'Ordinance incentivizes private sector for investment'

File photo FNCCI chair Chandra Prasad Dhakal

MYAGDI, JANUARY 22 :The Chairperson of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, stated that the recently introduced ordinance by the government has incentivized private-sector investment.

Speaking at the closing ceremony of the 8th Myagdi Festival, Maghe Sankranti, Province-Level Agriculture, Tourism, Industrial and Trade Fair in Beni yesterday, Dhakal noted that changes to laws via the ordinance have positively encouraged private-sector engagement.

He emphasized that the ordinance, which amends various Nepalese Acts related to good governance, public service delivery, economic procedures, financial responsibility, privatization, business environment improvement, investment promotion, and land management, will significantly boost investment.

"The amendments have provided a much-needed push for private-sector investment," he said. "The government has incorporated feedback from the private sector and swiftly updated the laws, creating a more favorable and secure investment environment."

Dhakal also highlighted that the ordinance was issued based on suggestions from the private sector to revive the economy, which has been adversely affected by the COVID-19 pandemic, the Russia-Ukraine conflict, and restrictive domestic laws.

He pledged FNCCI’s support to facilitate investment in agriculture, tourism, and water resource projects proposed by Myagdi's industrialists and entrepreneurs.

Subin Shrestha, Chair of the Myagdi Chamber of Commerce and Industry, described the festival as a success in revitalizing economic activities, identifying local opportunities, marketing products, promoting tourism, uncovering sports talent, and preserving art and culture.

The festival featured 230 stalls showcasing local and industrial products. According to Shrestha, the event attracted 100,000 visitors and generated a turnover of Rs. 100 million.