FNCCI president calls for action to prevent deterioration of investment climate

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has urged serious attention to prevent the investment climate in Nepal from deteriorating. 

Dhakal made the appeal after inspecting the vandalised and arson-damaged premises of multinational company Ncell, Chaudhary Group’s CG Park and Chandragiri Hills following protests on September 8 and 9.

Owing to infiltration during the Gen-Z protests, arson attacks and vandalism struck private property belonging to individuals as well as large, medium and small industries across the country, affecting daily production and employment, Dhakal said.

He said that such incidents will have a long-term impact on attracting both foreign and domestic investment in Nepal. "The investment climate in Nepal has reached a point of deterioration. Such incidents severely impact the country’s economic development. I urge the government, political parties and stakeholders to maintain an investment-friendly environment," Dhakal added.

Although FNCCI has been working continuously to attract overseas investment and promote domestic investment, Dhakal expressed concern that these attacks send a negative message both nationally and internationally.

With the private sector contributing over 81% to the country's economy and more than 86% to employment, Dhakal stressed that the peace and security of industrialists and businesspersons must be guaranteed to protect investment. He also warned that the government stands to lose revenue as a result of the unrest.

FNCCI President Dhakal, accompanied by vice presidents Hem Raj Dhakal and Jyotsna Shrestha, treasurer Bharat Raj Acharya and central members Shailendra Guragain, Ram Sharan Thapaliya, Pashupati Dev Pandey and Kamala Shrestha, inspected the damaged structures and gathered information on the extent of the damage.

FNCCI previously met with the finance minister and the home minister to urge them to guarantee peace and security for the private sector. It also called for those responsible for the attacks on private property during the protests to be brought to legal accountability, and has continued to press all concerned parties to ensure the protection and security of private sector and maintain an investment-friendly environment.