Finance Minister Khanaal Concludes Discussions with Private Sector Leaders

Kathmandu. Finance Minister Rameshwar Khanal held discussions with the leaders of private sector representative organizations.

On Thursday, the discussion took place at the Ministry of Finance between Finance Minister Khanal and representatives from the private sector: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI); Kamlesh Kumar Agrawal, President of the Nepal Chamber of Commerce; Birendra Raj Pandey, President of the Confederation of Nepalese Industries (CNI); and Khemraj Bhandari, President of the Nepal Chamber of Commerce and Industry.

During the discussion, Finance Minister Khanal expressed his sincere gratitude to the private sector for the support and feedback provided during his tenure as Finance Minister.

Finance Minister Khanal stated that the main challenge initially was addressing the deteriorated business environment and low morale of the private sector following the agitation on Bhadra 23 and 24, and noted that these issues have now been resolved through collective efforts, leading to an improvement in the business environment.

Khanal mentioned that suggestions from various sectors regarding maintaining macroeconomic stability, creating a conducive environment for investment, protecting domestic industries while promoting exports, making the capital market transparent and investment-friendly, and maintaining economic good governance have been addressed in some areas.

He further informed that he will hand over the details of the tasks remaining to be completed by the Ministry of Finance during his tenure, due to the current situation and policy complexities, to the incoming Finance Minister.

The private sector leaders thanked Finance Minister Khanal for the interest shown and the efforts made to address the issues and demands raised by the private sector during his time as Finance Minister.

They expressed the view that political stability is indispensable for the overall development and prosperity of the nation, and the private sector is optimistic about the results delivered by the recently concluded elections for this purpose. The private sector extended thanks to the incumbent government for creating a fear-free environment for the elections and ensuring they were conducted impartially.

On this occasion, the private sector drew the Finance Minister's attention to pending issues that required addressing, such as the need to move towards multiple rates for Value Added Tax (VAT), the requirement for at least two lower tax tiers for imported raw materials compared to finished goods, the need to emphasize export promotion, the necessity to test the effectiveness of regulatory bodies, and the need to reduce high rates under excise duty.