Economic reforms should proceed more quickly now that the market is functioning and economic activity has improved

Speaking today in Kathmandu at an interactive session hosted by the Federation of Nepal Industry and Businessmen, President Dhakal stated that there are obvious indicators of economic development in the hope that the government will provide stability. In order to draw in both domestic and foreign investors, President Dhakal also requested increased collaboration between the public and private sectors by highlighting the advancements in the market.

Chairman Dhakal stated that although the nation's stock market is experiencing excitement, the real estate industry is also gradually growing and loan demand is improving, therefore it is imperative to make it more sustainable. In addition, President Dhakal stated that there is a conducive climate for investors to work in, with visitor arrivals rising, remittances at an all-time high, adequate foreign exchange reserves, and a good balance of payments.

 President Dhakal welcomed the move to open Pokhar and Bhairahawa international airports in an effort to draw in more visitors. He also pointed out that the time has come to take action to end the disparity in fees charged to domestic and foreign travelers and to simplify and lower the cost of air travel.

In addition, Chairman Dhakal stated that the federation is making every effort to support the efforts to attract foreign investment by planning the Nepal Thailand Business Forum in conjunction with the Prime Minister's upcoming visit to Thailand. The federation has previously arranged four investment promotion programs in China and Dubai, as well as two in India. Additionally, President Dhakal stated that investors are receiving support from the federation's foreign investment assistance unit based on their requests.

 At that time, Chairman Dhakal also expressed his gratitude to the Finance Minister, stating that the action plan included the topic of creating a committee for economic reforms. Chairman Dhakal added that the federation had been pushing for an economic reform commission since it was thought that this body would act as a liaison between the relevant private sector government departments and take the lead in finding solutions to issues.

Additionally, President Dhakal requested that the concessions made for the manufacturing sector remain in place for a minimum of ten years. Additionally, President Dhakal stated that industries should be able to acquire electricity directly from suppliers at a reasonable cost by paying wheeling charges.

  Chairman Dhakal announced that the Nepal Development Company was formed on the Federation's initiative to accommodate small investors who had made small investments but had run out of space. He added that we intend to invest in hydroelectricity, start-ups, and other infrastructure projects as well as the expansion of public institutions' capacities.

Chairman Dhakal further highlighted the fact that the private sector is already overseen by approximately fifteen regulatory authorities, therefore it is unnecessary to bring them within the authority's purview.

 In order to attain economic success, President Dhakal also voiced his conviction that the political and stakeholder community would take notice of the legal framework that is favorable to the private sector and the private sector's involvement in the formulation of public policy.