At SEJON's 29th anniversary, private sector leaders warn misinformation harms investment climate

KATHMANDU: Private sector leaders today warned that false information circulating on social networking sites is harming the investment climate and undermining business morale.

They made the remarks at a programme organised by the Society of Economic Journalists‑Nepal (SEJON) on its 29th anniversary and awards handover ceremony.

Federation of Nepalese Chambers of Commerce and Industries (FNCCI) President Chandra Prasad Dhakal said the private sector had suffered heavy losses during the Gen Z protest because of misinformation. “We saw how devastating it was during the Gen Z protest, where false information played a role. The private sector faced huge losses due to misinformation,” he said.

Dhakal said the media play a significant role in attracting domestic and foreign investment for national industry and development, and added that good governance, corruption control and smooth public services are prerequisites for a healthy investment climate. “The private sector is the engine of the economy. But it is worrying to see the private sector bearing the brunt during political protests,” he said, adding that the time has come to foil the narrative that belittles the country’s achievements.

Addressing the programme, Confederation of Nepalese Industries (CNI) President Birendra Raj Pandey urged the state to intervene when investors are disheartened. “Why is investment not augmented despite adequate deposits in banks and financial institutions and reforms in interest rates?” he asked.

Nepal Chamber of Commerce (NCC) President Kamlesh Kumar Agrawal said Nepal has not been able to fully recover from the economic damage caused by Covid19 and that the recent period has been further hostile to industrial activity.

(With inputs from RSS)