Nepal Chamber of Commerce Chief Expresses Optimism Over New Political Developments

Kathmandu. Nepal Chamber of Commerce President Kamlesh Agrawal stated that the country's recent political developments and election results have sparked new hope within the private sector. Speaking at a ceremony held on Friday to mark the Chamber's 75th anniversary, he expressed confidence that the political shift following the Gen-Z movement last Bhadra and the recent elections would lead the country toward economic stability.

Describing the achievement of a near two-thirds majority by a single party for the first time since the promulgation of the constitution in 2072 BS as unprecedented, he expressed expectations for an investment-friendly environment and good governance. President Agrawal specifically welcomed the economic goals outlined in the manifesto of the Rastriya Swatantra Party (RSP).

He noted that the RSP's commitment to achieving a 7 percent economic growth rate within five years, significantly expanding the size of the economy, and increasing per capita income from $1,400 to $3,000 has encouraged business owners. He mentioned that the government's plan to form an administrative mechanism based on expert ministers and specialists would end bureaucratic delays and boost the morale of the private sector.

President Agrawal stated that the government's plan to return savings within 100 days to resolve the crisis in the cooperative sector has encouraged small entrepreneurs. His analysis suggests that the goal of making information technology the backbone of the economy and producing 30,000 megawatts of electricity in 10 years will contribute to long-term economic expansion. However, he emphasized that the government must rapidly create a business-friendly environment to achieve these goals.

Pointing to the potential negative impact of the ongoing war in West Asia on Nepal's imports, remittances, and tourism, Agrawal demanded concrete policies for energy security and economic self-reliance. He suggested that the government should provide special subsidies for the maximum use and promotion of electric vehicles (EVs) to reduce dependence on fuel.

In the current situation, he also drew the government's attention to providing relief to consumers by reducing fuel taxes and diversifying foreign employment.