Kathmandu, May 24, 2006

Russian and UN official have shown interest in Kathmandu-Hetauda Fast Track Road (KHFTR).

The road has become more significant in the context of Nepal being developed as a transit point between India and China.

Prof Hocor B, senior official at the UNESCAP office located in Bangkok, while talking to the Nepali entrepreneurs in Russia recently said, “For Nepal’s economic development, the UN is very much interested in supporting it.”

It has shown interest in feasibility study of the Kathmandu-Hetauda Fast Track Road (KHFTR), which needs to be developed through public-private partnership approach to make it sustainable.

Kush Kumar Joshi, second vice-president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), who led the delegation to Russia informed that Russian investors had shown interest in investing in our Kathmandu-Hetauda Fast Track Road project.

Joshi led 25-member delegation of businessmen associated with Makwanpur Chamber of Commerce and Industry (MCCI).

During the visit of Nepali businessmen in Russia, Joshi said, the discussion was held at length with Russian businessmen to develop and declare Makwanpur district as an Industrial district as it has huge potential.

Russian businesspersons had also shown interest to invest in Kathmandu-Hetauda Fast Track Road to make easy access to Makwanpur and fuel investment opportunities, Joshi informed.

‘FNCCI is against syndicate system’

Federation of Nepalese Chambers of Commerce and Industry (FNCCI), an apex body of the business community, has declared today that FNCCI is against the ‘syndicate’ system as it is not practical in the free market economy.

Syndicate system was re-introduced by the truck entrepreneurs recently that has caused supply constraints and monopolisation of truck business.

Federation of Nepal Truck-Tanker Entrepreneurs Association (FNTTEA) is associated with the FNCCI and it is mandatory for FNTTEA to abide by FNCCI’s rules.

The syndicate system or token system was cancelled about one-and-a half years ago in Narayani zone. FNTTEA is re-introducing the system, which is not a good sign, said Kush K Joshi, vice-president of FNCCI.

He was of the view that ‘syndicate system’ should be demolished across the country and people should be free to operate their businesses  in whatever way they want.

“This system is totally illegal,” he said. Over Rs 40 billion has been invested in the Nepal’s bus and truck business.

Banks have invested huge amount without doing proper study on what types of people are investing in the transport sector, said Joshi.

He criticised the banks for investing haphazardly.