Nepal Chamber of Commerce Senior VP Malhotra Calls for Legal Reforms to Boost Economic Growth

Kathmandu. Senior Vice President of the Nepal Chamber of Commerce, Deepak Kumar Malhotra, has emphasized the need for clear legal frameworks and adequate infrastructure development for the country's economic prosperity. Addressing a special ceremony held on the occasion of the Chamber's 75th anniversary, he stated that an investment-friendly environment cannot be created until legal complexities are resolved.

Malhotra noted that there is no alternative to modernizing agriculture, diversifying industries, and increasing investment in information technology to build a self-reliant, inclusive, and sustainable economy. He suggested that Nepal should now formulate its economic strategy by making tourism and technology its main pillars. He particularly emphasized the need to develop a 'startup culture' to retain the new generation within the country and foster entrepreneurship.

Malhotra stated that traditional thinking and working styles must be abandoned to face the growing competition in the global market. 'Economic progress is not possible if we remain limited to old patterns,' he said, 'Today's necessity is to walk the path of timely innovation, digital transformation, and sustainable development.'

Discussing the importance of the digital economy, he stated that there must be strong collaboration between the private sector and the government to promote technology-based businesses. He claimed that the country can only make an economic leap if policy reforms that attract youth to entrepreneurship and ease of access to finance are implemented.

During the program, he also expressed the Chamber's commitment to playing a more active role in the fields of innovation as well as the rights and interests of the private sector in the coming days.