Boosting private sector morale necessary for economic recovery: FNCCI president

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has said boosting the morale of private sector and re‑establishing trust is the main necessity for the country’s economic recovery.

Speaking at the inauguration of the 11th annual general meeting (AGM) of Nawalpur Chamber of Commerce and Industry, on Friday, FNCCI President Dhakal said economic activity has stalled because of political instability, insecurity and confusion, and that it will be difficult for economic activities to become dynamic until private sector morale is raised.

Dhakal expressed concern that industries and businesses are attacked during protests, warning that such incidents will further weaken the investment environment. “Private sector creates the most employment in the country and contributes to revenue, yet it becomes a target in every movement. Now, a message must be widely spread that private sector should not be subjected to arson attacks and vandalism in any protest or movement,” he said.

He also emphasised that impunity should not be encouraged after the fires, looting and billions of rupees in damage that affected everything from factories to entrepreneurs’ homes during the protests on September 8 and 9.

Mentioning that FNCCI has driven many policy reforms, he said Nepal has immense potential and must create opportunities from those possibilities at home. He urged that the country should not rely solely on foreign direct investment (FDI) for large infrastructure projects but should aggregate scattered domestic capital for infrastructure development and the growth of entrepreneurship.

Meanwhile, Dhakal said FNCCI has established the Nepal Development Company with a capital of Rs 10 billion and that it has begun operations, adding there will be no shortage of capital for large infrastructure projects and other enterprises. He also suggested that cooperation could be possible for operating Dhaubadi iron mine in Nawalparasi.

Dhakal said the government has included FNCCI representatives in district security committees at the federation’s request and urged district leaders to participate effectively. He highlighted the potential in agriculture, tourism, energy and small and medium‑sized industries in Nawalpur district and called for greater coordination between local, provincial and federal governments to turn those possibilities into reality.