KATHMANDU, AUGUST 1

President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal emphasised the importance of support from the International Finance Corporation (IFC) to improve the economy during the current recession.

During a meeting with Vice-President of IFC Susan Lund here today, FNCCI President Dhakal highlighted the need for assistance in financial access, development of small and medium enterprises, tourism, hydroelectricity, infrastructure, and investment promotion.

Dhakal also mentioned the economic challenges post-COVID and how it has impacted the private sector, leading to a decrease in revenue to 13 per cent and reduced purchasing power among the general population.

IFC Vice-President Lund, who is on a three-day visit to Nepal, expressed her willingness to cooperate with the FNCCI to promote the private sector. She acknowledged the recent collaboration with the federation in preparing a report on the private sector's contribution to the economy and a conference for small and medium entrepreneurs.

During the meeting, various members of the federation highlighted the need to make the market viable as most industries are currently operating below capacity. They also stressed the importance of reforming the tax system and promoting goods with comparative advantages in Nepal.

Manoj Poudel, chairman of Investment and International Affairs Forum of FNCCI, emphasised the necessity of policy reforms to attract more investment.

A version of this article appears in the print on August 2, 2023, of The Himalayan Times.