KATHMANDU, August 12 The country’s major private sector umbrella organisations have expressed dissatisfaction over the draft of the new constitution, stating that it did not incorporate their suggestions. They cautioned that if the draft is endorsed without changes, it would spoil the business environment and discourage foreign investment. The Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries and Nepal Chamber of Commerce jointly organised a press conference on Wednesday stating their views on the revised draft of the constitution. The business community said the constitution talked of ‘socialism’ in its preamble, but was not clear what type of socialism the political parties wanted, when the country had already adopted a free market economy. “The state does not allow individuals to own properties as per the description of socialism in the dictionary of Nepal Academy. Is that what the constitution means?” questioned Pashupati Murarka, president of FNCCI, addressing the programme. He said the promulgation of the much-awaited new constitution without revision would force existing businesses and industries to shut shop and discourage investment. Businessmen have urged the political parties to change the term ‘socialism’ to ‘democratic socialism’. After the preliminary draft of the constitution was made public, the private sector had submitted their joint written suggestions to the heads of the four major political parties. Murarka said despite assurance from the political parties to incorporate their inputs, a revised draft of the constitution was tabled by the Constitutional Political Dialogue and Consensus Committee in the Constituent Assembly on Sunday without including even a single suggestion. Earlier, the private sector had suggested guaranteeing an open market economy in the new constitution, removing issue of labour rights and addressing it through labour law, adopting the principle of social security and labour flexibility, ensuring right for doing business, earning profit and taking profit earned from foreign investment, among others. They had also suggested guaranteeing freedom to conduct business in any federate state, and smooth transportation of raw materials for industries and demanded doing away with tax duplication on products manufactured by them. “We are happy that the new constitution is finally about to be promulgated, but it completely lacks focus on economic agenda despite being the main law of the country,” said Narendra Kumar Basnyat, president of CNI. He added that political parties had not taken economic issues seriously in the constitution and ‘socialism’ could create confusion among local and foreign investors eyeing to conduct business here. To promote labour relations, safe investment climate and productivity enhancement, the business community had suggested to include a provision which would restrict activities that create hurdles in operation and management of industries. As per the private sector organisations, the issue of tax administration and collection from the central government and states is also not clear. In the programme, Lokmanya Golchha, acting president of NCC, said ignoring the suggestions of the private sector could result in huge problems later on, as they are related to taxes.