, but it was never implemented. If we can export our mineral resources without harming the environment, it will help reduce the trade deficit with neighbouring countries," he said, and urged the government to prioritise this issue in the budget.

He also raised concerns over the delay in awarding the Commercially Important Person (CIP) designation, which is granted to industrialists and entrepreneurs every two years. He called for the establishment of a CIP Day, with arrangements to present the award on a fixed schedule.

Commending FEEN’s efforts in export promotion within a short period, Dhakal affirmed FNCCI’s commitment to collaborating with commodity associations such as FEEN. He also stated that FNCCI is actively working on policy reforms, fostering an investment-friendly environment, reviving struggling industries, and strengthening domestic industries to enhance export promotion.